Warrior Trading Blog

Great start to the week +$328.18 in the first 10min.

great start

Great start to the week +$328.18 in the first 10min.


All right, guys. So, let’s do our midday market recap. We’ll go over the trades from today. Anyone who’s watching this recap later on YouTube or who’s watching on Facebook Live, you can put in comments, and I’ll come back and answer them. Some of them I’ll answer during this live recap. Others I’ll answer later this afternoon. Okay. Overall today, you know, a great start to the week, $328 on the 165th trading day of the year. So, you know, it’s not the biggest winner that I might have liked, but green is good. Finished the day on Friday with $1,200, so plus $300 today puts me up about $1,500 over the last two days.

Right now, I’m kind of in that place of trying to build my account back up. My equity here was as high as $68,000 and is right now at $60,000, so I’ve got a little ways to get back up before I’m back to break even, but slow and steady is the name of the game. I’m working towards that goal, and I’m hoping that if we have a good week this week and a good week next week, then I’ll get myself back into the green, and I’ll be able to finish the month of September with some profit. I just need to stay focused on A quality setups and not push my luck.

That’s exactly what I did today. First trade on MRNS, I jumped in as soon as the bell rang at 493 and 494. Now, I took 5,000 shares. I wasn’t trying to be incredibly aggressive. I thought that it had some good potential, but it was also quite extended pre-market. It was already up 50%, so I figured that I would start with 5,000 shares. I was expecting that we would pop over $5. It’s really common that when stocks open, when they’re up a lot and they open in the 80s, that as soon as they break over 490 or 495, they pop over the whole dollar, and so that’s what I was looking for. My entry was 494. My target was 505, 510.

This ended up really squeezing pretty nicely all the way up to 544, but as soon as I got in, it felt a little iffy, because I got in … And let me bring this back to … Just because this trade was so short, we’ll do a one second chart, just so you can really kind of dial in what I was seeing in that first minute, those first 60 seconds, because the first 60 seconds of the day on a stock that’s up 50%, there’s a lot happening. We’ve got a lot of volume going through. There’s a lot of buyers. It’s really just second to second in terms of making sure we’re making good decisions. This is where you can see I jumped in. I jumped in this at … Let’s see. On this candle right here, so I was in right away.

It pops up to a high of 97, but you can see it was dropping down on the bid to 81. 81, 81, 84, and I was like, “Uh-oh. I’m in this with 5,000 shares. I’m down 500 bucks on realized. This might be a problem.” That’s when I started thinking, “I might need to get myself out of this position.” As it pops right here, up through 505, it hit 510 and started to pull back. That’s where I was like, “You know what? I’m in at 94. This one is really extended. I’m going to pay myself, start the week with a winner. I can always get back in if it sets up again, if it starts to look good again.”

So, I got out right through here, and you can see it was still kind of touch and go between 510 and $5, dipped down a little bit, and then you’ll see, how did this level? It’s pops up over 517 and up to 535, pulls back a little bit, and then over 535. It squeezes up to 544, but it was very short lived. It was actually only at 544 for one second, and within the next … Let’s see. One, two, three, four, five, six, seven, eight, nine, ten second or so, it was back down to 520, so very short opportunities.

You know, I don’t trade off a one second chart, but I break it down on the one second chart sometimes, because we’re making decisions very, very quickly, and so I want you to see kind of what I’m seeing on the level too as I’m making that decision, what I’m looking at, what I’m looking for, why I’m nervous, why I sold where I sold. On this one you could say I sold a little early, and maybe I did, but I didn’t have a cushion on the say yet. I wasn’t green. I wasn’t profitable. I needed to first build my cushion, and then once I have a cushion, then I might be more willing to take a second stab, but on this one I just didn’t feel it, and so I was looking at the one minute chart.

I’ll flip back here to the one minute, and so you can see in the first three minutes I was like, “Okay. I need a one minute pull back,” and we didn’t get one. It just went straight to 544 and then came basically all the way back down. It never gave me a one minute pullback. There’s this small entry possibility right here at, what was this, 508. It popped up to 517, 10 cents. I was considering it, but I felt like the fact that that first five minute candle was closing as a shooting star or an inverted hammer was going to be a problem.

Now, [Aidan 00:05:59], that’s awesome that you took a swing trade on this, $2,000 profit. Yeah. This was on my swing trade watch list. I took a swing trade on this last week or the week before at 297. You know, you never know when news like this is going to come out, so it’s not a big deal, but it’s definitely a little disappointing that it didn’t work as well when I first got in it. Anyways, that’s the trade on MRNS.

HIIQ I was also watching, but I didn’t end up taking a trade on this one. I was watching this for a bottom bounce, as it came down at hit the 200 exponential moving average, but what ended up happening on this bottom bounce that I didn’t really like is it dropped down to a low of 2060, and on that same candle it popped back up 90 cents.

I feel like maybe the best entry would have been right around 21, risking 40 cents, but I was feeling a little unsure about it, and at that point in the day, I was like, “I’m only up 300 bucks. I don’t have the biggest cushion to start to get aggressive. I think maybe the smart thing for me to do is just to take my profit, put another green day between me and those two red days I had last week and the week before, and just kind of keep working my way back into the green.”

That’s what I’m working on. You know, I’m feeling good about that. Today’s a green day, 165th day of the year, and the goal will be that we find a couple more A quality setups sometimes each morning between 9:30 and 11:30. The goal has to be a focus on A quality setups. If we lower our quality threshold and start trading poor quality setups, statistically your accuracy goes down, and you end up losing money, instead of making money. I know that from experience. I’m up right now, $170,000 on the year, and for the most part, those gains are thanks to being focused on A quality setups.

Now, the losses, which of course I have losses on the year, those are usually thanks to being too aggressive, being overly aggressive in the wrong market. When we have a hot market, I’m going to be super aggressive, but when we’re in a little bit of a colder market, where the small caps aren’t working as well, I have to be able to scale back.

I’m not always as good about that, because I want to continue to have 3 and $4,000 winning days, but I’m trying to get better at it, because I know long term it’ll help me minimize the draw down, so the slow periods, instead of being draw down, are just flat sideways, because I’ve scaled back quickly. Then as things start to pick up and we start to see momentum again, I can put the pedal to the metal, get aggressive, scale back up on the size, start taking more trades, and I’ll see the gain go back up.

All right? That’s about it for today, a quick, mid-day market recap. I’ll be back at it first thing tomorrow morning. Hopefully we’ll see some good opportunities, some good gappers. We didn’t see good continuation today on NLNK, KERA or, what was it, ONS I think it was. None of these gave us good continuation, so a little disappointing there, but maybe tomorrow we’ll see something better. Okay? That’s it for me today. I will be back at it first thing tomorrow morning. Remember, tomorrow afternoon for more of your questions we’ll have a Warrior Pro mentor session. Okay. I’ll see you guys first thing tomorrow morning. Bye.

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 any time I go live or upload new videos. Until then, happy surfing.