Warrior Trading Blog

Digging My Way Out! +$2.2K!

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What’s up, everybody? All right. So here we are another green day. Up $2,200. I’m digging my way out, one day at a time. Now, I was actually up $6,000 today on best trade or my best … the stock that I made the most on. I lost $3,000 on another stock and I lost $1,000 on another.

 

So it’s a day where I sure feel like I could’ve done a little bit better, but hey, I’m walking away with more money than I started this morning by $2,200. So I can’t complain. Green is good. Market’s still a little choppy. But I’m digging my way out and I’m working my way back up to that red to green line on my own PNL.

So we’re going to break it all down on today’s Midday Market Recap, and as usual, any questions, any comments, leave below. We’ll come back and answer them later.

All right, everyone. So we’re going to jump in her and break down the trades from the day. Today is our 145th trading day of the year, and I’m up $2,292.42. One, amazing … Well, a couple amazing trades on ABIL right of the watch list. Total profit on ABIL $6,158, which is great. Then I had these two other stocks I traded. I traded IDRA and lost $2,900 on it, and I lost $900 on MTSL. So this would be an awesome day if it weren’t for those two trades, but that’s not the way it goes. I’m up net $2,200. Green is good. I’m finishing with more money than I started with. So any day you can say that, you’re doing something right.

We’ll break down these trades. So ABIL, this was the one that we really kind of were focused on pre-market. We go back to our scanners here and every single day starts the same way. It starts by running these scans and looking for which stocks in the market have the potential to move 20-30%, that’s our job. All right. So I have this scan here. I’m going to run it for 9:22 a.m. At 9:22 a.m., ABIL was our leading gaper. It was gaping up the most out of any other stock in the entire market. Gaping up 55%. All right. So it’s a big gap. There was news out on it, and it had 167,000 shares of volume pre-market. The float is 795,000 shares. That is a very low float. Extremely low. So that’s part of why it was already up as much as it was on late volume.

So this one I was watching basically for a trade right out of the gates. I mean, I knew it had potential and my bias was definitely to the long side. However, a little cautiously because we have seen a couple of stocks in the last few weeks that looked very good just like this, and the bell rings and then they sell off. They sell off all day long. So I was initially a little bit cautious. My very first trade on this one, I jumped in at, and I have a lot of trades today, as you can see here. So my very first trade, I jumped in at 4.94 and 4.95 with 6,000 shares, and I sold it one second later at 5.09. Just like that, I sold half and was up $450. $500 in one second trading the opening range. That’s the level of volatility that we have in the market.

In that first one minute candle, we had 323,000 shares of volume. So I jumped in this at 4.94, 4.95. Sold half at 5.09, sold the rest … Trying to sell on the ask here and not getting filled. Using my hot key to sell half. I don’t get filled, I cancel it. I press it again, at 08 to sell half. I don’t get filled, I cancel it. I press it again at 07, press it again at 06, and now I’m filled 450 shares, and I ended up sharing the rest basically break even.

So on that first trade, I made $600 plus or minus. I then got back in at 5.10 as it squeezed up right here and started to break over the high … Well, actually if I go into a 10 second candle, you’ll see actually how this looks. So we’ll back this out. We’ll go back to the open. Let’s see. All right. So there’s the open. So the open pops up to a high of 5.15, and then it drops down. As it curled back up, I got back in right here at 5.09 and 5.10. I added 6,000 shares, and immediately, I mean, literally this was moving so fast that, again, a second later I’m selling half for 10 cents profit. I then sold a little bit more at 23, tried to sell on the ask, wasn’t getting filled. Sold some at 17. Having a hard time on this one getting filled. Tons of canceled orders. My orders were not filling on the ask very well. Sold more at 23 and 11, and then I added back at 30. I sold a second later for a loss at 27. It wasn’t holding up. So I got a little nervous and stopped out. Sold a little bit at 34, lots of small orders. Trying to unwind the position. I then added back at 55, and then sold at 58.

This was a very small winner. It didn’t really do what I wanted it to do. That was right in here as it was popping up to this level, up to a high of 60. So we saw a little bit of resistance here at 60. We popped up to 60. We dropped all the way down to 33. We came back up to 60, and then dropped again back down here harder to 5.16. So I sold that position basically break even, and then I added back at 47. On the trade where I added back at 47, that was right here. All right. See that big spike. So what I saw in this was that we had pulled back and we were consolidating in this kind of wedge, and I thought if we broke over the high of this level here, the psychological half dollar, then we’d have a really good chance of retesting high of day of 60. That happened instantly.

It popped up to a high of 75 and immediately I’m in with 3,000 shares. I’m selling half at 68. I didn’t go super heavy on size, but that was a quick winner. So at this point I’m up on the stock, I don’t know, $1500 or something like that.

Then we had IDRA. Now, this is kind of an annoying stock because on this one someone called out in the room, “Hey, take a look at IDRA.” I took a look at it and I saw that it had just moved up from 6.10 or 5.90 up to a high of 6.50. All right? So I saw it start to squeeze up. I looked at the chart and I saw that it was a recent reverse split, and that it had earnings this morning. So I was recent reverse split with earnings squeezing up right now, I’m going to jump in. I didn’t wait for it to hit the scanners. I just jumped in. I jumped in with size because oftentimes these stocks move quickly. I got in with 10,000 shares at 53. It popped up to 65, and then it dropped here all the way down to $6.00. I stopped out at 6.20 for a … Well, I was getting partial fills. Look at all these partial fills. I was just really having a hard time getting filled, but I got out 6.20, 6.15, and lost $3,000.

So that was disappointing. On this one, I should have waited for it to hit the scanners. I could’ve waited for a pull back. I just jumped in it because I saw the setup and thought with the recent reverse split and the news that I might be one of the first ones to see a really strong setup. I mean, not the first because it was already up from 5.80, but I would be getting in early on before the first halt and it had this potential to maybe make a big move. So I was just wrong on this one. So I took my loss on it, which is good. It sold off even more and it’s actually red on the day. So that is what it is.

So at that point, I went from being up $1800 to down $1200 on the day. I was like, “Ah.” Frustrating.

So next trade was back in ABIL. ABIL was still holding up so I switched gears, refocused on that stock, jumped in for the break over 5.50. That was right here as it started to squeeze back up. So I’m in at 5.50. Ended up selling half at 5.54. Wasn’t really holding up, kind of stopped out, got back in at 5.69, 5.70. That’s as it’s starting to curl up right here. It pops up to 6.07. I’m scalping in that area, getting in, getting out. This is kind of what I do on these types of stocks. Ends up making this nice squeeze up to a high of $7.00. Again, kind of scalping in that area, getting in, getting out. So I make my way up to about $1,000 in the green. I make about $2,000 on that series of trades.

So stacking up more profits on ABIL and starting to recover the losses on IDRA. Then I jumped into MTSL. So MTSL, this one pops up and I jump into this kind of aggressively with 9,000 shares. I then try to add at 45, my order gets rejected because I have my 10,000 share max size set or maybe it was 42, whatever it was. Anyways, this thing pops up. It hits 42, and just sells off. So in this case, the reason I got in as high as I did is because I was seeing the volume increasing here and I kind of thought that we were maybe going to go into a parabolic type of move where it just starts going almost straight up and then halting on a circuit breaker and continuing higher.

As it turns out, I bought it almost near the highs and then it sold off. So I lost $900 on that. But the risk/reward there to me was still fine because if it had continued and the momentum continued, we would’ve seen a break over 2.50, 2.60, 2.75. So it easily could have been a 20-30 cent win as it started to really go parabolic. If it gotten halted and opened 5-10% higher, again, that would’ve been awesome. But it just didn’t happen. So stopped out of that one in this range before it made this drop here, which was good. So kept a tight stop on it. Curled back up a little bit but didn’t hold up super well.

Then switched gears back to ABIL, the stock that’s really doing the best, and on this one I was kind of bummed out because it was doing this little consolidation here on the five minute chart. So I jumped in at 60, 60, and 65. 9,000 shares. Really stepping up to the plate here for the break over this line, this pivot level. It breaks and hits 88. So I’m up 20 cents a share on 9,000 shares. It’s $1800. It then drops down to this level and I sell 90% of the position for a very small profit, and then it squeezes all the way up to 7.50. What I thought … So this is an example where I had the right idea but my timing was wrong. What I thought was going to happen was this move right here, and it popped up, it pulled back, and then it broke. So right idea, wrong timing. Made some money on it, but not as much as I would’ve liked to have. I scalped it up to around 7.40, 7.45, and then stopped out of the rest at 7.42 and 7.34.

So overall, $6,158 on ABIL straight off the watch list. That was the best trade. That was the best one, easiest one to trade today. 11 million shares of volume. Up 116% right now. MTSL had potential and kept the stop relatively tight for the share size, so I’m okay with that. I didn’t get in it sooner because I thought I didn’t really think it would be that strong, and then once it was really starting to show strength, I jumped on. But maybe a little too high. Again, hindsight’s 20/20. IDRA, this one I should’ve just waited for it to hit my scanner that I would usually use for these types of stocks. Jumping in it where I did … Let’s see. Not sure if it was even on this scanner. So in hindsight there, I definitely should’ve just waited and I got to be a little better about that.

So following the rules and sticking to the watch list paid off today. A couple deviations cost me, but, again, it’s a green day. I went into the red and recovered it and finishing up $2,200. So I’m happy with that. What was I going to do? I was going to look at another stock but … Oh, yeah. Let’s see. I was looking this reversal trade on WRD. This was on our reversal scanner, and this one I’m also annoyed with because I ended up taking the trade on MTSL and skipping this one, but I was watching on this Doji candle for the first five minute candle to make a new high, which was over 19.92. It pops from 19.92 right here up to 19.30, that’s a 40 cent pop. It dropped back up to 20.31. It dropped back down to $20.00 and kind of consolidated there. So it might have only been a 10 or 15 cent winner, but it really could’ve been an easy win and I just got distracted on MTSL. So kind of a bummer there.

Ultimately, MTSL had more potential for sure. This wasn’t going to squeeze 10-20% or do anything crazy. But still a little bummed that I missed it.

So you know what, it’s a second green day in a row. 145th trading day of the year. I’m still down about $8,000 on the month. I need probably two more decent days to get myself out of the hole. It could happen one good day. It’s possible but hopefully by either the end of this week or by early next week I’ll be out of the hole and I can spend the rest of the month trying to build up my profits. So got a little ways to go. But that’s all right. This is the way it is as a trader. It’s a couple steps forward, couple steps back. Just keep grinding. So I’m happy to have a green day and looking forward to teaching class today.

So class starts in about a half an hour at noon time in our August live trading classes room. It’s not the mentor sessions rooms, for those of you guys that log in there. That’s not the right room. It’s in a separate room. So for Warrior Pro students, class is every day for the month of August at noon time. All right? So we’ll be at it in about half an hour continuing where we left off yesterday.

All right, everyone. So hope you guys have a great afternoon, and most of you I’ll see you in class about a half an hour.

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