Warrior Trading Blog

2nd Red Day of The Month -$4,700 | Ross’ Trade Recap


Hey everyone. Well all right after an awesome day yesterday with $7000 in profit, today it’s a red day recap. So where’s the month of May? Here we are. So this is going to be my second red day of the month, yeah and the last red day was also a Tuesday, last Tuesday I lost $6500. Today I’m down 4700, so $4700. You know, it was one of those days where I should have kind of gone with my instinct. The stock that I traded, I really wasn’t sure about. It started to open up, it got halted. I guess I had a little fomo, jumped in, coming out of the circuit breaker halt and it just dropped right back down, so I should have gone with my gut and just held off on that one, but you know, once it was moving, once I had the rate of change, I guess I started talking myself into it, I took the trade, lost some money.

So you know, back from being up 7000 to up only about 2000 on the week, which means I’ve got $8000 to get to my weekly goal, 10000 a week. So you know, that’s okay, I can do it. Wednesday, Thursday, Friday, three more days, get back on it first thing tomorrow morning, 9:30, the bell will ring and I’m going to ready to trade.

All right so as always, any questions, any comments, leave them below and I’ll see you guys first thing tomorrow morning.

What’s up everyone? All right, so today’s going to be a red day recap. We’ll go over the trades on ONCS. This is the only stock I traded and you know, the thing about this one is when I first saw it mentioned, I saw it, it was a reverse split today, and I was like okay well that’s interesting. It’s a reverse split, it does have news, as you can see right here in the news headline and it wasn’t one that I was really watching super closely. So the gap scanner had it on, what was it, as an 18% gapper but it was showing as a 58 million share flow.

Now that actually wasn’t accurate because the float was actually, well 1/10th of that because of the ten to one reverse split. So that meant the flow was probably somewhere around five, six million shares. So I was like, okay, well that actually does fall into the range of float that I’m interested in. However, because the scans and because trade ideas shows as a 58 million share float, I was worried that small cap traders just wouldn’t notice it. They would just skip over it and go onto the next one. So when it started to pop up here, I was initially like, “No, I don’t know, I don’t think it’s going to work, I don’t think people are going to see it. It’s not going to hit these high day momentum scanners, the ones that I utilize and of course a lot of traders utilize similar scans.”

So I hesitated and ended up squeezing up to a high of 488 and getting halted on a circuit breaker and I wasn’t in it. It then resumes from the halt and it squeezes up and I was like, you know what, all right, I’m going to jump in this. I jump in at five, it squeezes up to 527 and then well, you can see what happens. It comes all the way back down to 451. It looks like it was about to be halted. It popped up for a second and then it slammed down to 408.

So on this one, you know, I should’ve just kind of gone with my instinct and left it alone but I jumped in it. I took two trades. The first trade was right here and then I got back in right here and I got back in too high and came back down, I stopped back out. So two trades, two losses, you know, gives back more than half of yesterday’s profit, which is, you know, a bummer, I mean, you never like to give back profit especially on something that really probably didn’t have all that much potential. I mean yes it was a reverse split, but the flow appeared on trade ideas to be 58 million shares which is a problem because so many people utilize these scanners.

So when you have the wrong information there, you know, it can really throw you off. JMU likewise, this was wrong. It wasn’t 385000 share float. It was closer to 2.5 million. I didn’t trade this one out of the gates. It just pretty much popped up for a second, sold off and didn’t give us any good opportunities.

You know I saw DFFN pop up. A couple people mentioned it, right up to the 200 moving average on the daily which is right around 541. You know, maybe one to keep an eye on tomorrow or maybe next week if it can break over that 200 and then it has room back up to 650, but without news, it wasn’t able to make that move today. So nothing there.

And the rest of the stocks on the gap scanner just didn’t meet my criteria for one reason or another and so I did end up getting a lot to work with today, you know which is unfortunately sometimes the case. So sometimes, today’s going to be one of those days where you know, yesterday took seven steps forward. Today, I’m taking five steps back and yeah, I’m still net positive on the week which is great, but now that I’ve given back a good amount of the profit, I’m going to have to be careful as the week goes on, not to go into the red. I don’t want to have a red week. That’s the last thing I want.

Now if I don’t make my full $10000 weekly goal, that’s okay, but I’ve got to have a green week, you know. That’s really important for me. So that means tomorrow, probably bring back the focus a little bit on smaller share size, try to hit a thousand dollars of profit, maybe 2000, get my daily goal. If we see something that looks good, probably won’t be swinging for the fences and you know CANF yesterday also probably weighed heavily on momentum with this mid-day secondary offering. I mean, this was brutal, like really yikes. Just a massive drop here. So it was halted, it resumes and then straight down. I mean, this thing just tanked.

So you know, when you have something like that happen, it can make long side traders a little bit nervous and ONCS probably just wasn’t the right one to be aggressive on, so a little bit of a self-inflicted loss there, but that’s okay. I’ll bounce back from it. You know, I’ll be back at it first thing tomorrow morning, 9:00, 9:15, do our pre-market analysis. Hopefully we have a decent gap scanner. We can find a couple good stocks to trade.

All right everyone. So that’s the game plan and I will see you guys all first thing tomorrow morning.

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