I was coming off a very chill weekend thinking I’m going to take it slow on Monday. Turns out, I got GAP Play happy and I paid the price early on. I had a decent idea of the Gap play setups coming into the course. The studying nailed it home for me so I decided to take trades based on these moves early on. Turns out they didn’t actually set up and I jumped in too early. You’ll see how these played out below.
Trades Taken Today
The day started with ICD and ended with ICD. After getting overly excited about my studies this past weekend I decided to put some of the information to work. Out of the gate, I took two quick trades that looked like potential gap plays. These trades did not set up the way I thought they were. On ICD, I entered quickly at the price of 8.75 and quickly sold out at 8.55. This was a fast-moving stock that went against me real quick.
After the lunch hour, I was noticing ICD produce a strong seller wall. I figured if this price area would get broken it would continue to the north side. I entered a limit at 10.75 and quickly sold at 10.92. This was a nice makeup trade from the morning. The video will share the trade I did miss today that was a significant mover and unfortunately, it was a lesson learned.
ICD Profit and Loss = -14.77
I entered another gap play for an inside move on the stock WORX. I got in at 6.53 and I got out at 6.33 within one minute. This was a very unfortunate trade. Right out of the gate, once again, I was down two trades in a row. Fortunately, another trade setup on WORX. At around 10:24 I got in around 7.05 as it was moving up in fast motion I got out at several different locations averaging around 7.35. The tough part about this trade was that it continued to climb all the way up to 14.88. Not that I would’ve caught the whole move I definitely left a lot on the table
WORX Profit and Loss = 64.00
The next trade I was looking at was PSTI. This trade was based on the break of the third two-minute candle. The price moved in my direction for $0.20 before I exited real quick. This got me off the snide and I was able to have a winning trade in the books. I was watching PSTI the rest of the day but nothing else set up for me.
PSTI Profit and Loss = $58.17
OXY was the next trade. I was looking for the break of the opening candle but in this case, I jumped in a little too early. Price went against me within a few seconds and didn’t set up for another possible move. It was unfortunate that I took this trade because it didn’t actually break the trigger price I was looking for. This went against my rules and will be documented as a stupid trade.
OXY Profit and Loss = -80.50
BMRA was a nice set up on the break of The half number at 8.50. I was watching level II and noticed that price action was building with strong momentum so I got in a little early. By jumping in ahead of time it did make me a little bit nervous about what would happen next. I exited the trade in several different locations on the way up but due to the fact that I got in a little early. By not following rules I missed out on a significant move to around 9.39. Once again, not taken advantage of the big moves is definitely hurting the P&L.
BMRA Profit and Loss = $46.00
Overall it was a great trading day and I ended up in the green. I missed out on the biggest move of the day but I also caught a lot of great moves that I was able to be confident with. If I can take those stupid trades that weren’t actually good, it would probably be my best day in a few weeks.
Total Profit and Loss for 4/13/2020 = $73
The Long Weekend of Studying
I hope everyone had a great weekend. This past weekend I spent a lot of time studying the course I’ve been talking about. The course curriculum I focused on this weekend was mainly about level II and how to use it. I was extremely impressed with the presentation of how to use level II. I didn’t really understand the power behind what that tool does. It really allows me to see the market in a whole different way instead of just looking at charts and indicators. It allowed me to discover where buyers and sellers meet. It will keep me out of trades that I don’t feel comfortable with. I believe there’s a lot more to it and it’s a tool that will take a long time to really understand. I’m really excited about how level II could change how I trade.
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