Wednesday, May 17, 2017

My 2nd consecutive losing day + Best ideas for today!

So today I made 2 trades both of them losers.

The first one was a pre-market entry in $XGTI anticipating a spike on the open which never came. So I cut it quickly for a tiny loss. Wasn't the worst trade in the world but with only $50 risk to work with each day I really shouldn't be trading pre-market!

Then I saw $CLDR which I had been stalking for days and in which I had took a loss in on Monday setting up an OPR play just beneath the $21.75 level with the $22 all-time high magnet just above. Near perfects set-up!! I decided I wanted in but I wanted to wait for the confirmed break of $21.75. So I set a stop limit order at $21.76 but my mistake was not off setting it a few cents to increase my odds of getting a filled. What do you...the stock ripped right through the level; triggered my stop but I never got filled.

Sort of frustrated; I saw $IMGN beneath $5 and thought I'd take this long through $4.95 in anticipation of the break of $5. I had no exit plan for this trade. Then on a rush of blood; I entered it long @ $4.93 without waiting for the confirmed break of the flag and within seconds the stock reversed and was at my stop out level! I took the loss and shut down my platform for day....down a whopping $70 + $20 in commissions!!!

Although my losses were $40 in excess of my max daily loss; its not catastrophic by any means. Plus I am still up from my starting $1,000 balance. My plan going forward is to re-focus and wait for A-quality set-ups. I will stop looking for gap-and-go plays until I have more daily risk to work with. I will let the market open and wait for clean set-ups in either one of the stocks off my night watch list or an "in-play" stock.

With that out of the way; here are my best ideas for today...

$PIRS this is my #1 watcher and I will be eyeing for a red-to-green/OPR break play

Besides this I also have alerts set on:

SHORTS:

$NOMD (below $12.8), $AFSI ( below $12.4), $ACAD (below $28), $WTW (below $24), $BTU (below $23.9), $EXAS (below $31.60)

LONGS:

$EXAS (above $32.60), $CHGG (above $11.72), $BITA (above $31.65)

Just an observation but I am beginning to see a lot more short set-ups than longs. Very stocks have been holding their mornings gains. There have been almost no 50%+ day runners. So taking quick profits especially on longs makes sense at the moment in my opinion.

Best of luck....here's to a solid day of trading...CHEERS!!!






No comments:

Post a Comment

MY DAY TRADING RULES

I will ONLY put stocks BREAKING OUT OF DAILY CONSOLIDATIONS TO NEW HIGHS OR NEW LOWS ON HIGH RELATIVE VOLUME from my DAY TRADING SCAN into m...