Warrior Trading Blog

Day 103: Red Day Recap -$1.4k

All right. Let’s do our little mid day market recap here. It’s 11:15, so we’re kind of coming into the lunch hour. At this point, I’m throwing in the towel on the day, just not feeling. I’ve taken a total of six trades today. I’ve only made money on two out of the six. finishing the day down 1400 bucks. Kind of frustrating.

My first three trades were red trades. I hate starting the day like that. I don’t like starting the day with a loser, but to start the day with three back-to-back losers, is just … It’s not a good way to start the day. It doesn’t set the tone for the rest of the day.

The ones I was trading right out of the gates … Those three trades were all on EGLT. You can guys can see my P and L here. Down 1400. I’m down 2600 on EGLT and up 1200 on OHGI. I was up 2200 on OHGI, and down only about 400 on the day, but then I lost 1,000 bucks on my last trade on it, so … It’s kind of annoying, but you know, it’s part of the deal with trading. Not every days gonna be a big green day. Even though it certainly feels good to walk away at the end of the day in the green.

What feels even better is to walk away at the end of each week, and each month in the green, knowing that you have a strategy that … It’s sustainable when you look at the big picture. If you’re super focused on micro time frames, yes you’re gonna have losses. You’re gonna have red day. The big picture is that you’re grinding higher, despite momentary, or short draw downs. The big trend is up. Stepping back and looking at the big trends can be a good source of comfort on a red day.

So, EGLT gapping up. This was on the third highest on our gap scanner. And remember yesterday, how we had CLSN and we were kind of like, “Well, there’s two ways we can trade this.” The first way is right out of the gates, it squeezes up and we go for the gap and go. The second way is we wait for the red to green move. Obviously on CLSN, yesterday, we just squeezed right out of the gates. That kind of happened on EGLT today as well. We squeezed out of the gates. I hesitated with my order at 330, cause I just felt like I wasn’t sure it was gonna work, and it squeezed up to 347. So, I was like, “ugh.” Frustrating.

I know that some of you guys in the room scalped the gap and go here and did pretty well on it. I was a little … I was like, “All right. I already missed out on the first trade.” I was like, “You know what? That’s okay.” Yesterday CLSN squeezed up and then we waited. Then the first pull back is where I really hammered it. So, that’s what I said on this EGLT. First candle to make a new high will be my entry. I decided to be a little more aggressive.

Yesterday I did 7500 shares on CLSN at this same exact entry point. Today I did 10,000 shares, same entry point. The first candle to make a new high right here at 337. The problem is, it went up to a high of 44. I was instantly up 1,000 bucks and I was like, “Okay, this looks good.” What I did is, I say, “You know what? I’m not even gonna try to sell on the ask. I’m just gonna take. I’m gonna take the 10 cents. It’s 1,00 bucks. I’m just gonna take it.” I hit the bid and what’s really interesting is that I filled at 328. I was like, “Whoa.” All of sudden I’m looking, and I’m red. “I was just up 1,000 bucks. What’s going on?”

What happened is that, in the blink of an eye, the bids dropped. Suddenly, we were down at 25 by 28. You know, 28 by 30, 25 by 28, 20 by 25, and we were dropping. That was just like, “Okay. I guess I’m throwing in the towel on this and that’s what I did. I threw in the towel and ended up losing 700 dollars. So, about seven center per share with 10,000 shares.

What was frustrating is that I was up 1,000 bucks and then I ended up losing 700. And so, I was like, “All right. Okay. You got me one time, but I’m gonna get back. I’m gonna jump back into this one for the red to green move. First candle to make a new high.” Right? That’s what I did. I got in right here, for the first candle to make a new high. You can see it popped up from 94, up to a high of 306.

I held through this consolidation looking for … Oops. Looking for the move up over 306, and back to the high of day. I ended up stopping out as we dropped down here, stopping out at 85. I lost another 10 cents, but on that time it was only with 5,00 shares. I lost 500 bucks. So, now I’m down about 1250 on the name. I’m like, “Dang it. This is frustrating.” So, I say, “You know what? You got me once. You got me twice, but I still think this is going to do a red-to-green move.”

I got in a third time at, again, same price at 295. This time I took 10,000 shares and I said, “I really think it’s gonna do the red-to-green move here. This is the first five candle to make a new high.” You know what? It popped up to 303. That’s only eight cents. It’s only 800 bucks. At that point, I was down 1250 and I was like, “800 bucks is fine, but I wanna see this go back to high of day.” I’m looking for that cross over the VWAP and the move higher.

Of course, I held it and then I ended up stopping out at 85. I got slippage and I got filled at 82, or 83. I ended up taking a small 800 dollar winner, turning it into a 1500 dollar loss. I had a small winner here. Turned into a loss. The small winner here was really … I tried to take the profit and I couldn’t. At that point I was like, “Okay. That’s it. This stock is not my friend. I’m done with it.” I accept defeat. Frustrating as it is. I’ve gotta just accept defeat on this one. At that point I was down 2600 bucks, which is disappointing, because that’s the biggest red day I’ve had in well over a month. I was like, “All right. Well, you know I’d love to find something else to trade, but at this point …” At that point it was getting past 10am. I was red on the day, just not looking good for me to have any type of redemption.

And then OHGI popped up on the scanner, squeezing up and it halted at 133. So, as OHGI got halted I looked at it and I was like, “Okay. This is a stock I’ve traded in the past. It’s a former runner, history of making big moves. It’s a low float stock. No real resistance until a 200 moving average at 239. It’s halted for five minutes on circuit breaker. When it resumes, I jumped into it, first with 5,000 shares at 140 and then with another 5,000 at 145. I had 10,000 shares at a 143 average, or something like that.

It squeezes up to a high of 155 and it gets halted, again on a circuit breaker. Now I’m already up 1100 bucks and it’s halted. I’m like, “Okay. Not bad.” It resumes and it squeezes up to a high of 174 and I’m up 2500 bucks. I was like, “Awesome.” What I ended up doing is starting to take profit. I tried to sell on the ask. I filled some on the ask, but then I ended up hitting the bid as it dropped down here and I hit the bid and it got filled around 58, which is just annoying, because you know … 72 to 58, that’s with 10,000 shares, that’s a big, kind of a big drop.

I sold all but, I think 1,000 shares. Maybe 600, or 800. I was almost all the way out and I booked 200 dollars in profit. I was up 2200 bucks. And then I said, “Okay. First one minute candle to make a new high, I’ll get back in here. I jump back in with 5,000 shares at 172 for the first one minute candle to make a new high. We pop up to a high of 179 and I was like, “Okay. I wanna see it break over 80.” And then, we faded down here pretty quickly. We were down at 58, 57, so I was instantly down 600 bucks, 700 bucks. And then it drops to 54 and tehn down to 48.

I stopped out at 50, so I ended up getting in at 70 and getting out at 50. 20 cents, 5,000 shares. It’s 1,000 bucks. Went from being up 2200 to up 1200. I was at my best today … I was down only 450 bucks, but closing the day down 1400 dollars and you know … It is what it is. I see OHGI curling up a little bit back here. We need to get back up above the VWAP to really be in play.

For me, I’m throwing in the towel today. It’s coming into the lunch hour. A little disappointed with my trading. Well, a little disappointed with the market really. The setups that I traded that worked pretty well yesterday, just didn’t happen to work today. It was bad luck that I decided to be more aggressive today. It’s just the way it is, I guess, but … I’ll get back at it tomorrow. Hopefully, we’ll see some good opportunities tomorrow morning on the gap scanner. And then, some good opportunities on the high day momentum scanner. All right?

Hopefully you guys made it through the day without giving up too much profit or some of you are greed, if you didn’t maybe trade as much on EGLT. I over traded a little bit today also. I think that’s kind of the thing you start to get … You just inevitably start to get a little frustrated. You start trying again. Then, forcing it a little bit, and so … When you start to get into that mindset, it’s a good time to step back and just realize, you know what? The big picture is, today is one day out of 250 this year. Today doesn’t really matter that much. It’s the big picture that matters. And the big picture is that I’m still doing really well, just trending up.

Today is one of those day that’s like this. Hopefully tomorrow’s back like this. Yesterday I was up 1200 bucks. You know, I wasn’t celebrating, or doing anything special. Today I’m down 1400. I’m not gonna be bummed out that much about it. It’s not that big of a deal. All right? So … I’ll be back at it first thing tomorrow morning and hopefully we’ll have some good stocks to trade. All right. That’s it for now. I’ll see you guys in the morning.

Oh hey. I didn’t see you there. I was just working on the dream board for my next home run trade. Hopefully it comes soon. Until then, make sure you subscribe to get email alerts anytime I go live or upload new videos. Until then, happy surfing.