MY TRADING RECAP 08/09/2019
MARKETS WERE ON FIRE TODAY!
But sadly I was working lol. I was able to get a couple of trades in later in the day. I should've walked away when I was up $700, but I gave some profits back to the markets ($200 and some change), and I will break down my trades. Overall not a bad day for momentum trading today, it was scalp central!
This was a great momentum setup! The volatility was crazy on this stock this morning. I saw strong support around 3.70-3.80, and after confirmation pushing above the SMA... I wanted to ride the volume to $4+ buy the dip, sell the rip type of deal.
I didn't want to get greedy because I was up $250 on a quick momentum play, so sold at validation of a downtrend. The volume was there but very volatile. Later on in the day I attempted to re-enter but kept getting stuck in false breakouts. So I walked away for a little, and got occupied with work.
After waiting for confirmation of a reversal, I wanted to scalp this bad boy to 0.34+ after noticing more than normal volume on it.
I sold 75% of my shares at 0.3505 because my original PT was 0.34 and I wanted to ride the rest. After seeing 0.35 get rejected, I went ahead and sold the rest of my position at 0.3525.
3. $CEI round 2
So instead of riding out the rest of my share like I originally planned, this bad boy went ahead and ran to 0.37 without me! After analyzing the 180D, a breakthrough of 0.40 and it traded above resistance. The volume was there, so I took a position again at 0.3751 to ride the breakout of 0.40+
Shout out to Nick from the WhatsApp trading group. Free to join, just let me know if interested!
Once this ticker was brought to my attention, I jumped in at 2.98 to ride the volume above 3.00. I knew it was going to be big a sell-off because this was moving on no news. I locked in my profits due to the volatility of it.
In the summer months it is key to focus on consistency. Take profits when you got it or at least scale 75-85%!
LOSING TRADES: $RKDA $CEI (later in the day) $YRIV (sold to trade $CEI).
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DISCLAIMER: Please note that I do not ask for any information. I always encourage people to trade ONLY what you understand and never based on anyone's opinion.