Warrior Trading Blog

A Green Day and I Needed It! +$3K!

needed it

What’s up, everyone? All right, here we are. A green day, and I needed it, up $3,000. Yesterday was a chop day, basically flat. Today, $3,000. Monday, 2,300. When I’m having good days, they’re in the two, $3,000 range which is great. $2,000 is my daily goal.

 

Negative 2,000 is my daily max loss. I’m happy with another green day. As I look at the month of August, we’ve only got two days left. It has been a choppy month.

I’m going to try to salvage as much as I can out of the month, and try to finish green which will be great. Then, get into September, after Labor Day, feeling good. All right, so that’s my game plan. We’ll review all the trades from today in the Mid Day Market Recap. Any questions, any comments, leave them below and I’ll come back through and answer them later today. All right, enjoy.

All right everyone. We’re going to go over our Mid Day Market Recap here for today. Little past 10:30, finishing the morning up $3,014.01 which is not bad. Today, I would say, a little bit of a choppy market. You can see, I had six stocks I traded and I’m green on only two out of the six. That’s certainly not the same level of accuracy I had on Monday, but $3,000 is more than I started the day with. It’s another day of progress.

One big winner on IPAS, decent winner on ARCI, small loss on Fossil, BRN, SGLB and MYnd, three kind of decent little losses on those ones. We’ll break them down, not the easiest day in the world, but green is good.

Today started like any others by going over the gap scanner. I’ll run this as a historical scan for nine, let’s say, 20 this morning, so you can see exactly what I was looking at. I saw OPNT, but it’s too expensive. GKOS, too expensive. IGC, price is okay, float is a little high, volume is a little high. I took a peek at the chart. On this one, I really wasn’t that interested just because I felt like it was kind of, I don’t know, it had already made a move over a couple of days. It just felt like it was overdone, so I left it alone. The volume is too much, float is a little too high.

Float is too high on these two. AFMD, this one, I know [Jill 00:02:31] was watching. I thought the float was a little high. It’s a five cent tick stock, but it did end up squeezing from 680 on this pre-market flag up to 720. It was nice out of the gates. For me, I didn’t go for it.

SPHS, this one, floats, 28 million shares. A little on the higher side. We were watching that for break or pre-market highs. You can see, it broke on the first five minute candle. It drops down and then it opens up. It did kind of like a false breakout, and then it goes. I ended up trading that one.

Really, I didn’t see anything on the scanner that I liked. I started the day with basically nothing that I was watching closely, except for this scanner right here. The bell rings and, all of a sudden, ARCI is on the scan. I wasn’t watching it pre-market. It was a gapper, but wasn’t something I was really looking at. It opens at 90 cents and squeezes up to a dollar. Now, as I saw it hit the scan at the dollar, I was like, “I don’t know. It’s cheap. I’m not that interested, but I’ll take a peek.”

I see a $1.03, $1.04. Then, all of a sudden, it pops up to $1.25. At that point, I was like, “All right. This thing is clearly worth watching.” I’ll move this up here. All right, so this one, I jump in at a $1.19, $1.23 and $1.24, pretty much as it starts surging up. I’m like, “Okay. This thing is strong.” I was thinking it’s going to probably get halted. That’s what I was thinking.

I take 9,000 shares and then I add another 3,000 at 32 and another 3,000 at 35. Now, I’ve got 15,000 shares. That’s a big position in terms of share size, but for a stock at $1.25, it’s not really that much money in the trade. It’s not like I’m risking 30 cents on it the way I would if I took 15,000 shares of a $7 stock. I’m really probably only risking like 10 cents. I wasn’t super worried.

I got 15,000 shares. It pops up to 47, but it doesn’t hold those levels and it comes back down. I end up selling at 37, 37. I add at 44, thinking it’s going to get … It pulls back and it’s going to surge back up. It doesn’t. I try to sell at 49, end up stopping out and taking a loss on those shares as it comes back down. I was up about $1,400 on it and gave back 300 on that add. I thought it had potential to get halted and then open higher and really be a big parabolic stock. The daily chart was strong, above all these levels, but just didn’t get it.

Anyways, $1,000 is good. Next trade was SGLB. This was also off the scanner. I saw this hit the scanner. I thought, okay, this is almost at the same price right here. Maybe it’ll do something similar, because that’s something that we notice a lot, this sympathy momentum. One stock is strong, and another one at that same price starts to take off. I was like, “All right. I’m going to jump in this.”

I jump in at $1.14 right here. I take 9,000 shares at $1.14, $1.15. It hits $1.15. I basically buy it at high a day. Then, I sell it in one order at $1.04. I lost basically 900 bucks on that, 10 cents on 9,000 shares. Just like that, I went from being up 1,000 to up only 140 bucks on the day.

All right, and then MYnd. This was called out in the room. I usually am careful about taking those trades, I really prefer them to hit my scanners. I looked at the daily chart and I actually liked it. I was like, “All right. I’ll jump in this,” anticipating a break of $2. On this one, I get in at 84 and 84. Oh I was using … The reason that shows up that way is because I was using the super smart route on this.

I got in, got all these partial fills, whatever. The commissions on that one are going to be kind of, yeah, commissions are crazy on that one, but whatever. That’s fine. We talk about that type of routing in the class. I get lots of partial fills, lots of partial fills. I add at 94, on this one, I’m thinking it’s going to break $2. That doesn’t happen. Then, I end up trying to piece out and stopping out the balance at 81 and 74. On that one, I lost $977. Now, I’m down 800 on the day. I’m like, “All right. This isn’t ideal.”

I take a trade on BRN, that was on the scanner as well. I didn’t jump in it when it first hit the scanner. I waited for it to hit the second time. It hits there at two, 208. It pops up to a high of 209. It pulls back, I get in for the second attempt, in at 210. It pops up to 216, and I stop as it comes back down. On that one, I lost 400 bucks.

All right, now while I was still holding that, IPAS hits the scan. I see it and I’m like, “Okay.” It hits once, twice, three times, four times. I’m like, “All right. Wow, this stock is really taking off. What’s going on?” I pull up the chart, I look at the daily and I see this right here. This tells me it was a recent reverse split. I’m like, “Okay. Recent reverse split, 10 to one, we know those are stocks that now the float is 1/10th of what it used to be. That means the supply level is much lower. With demand, it can go parabolic.”

I check the news, major US bank signs deal with iPass. I’m like, “We got the reverse split. We’ve got the catalyst, the news headline. I’m jumping in this.” You can see here how it popped up to 34, pulled back and then surged up. I started adding on this at 35, 40, 47, 64. I only got partial fills. I’m putting on my order to buy and it’s moving so fast, my order is not even getting filled. I try to buy at 47, 64 and 75. I then try to add going into a halt, and I don’t get filled.

I sell BRN, and then I’m focusing on IPAS. On this one, it gets halted at 75 and it resumes, let’s see, it resumes at 94. Then, it sells off right away which made me a little nervous. With this chart, I really wanted to see it open high and continue through three. I was hoping it would open above three, because it has this window from 319 to 360. I was worried about 319 being resistance.

It opens at 294, which is a little low. On this one, on resumption, let’s see, what do I do? I sell half my position at 87, another quarter day six. I’m like, “It looks like it might be going down. If it halts going down, it’s going to be bad.” I lock up that for a little bit of profit. Then, I add back at 96 as it surges back up over the whole dollar. I sell the add there at 36, from 96, sorry, at 301, 302, a little bit at 309. I stop out the rest at 277.

In total, $4,300. This is a good trade. It got me out of the hole, which was great, but it wasn’t really … It didn’t really do as much as I thought it would, despite having the reverse split and a catalyst. That catalyst, that headline came out at 9:48 which is what, all of a sudden, caused the volume to spike up there.

Whatever. I’m kind of surprised it didn’t do more. I thought, first 319 resistance and then the gap fill would be up to 360 right there. From there, 396 and then 452. In a strong market, I think this probably would have opened above three and squeezed up to 350, maybe even gotten halted again. In the market that we’ve been in, it just didn’t happen.

Anyways, it got me out of the hole which was good, got me into the green and above my daily goal. That’s all good. FOSL, I took a little reversal trade on this one. First five minute candle to make a new high was right here. It pops up 15 cents and then keeps going lower. Only lost 30 bucks on that. Not a big deal. It was worth a stab when you have two, four, six, eight, nine consecutive red candles. First candle to make a new high targets the nine moving average. It didn’t quite do it.

RHT, I see on the reversal scans here as well. That’s an interesting setup, look at daily levels but this one, again, two, four, six, eight, nine green candles in a row with high volume. Stop would be 150 probably, 149 70, but that’s a higher price stock so I’d probably leave it alone for me.

All right. Anyways, that’s about it for me today. Green day, 3,000 bucks, could be happy with that. Yesterday was a break even day. Day before was 2,300. Today is 3,000, $3,014.01, 160th day of the year. Two more days left for the month of August, and I’m hoping I can have two more green days and try to finish up close to $10,000 on the month. It’s been a slow month for me, but that’s all right. Some months are like that. I’m going to salvage what I can and try to finish the week strong.

All right, so that’s the game plan. Students, we’ve got class in an hour. Class today, trader psychology, that’s noon time for Warrior Pro students. All right, so I’ll see you guys in an hour. Everyone else, I’ll see you first thing tomorrow morning. All right, bye guys.

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