Warrior Trading Blog

Friday Recap on $ANY – Reverse Split then Squeeze Pattern

friday

Friday Recap on $ANY – Reverse Split then Squeeze Pattern

 

 

Alright guys, time for our midday recap. It’s Friday, finishing up the week strong with just one trade. Kind of an uneventful day, only took one trade today and it was a pretty quick one, it wasn’t the best trade, $483 but green is good and it’s a good way to finish the week. And that’s what I kinda want to do is, I mean I wanted to hit $1000, that’s my daily goal but I was perfectly content with just finishing the week on a green note.

This week was kinda funny because I crushed it on Monday and Tuesday, had a great Thursday and Friday, and if we can just pretend Wednesday didn’t exist, that would be awesome. But unfortunately, it doesn’t work like that. So as a result of getting so aggressive on Wednesday and taking a big loss, I’m red on the week which is disappointing. I don’t like to finish any week red, but it’s kind of inevitable. It’s just not, it would be difficult to be green every single week of the year.

So this is gonna be one of those weeks that I close in the red down like four grand, little disappointing, but doesn’t change the fact that I’m up at this point 60,000+ on the year, so this is a blip. It’s one little dip down and I’ve already started bouncing back, bounced back yesterday with 1300 bucks, bounced back up today with 486 or whatever it is, 483, and we’re just keep it going until next week.

So that’s part of the deal. It’s like I said on Thursday or on Wednesday during our midday market recap, if you’re hyper focused on that individual day, it seems really bad. When you step back and look at the big picture, it becomes less of a concern and that’s something that you have to be able to do as a trader because you’re not going to be able to have 100% accuracy.

You have to get good at just being able to emotionally handle the losses because that’s part of trading. If you really can’t handle it, trading is gonna be a difficult career. And even for me, it’s a little difficult at times but I remind myself that my best day of the year is +22,000. My worst day of the year is -15,000. Anything in between is just part of the deal. If I have a day where I lose 15 or 18,000 again this year, I think I can be a little bit bumped out, that will be a day where I can be a little bumped out.

If I have a day where I make 25 or 30,000 in the green, that’s a day I can give myself an extra pat on the back and say, “Good job, that’s was a really good day.” But anything in between, just kinda have to normalize those experiences. When you’re up 5000, you don’t go buy a 5000 bottle of wine. When you’re down 5000, you don’t go and you know crawl into a hole or get depressed or start selling the things that you own. You know you just say, “Look this is part of trading.”

So an interesting week, green on four out of the five days and accuracy this week, let’s see is, where are we at? Accuracy is about 80% this week, so a little bit down from last week which was 88% and the week before I think was 90%. So a little bit of a dip down but, the week before was actually 93%. So in the last 14 days or 15 days, accuracy is still in the eighties which is solid. But like I said, it can be disproportionate when you have that one trade that gives you a big draw down cause now you’ve got to bounce back from it. So my trade on Wednesday that I lost money on, it’s gonna take me probably four or five days to get back to break even and then from there I’ll be able to keep grinding up. So just one of those things.

It keeps you humble and keeps you motivated to work hard, that kind of desire to get out of the hole is good, that’s a good motivator as long as you harness that energy in the right way. If you use that to encourage you to start revenge trading, to start getting really aggressive, that’s a problem. You don’t want to do that. So you want to make sure that you utilize that to just keep you motivated on rebuilding one brick at a time.

You know when the wall falls down, you rebuilt it one brick at a time, it’s the only way to do it. Yes you might want to rebuild it all at once, but that’s just not the way it works. So I think there was a part of me that of course would have love to have had a big bounce back. What’s interesting is that my worst day of the year of losing 15,000, it was two days later that I made 22,000.

So it’s not surprising that on the day I made 22000, it was me being more aggressive, and it just so happened that we had an awesome setup and it was like the perfect storm. You know I was kinda getting back on the horse, ready to get back in, really find a good trade and boom there was the perfect setup, jumped in, got aggressive and just you know smoked it.

So maybe that will happen early next week, Monday, Tuesday, maybe not, I don’t know. The last losing day that I had, the last bad one was when I was in Italy, which sucked. But that was on April 27th, I lost 7700 bucks, so stupid. So that day I was getting overly aggressive, ended up finishing the week red, then that was I think my last red week actually. So April 27th and then I went into a nice long green streak.

So you know in the green streak since that last red day or red week, if you look at it as kinda like big picture. So whatever this week I’m down four grand, last week I was up eight grand, so I gave back half of last week basically. Week before I was up 8000, week before that, whatever. So if I go back to the last red week, if it wasn’t April, I think it was, I’m not 100% sure. Let’s see, I made $34,000 since that last red week, so that’s a pretty good push. I have a couple of red trades that were in early June, I don’t remember if I closed that week red but in any case, you know that’s either way, you have a couple good legs up and then a little bit of a draw down and then you make your way back up.

So today’s trade, it was ANY and this one was kinda funny because someone called it out in the room, “Hey check this out I think it might be good over the view app.” And I looked at it and I was like, well I don’t know it’s a 41 million share float. Yesterday it kinda got this push towards the close, which I don’t even think I quite realized how big that push was, 3.50 to $5 is a big squeeze.

But I sort of just looked at it and I was like, I don’t know, I’m not sure if i see anything on this. I don’t know, I’m not familiar with the stock really. And it breaks over view app, that was a price of 4.50 and it goes up to five and I was like wow, that’s amazing. Do I buy it now at 4.95 or at $5 or I’m I chasing? And at that moment, I was kind of like, I don’t know, I feel like I’d be chasing. I think I’ll just wait.

So I waited and it goes to 5.50, then it goes to $6 and then it goes up to 6.44, and I was like wow. John said he jumped in this somewhere in the 5.40’s or 5.50’s, he just sort of jumped in while it was squeezing up and I get that, I do that a lot. On this one, I felt a little nervous about that … What’s that noise? I felt a little nervous about that probably because I just had a red day two days ago, so I didn’t want to get too jumpy on it.

I felt, just kinda was like, I don’t know, if I pile in this thing at 5.50 and it suddenly drops to five, I’m gonna look at myself and say, “What was the setup?” Now when you’ve got a good cushion, you’re in a hot streak, you can have the confidence to take a higher risk trade. Today just for me didn’t feel like the right day, especially being Friday, I really had this goal just to finish the day green and not do anything crazy.

So it ends up squeezing from 4.50 all the way up to 6.50, 2 points. And then it pulls back and it’s halted down on the five minutes circuit breaker halt. So I was like okay, it’s halted on a circuit breaker, I’ll jump in after the circuit breaker halt for a continuation. So I got in at 6.18 and doubled at 6.30, got myself a 6.25 average and sold at 6.55 and 6.56 and 6.59. So it ended up doing pretty well on it, $483, only started with 3000 shares and then added 1500.

So for my share size, this was a small trade, 4500 shares, it wasn’t big money. I ended up selling my final 1200 shares as it came back down at 6.25 and then at 6.01. So I was up like 700 bucks on it and then I gave back a couple hundred as it came back down. And then it ended up just totally selling off, this is like a really strange move because it went from 4.50 to 6.50 and then back to 4.50.

I just don’t really get that, that’s just very dramatic, and there wasn’t a really good pullback opportunity right here. It had short sell restriction which means it wasn’t easy to short and of course I don’t have shares available to borrow. So even though you could have shorted right here around six on the first pop, knowing it’s extended, I just, I wasn’t able to do that and I don’t know. I guess on this one you had equal room on both sides, probably the short side would have been easier to trade because there was never really a good pullback on the long side, but in this case, I didn’t really capitalize on it as well as I could.

Mostly cause it was sort of a surprise move, it went 0-60 and then it came all the way back down. So sometimes that happens and in hindsight, this is one of those ones where I would have done really well if I just piled in. But that’s not really the smartest way to trade. I’ll give it to you that the one minute pullback right here at 4.94 was a good entry for sure. So you guys can see the chart there, just that squeeze up and then the pullback, squeeze up and pullback, that’s my PnL on the day. EIGR I was watching, TEUM, PTX, MLSY, didn’t end up trading MLSY, but anyway. So that’s where we’re at here today.

One trade, kept it simple, didn’t overtrade, didn’t push my luck, didn’t quite get to the daily goal but $483 is good and you know what actually, that’s going to put me back over $60,000 in this account, which is kinda nice cause I was up at 67 or 68 or something at the beginning of the week and then I dropped, or at the middle or the week and then I dropped back down.

So anyways, that’s about it for today, like I said, kind of a slow day, not a lot of really good opportunities, just this one and I don’t think Mike traded at all today, he didn’t see anything that looked good. Reese, totally PnL on the year, I started the year with $583 and that account is at 131,000. So $583 up to 131,000. During the first month of the year, I also traded in my regular account where I made another 34,000. So total profit on the year is 165,000.

So that’s where I’m sitting right now, 165, 7 months into the year. So you know I did 222 last year, probably it’ll be nice to be somewhere around there. I mean that really wouldn’t be hard, that’s 10,000 a month but if I can get 20,000 a month or I can get one really good month like I had in February. I mean, so February I made $68,000, it’s insane, but I haven’t had another month to match that, so that’s just part of averaging.

You’ll have great months and then you’ll have slow months and they average out. So we’ll see, if we have some really good hot momentum, I know I can have easily $30,000 a month, so I can have a $30,000 a day, but it’s just what the market’s willing to give me and I can’t force it. So when those opportunities come around, I’ll be sure to capitalize on them as best as I can, knowing that they’ll have to tide me over during the inevitable slow periods that will come. So right now we’re kind of, it’s not slow, I mean today was slow but it’s just kind of it’s decent, nothing exceptional, nothing incredible but just some decent trading right now that you can grind some good profits out of.

This week would have been much better for me obviously if I had just called it quits when I was down 1000 bucks on Wednesday and not kept trading. In hindsight, that would have made the difference between being red on the week and being green on the week. But hindsight’s always 20/20, so I’m not gonna beat myself up for that but I’ll get back at it first thing on Monday, keep rebuilding, goal will be to get my account back up to 67,000 or whatever it was at.

Crossover 70, 75, 80, 85, 90 and then 100 grand and then I’ll probably draw some money out of this account, I’m not really sure. I want to keep the account with a good amount of buying power so if we do end up getting DRYS type of stock or something really incredible, I have the liquidity to be aggressive on it, but right now it’s just kind of a waiting game. So some of this money might be better used somewhere else rather than trying to day trade it, like today for instance, it was only a 28,000 trade on ANY, so it’s not like I had a lot of money tied into it. But I’ve got the account ready for game time, just might be a little bit of a wait.

Alright, so that’s it for now, and I will see you guys all first thing on Monday morning. Alright, I hope you guys have a great weekend and will see you next week. Alright, bye guys.