What’s up, everyone? All right. So, we’re in a market where it feels like two steps forward, two steps back. Today, took those two steps back. Gave back yesterday and Monday’s profit. Green on one out of three names. I had one good trade on RKDA, a solid trade, but it wasn’t enough to make up for the two losses I took. So, I’ll finish the day in the red. After two back-to-back green days, hitting red is not fun, but again, I’m taking things with stride. Not going to get too bent out of shape. It is August. I expect the market to be a little slower. This is a good time to be studying, a good time to be trading in a simulator, getting ready for when things pick up because when things pick up, you’re going to see me hitting those back-to-back 5, 8, 10,000 dollar green days, and you want to make sure you’re able to capitalize on those opportunities when we see them.
We’re not seeing a lot of them right now, but come September, October, November, December, and especially January, February, we’re going to be seeing a lot of them. So, this is a good time to be disciplined, to not let the whippiness of the market get us too rattled and just to sort of take things in stride. So, unfortunately today, although it’s a red day, it’s not by any means a blowout or anything really serious. And of course, that’s always relative to your account size. But anyways, I will be back at it first thing tomorrow morning, 9:15, hoping for momentum, hoping for some good opportunities and go try to finish this week, Thursday and Friday, with two green days. Having one red day a week is fine. I just want to keep it at one. All right. So, see you guys first thing tomorrow morning.
So, as we go over the trades from this morning, this had a pre-market high of 840 here, and it broke at level and squeezed all the way up to 1104, which is a pretty impressive move. I ended up adding on it in this area here. I took a trade where I added it 968 or so, 67, a good entry right at that breakout spot. Actually, [inaudible 00:02:20] at 965, and then, I added it 1055 and 1064, thinking it was going to break over the highs. It then came back down here, down to 920, and like that, gave back my profit and was red on the name, down 2500 bucks. So, I hit my max loss, basically. I did take one more trade, even though I was below max loss, and that was on RKDA. This was a good trade. I got in right here at 644 for the break of 650 on this five minute bull flag pattern and made 1900 bucks. So, I was like, “All right. Solid. Good stuff there.” And it put me down to only about 600 on the day. And so, I’ve been working on a couple other things this morning, and I kept my charts up, and I saw IEA squeezing up, and I thought, “All right. Look at this. Nice, clean move, a pullback, another clean move, a pullback.”
And so, I got in it at … for this setup right here, for the break, the first candle to make a new high was 415. So, I bought it and ended up holding through this consolidation and then finally stopping out as it flushed down right here. So, this was a little bit of a kind of unusual trade for me to take at this time of day because this was like noontime. It looked good, and I took bigger size than I should’ve, then lost a full 30 cents per share on it and just got flushed out. So, that puts me back down to 2900 in the red, and I’m not going to keep trading at this point. So, in hindsight, I don’t know. I shouldn’t have traded this at the lunch hour. It was starting to form an ABCD setup on the five-minute after the bull flag failed, and then, it just reversed. So, thank goodness for RKDA, one solid trade today, but PRPL, I think I was overcompensating a little bit for the fact that I was too conservative yesterday with the MTC setup, and then, when I saw PRPL make that really big move, I thought it looked so similar and light volume, kind of big spreads. I would take a stab at it. And it doesn’t take much with those spreads to give back a couple days of profit.
So, I need to really turn it around here, Thursday, Friday, and hopefully, I’ll have a good finished to the week, but so far, I’ve gotten nothing to show for the last three days because this just gave back everything I made on Monday and Tuesday. So, that’s disappointing, definitely don’t like to have days like that, but if they’re saying Friday, we’ll see what we can do to finish up the week. I’m glad for RKDA. IEA was outside my typical time of trading. So, that was probably my own fault, and PRPL was just a trade that did not work and has come back down. So, I got on the wrong side of a couple of things today. Disappointing because yesterday, I was conservative, and it probably cost me money today. I got to be a little more aggressive, and it also cost me money. And that’s sometimes the frustrating thing with trading that you feel like you follow the rules, and you miss profit. Sometimes, you break the rules, and you make money, and at other times, you break the rules like today, and you do go ahead and lose money. So, it’s not always getting consistent feedback from the market about what works when, but this month, although it’s been tough, the good news is we’ve still got 12 full days left.
So, if I can turn things around here a little bit and start to see some better momentum, better follow-through, I’ll probably be in good shape by the end of the month, but as we stand right now, I haven’t been doing very well here in August. July was okay up until the last week or so, last two weeks. But it’s just kind of typical summer trading, summer choppiness, and it gets to you sometimes a little bit with being cautious one day, being aggressive the next, rather than just being kind of consistent across the board. And of course, the market being down, no doubt that’s not helping things. So, this is, yeah, this is kind of a grind, but that’s okay. I’ll be back at it first thing tomorrow morning, 9:15, pre-market analysis, and hopefully, we see some good opportunities off the scans. Really, today, not a lot of action. So, scanner, you can see, is pretty much dead. RKDA, that was kind of the only one. So, I’m glad I hit the only one that was moving, but really wise we had a little more momentum. So, we’ll hope for momentum tomorrow. All right. That’s it for me. I’ll see you guys first thing tomorrow morning. If you’re still watching, you must’ve really enjoyed that video. So, why not subscribe and get email alerts anytime I upload new content? Remember, when you subscribe, you become a member of the Warrior Trading family.