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Tuesday, September 1, 2015

Trading Recap 9/1/15

I didn't make any trades today although I was about to. I was mainly watching TRVN since that seemed to be the best option for today. I was watching DWTI also but was focusing more on TRVN. I'll go over my thoughts on TRVN and DWTI below. One thing to note is it is very important to be flexible and non-biased as a daytrader. I was changing my thesis on TRVN as time went on so I am happy about that. However, it is very difficult to flip sides with my small account although if you get it right I should be green no matter what.


TRVN: Originally, I was looking to short this on any confirmation of the premkt support of 7.8 peaking. It dipped to there and just ripped right at the open. I saw a possible HOD/premkt resistance rejection and wanted to go short there at around 9:36. This would have been a nice scalp and I probably would have covered on that higher low, although at the time I thought this was done. I just monitored it after it had some higher lows with no real bias either way. Once it reclaimed the $8.30s though I should have went long. Once it made nHODs and sort of had no follow through I again looked for the short around 10:00. It was holding 8.70s and at the time I saw that it kept trying to fail but kept being bought back so I thought this might be a crowded trade. Once it looked like 8.70s failed I was about to go in but it quickly came back and started going back up. This was a key trigger to go long but I didn't even though I knew it probably just trapped a bunch of shorts. After that it just kept going higher so that was a miss but at least I didn't short it. I didn't check on it for the rest of the day although it did have a nice stuff move at 1:00. Ideally tomorrow we get a 9.5 test and fail.

DWTI: I was looking for a bounce in this as oil has just straight up rocketed on some headlines. I wasn't paying much attention to it at the time but I missed the morning base support reclaim. From there is was pretty much off to the races minus some dips along the way.


Things to work on:

1. Don't overanalyze anything.
2. Continue to have no bias and actually trade when you see an opportunity.

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