Yesterday was a mildly down day but it was a decent day process wise so it's ok. There were a few trades that I could have broke even on had I held but whatever. More disconcerting is the premature stop outs that would have resulted in decent profits had I held. Lesser size would have helped and possibly scaling into the trade as well like I did on BBY today. I have to realize I want to risk up to $20 a trade in the best case scenario so I have scale in with that number in mind. When I was scaling into trades like on BBY I had no hesitation to do what I wanted. What also factored into it was me having very good reads on a lot of names throughout the week but not taking the trade. My beliefs that I am a decent trader are starting to overshadow the negative beliefs I had before. This is good progress so that is what I will take away from a day like today.
BBY: I completely missed BBY on day 1 of the move but I still liked it for day 2 r/g move like it did last earnings. I saw it had support at around $45 from the day before so my plan was to buy the $45 wash and scale into the trade if it confirmed with higher lows. So when it opened I bought at $45 and it did go a bit further down but I was in small size so didn't care. Once it got over vwap and it dipped I added more. I didn't get the best fill on this because I didn't have a bid at vwap and at the time I just saw it get bought up quickly at vwap so I just wanted to get in in case that dip was it. But it did go a bit lower and my plan on the add was vwap over/under. It seemed to have not held vwap so I sold the add for a loss at what ended up being a bottom. I guess I should have given it more room. I still had my initial though but sold it when vwap looked like it was definitely peaking. It did end up going back to retest the former highs but never did anything else. So overall: scaling in was fine. Only thing was to give it more room perhaps and to let it test over/under more so and to not take the 2min chart I am using during the morning so so literally when something looks like it is peaking etc.
MRVL: I saw this had good earnings and was gapping up past resistance on the 1year chart and was making new 52week highs so it was good potential for a long. I thought about buying it at the premkt support when it dipped to that level but I didn't unfortunately due to fear I guess. It was stupid not to do it with at least with partial size because it was a good setup. After I missed that dip buy though I saw it flagging above vwap so I bought that breakout. I was looking for a move at least to the premarket highs around .90 to $15. It got close but I wasn't going to sell it prematurely when I thought I had a winner. Unfortunately, it had a fake high and then it flushed back down. It flushed pretty quickly so I gave it a little time to see if it would come back but it never did and my stop for it should have been triggered had I had one but I wanted to give it a little time. It didn't quickly bounce back so I took it off for a loss. It did go lower and then consolidated and I thought about buying it again but the mkt was dead overall so I figured it would have no followthrough. It did go back to retest the highs but nothing special. Overall, it wasn't a bad trade. It just didn't work. The only thing that I would have done better is to buy at support and not be fearful. Even if I did that, I would have added where I actually got in and from there I'm not sure. It probably would have been a breakeven trade.
ANF: I saw the earnings were pretty bad and it was near all time lows so I thought it could breakdown and make new lows. However, during premarket I saw the 14.85 level absorb quite a lot of shares so I wasn't convinced at that point if it was going to go down any further. My plan was to monitor and wait until .85 broke and peaked and then I would short. So it eventually did do that and my plan was to short near .85 for a continuation move downward. My stop was .85 over/under. I let it test around a few times but it looked like it had reclaimed so I stopped out. It did go a little higher through vwap but then came back down and eventually faded off the rest of the day. So my idea was right but wrong execution I guess. I don't think my trade was bad and my stop at the time was ok. But I did see it later in the day retest prior support and that could have been an entry. I think I didn't take it because of how slow the day was but this would have worked.
TSLA: I missed the setup in the morning for the short because I didn't have it on my main watch. But it stuffed through the premkt support and then flushed. People probably bought it at the open and then they got washed out. I saw it later in the day and it had a nice bear flag. It broke the line but I knew now to short it then because it was probably a trap. I ended up shorting it near resistance and wanted to give it a little room. I gave it to over $127 for the particular pattern I was seeing but I should have given it more room/used less size to scale in when I figured it would gun stops especially during the low vol period. This is all hindsight though and it could have just kept that resistance and gone lower too. The best thing to just do is just scale in with small size. It pushed through $127 twice and failed. So again, you have to give things enough room and be ok for the fakeouts like those. Over/under is key. It made new lows and closed at the lows so I had the right idea but again the execution was poor. Scaling in with less size is much better and having a smaller gain is better than a stupid loss.
Other stocks:
CRM: I was suspicious of the gap up since the earnings/guidance were ok but nothing great. My plan was to see how it would react around the $79.60 and see if it peaked. It did put in a few tops but nothing too convincing and I wasn't too sure about the trade either. But I guess one entry could have been shorting the $79 break. That was a nice flush and would have confirmed my thesis.
Things to work on:
1. Lesser size/scaling into the trade
2. Process > outcome
3. Give things enough room via over/under
4. Buy at premkt support on the good earnings names. Do so with lesser size if you have t.
5. Look at all charts for any opportunities like CRM.
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