What’s up everyone? Hold on one second. There we go. It’s a Red Day Recap.
Well, first red day of April, and you know what? I’m only red 1600 bucks. Hey, congratulations, first red day in about a month where I haven’t blown through my max loss. I actually just voluntarily stopped trading, because I wasn’t feeling it. That is some heightened level of mindfulness right there. Today’s one of those days where I really want it to be green. I want it to be my sixth consecutive Green Day, and I actually was green. I was up $1500, and then, trade number three. I lost 1200, and basically gave back my whole morning, just like that. Trade number four I lost 1900, and that was it, down 1600.
Now, I was looking for potentially a fifth trade. I’d had two consecutive red trades. If I had a third red trade, I’d be done for the day, but I only had two red trades, so I was like looking for other opportunities, not trying to make back all the loss, but just hoping that maybe we would see momentum, that something would start to move and nothing really started to move. I popped up a couple different stocks PHUN, CIFS, you know a couple other ones that came up on the scanners. They would pop up for a second, hesitate hesitate, go sideways, drop down, no follow through. So today was not a day to be aggressive and on the two trades that I lost on, one of them the first one I got into pretty quickly.
However, it’s a stock that’s a former runner, I’d made money on it in the past and I got into the trigger spot which was a good entry, I think, on the daily chart. And then the second one was a pullback setup that just failed. It was a false breakout, so I feel okay about those losses and I kept them pretty tight. And that’s what really counts. So hey, live to trade another day. I’ll be back at it tomorrow after such a green day yesterday. I’m still in really good shape on the week.
I was up, well, I guess close to $16,000, 17,000 on the week before today, so it’s still a 15,000 plus dollar week. Life is good. I’m gonna try to finish with a green day on Friday.
Any questions, any comments, as usual, leave them below and I’ll see you guys tomorrow morning. 9:15 live streaming for pre market analysis.
Alright everyone, so we’re going to do a red day recap here. First red day after a five consecutive Green Day, hot streak. But all things considered it kept the losses pretty small.
Today’s a day where we just didn’t really have a whole lot of follow through in the market and so I did not hit my max loss, which is great. I didn’t have any big blowout red trades or anything like that. I traded four stocks and was green on two of them and was red on two of them. The losers just outweighed the winners by a little bit today.
After such an awesome day yesterday, it’s okay to have a day of rest a day of pullback and then, you know, hopefully we’ll either have a really strong Friday or we’ll have strong days next week and it’ll be back to good trading. But really, genuinely today there was not a lot of action, which it really just kind of made things frustrating because I wanted to trade. I wanted to see good opportunities. And I…man what’s going on with this thing…and I just kept not seeing them.
So we’ll look at the scanners this morning at 9:24am. Leading gapper that we were watching.
Let’s try that again. Historical date 9:25am
There we go and leading gapper with volume was TYHT. Now this one was up 42% with an 18 million share flow and 1.6 million shares of volume priced at $1 55.
And you can see that I didn’t trade it, it didn’t really fit into my criteria for really a lot of potential. The price is below $2, which is not ideal.
Not that I don’t trade those stocks, because sometimes I will. But, today the combination of being $1 55 and an 18 million share float, we prefer floats of under 10 million shares.
So that made me a little iffy on it. And then lastly, by the time the bell was ringing, it was already selling off pre-market. So it just wasn’t holding up and I was like, ‘No, this one’s not going to do anything. I’m moving on to the next one.”
Next leading gapper was REPH, $8 stocks, 16 million share float up 22%, but in the context of having recently dropped quite a bit, knew it would kind of run into some of these resistance levels that came back up right up through here. So I wasn’t really that into this one either. And this did give some opportunities but a lot of topping tell Dow Js. You know candles of indecision where it would squeeze up and pull down, squeeze up and pull down. So nothing there for me.
Next one was TNXP. This one I was pretty nervous about because it has a history of selling off, you know, it seems to pop up and then fade, pop up and fade. And so I didn’t really think it would give us a whole lot, but I did end up taking my first trade on it right here, as it squeezed out for red to green move. And this is where I made my profit on it. So right in there, I had a green trade and that was about it. I actually took three separate trades on this one today.
And I’ll show you where those were.
All right, so I had my first trade right here, sorry sorry, first trade was right here, second trade was right here and third trade was right here.
So 1, 2, 3 trades but only $1200, so relatively small only $400 per trade and not really making a lot of progress on that stock and then I pretty much gave up on it sort of just was like ‘I’m getting frustrated it’s not really working so I’m just gonna leave it alone.’
Now, of course it’s curling back up now, if you’re broke over three, now it’d be something I’d actually be interested in for a retest of the high a day which is 315 but I’m not really sure that’s going to happen. It’s already come back up to the V web once right here and it didn’t hold, it came up again here didn’t hold, so if it holds here in consolidates, then we might get a move up towards the highs, but at this point, it’s got 13 million shares of volume, it’s still up 21%, but what I sort of feel like was an issue today is that there wasn’t a really obvious gapper.
Yesterday OPTT was super, super obvious. That was the one that I think everyone was watching. It was just such a big momentum stock. So the fact that today TYHT was not that interesting, but some people might like it; REPH not that interesting to me, but some people might like it; TNXP so-so; MYOS so so. What you find is that traders are sort of dispersed across the market looking at a lot of different stocks.
And generally when that happens, you’ve got five or six stocks that all look so so, none of them perform really well, because no one’s really focused on one or two stocks. When people are really focused on one or two collectively, usually those ones respond better to your breakout patterns or pullbacks, you see just more predictable price action.
I would say at this point, TNXP has a chance certainly if it got above 314 on the daily chart, it shows nice kind of room up to $4 a little bit of resistance at 324, though, which happened to be pretty much the level that it struggled with pre-market and that would be…Oops, that’s not it. Let’s just zoom in here on this…that would be right around there.
Overall if it breaks over that level, then yeah, it looks good for a move up towards four, but I don’t know it does also have a history of some red days, as you can see here and here. So that may be weighing on it a little bit. But this is kind of important to see how it behaves around the [inaudible 00:08:54] and if it can reclaim this level and close and stay above it, because then it does actually have a chance of moving back up. So anyways, maybe one to keep an eye on. But, so I made a little bit on that.
And then YRIV, I had a tough time on this one. I have a little profit on it, but it’s got 43 million shares of volume right now. I actually bought this five minute pullback. This right here was where I got in and made a little bit and then got back out before it dropped.
I’m not used to trading stocks, the 77 million share flow, typically a flow to that level, the level two and time and sales are harder to read. When you’ve got a million shares per minute going through, you’ve got lots of green, lots of red, and it doesn’t necessarily mean as much as when you have a stock that’s trading on, 200,000 or 300,000 shares a minute.
It’s easier to get faked out on the level two and that’s definitely what I found to be the case on YRIV and so I just sort of left it alone, I knew people were talking about it, and again, this is another one that was taking attention away from other stocks, maybe ones that could have been stronger. So, did a little on that. And then, at that point, I was sort of like, ‘Well just let’s watch the scanners.’ And we had one of the ones that popped up here was PETZ, and this one, I’m not sure where it is, it’s up here somewhere.
This one I jumped on, and in hindsight, maybe I should have waited a little longer on it before getting in. But I jumped in it thinking that if it broke over this daily level here of $1.18, that it then had room back up towards $1.40, $1.50, and at this price range, there’s a good chance that it would get halted and when they get halted on the breakthrough $1 oftentimes we see a move up to $1.30, $1.40.
But in the next minute, it came all the way back down to 97 cents, and I stopped out quick. I was like, “Nope, it’s not working. Gotta get out, book the loss.’ And just like that, I went from being green on the day to being up only a couple hundred bucks on the day.
And then the last trade was ABIO, I missed the first trade on it. The first opportunity was a break of $6, which led to a move up to $6.50. And that was right here, that little breakout. I didn’t trade that, at that time the volume was pretty light, and I wasn’t sure I had staying power. But I did get in it right here thinking that, yes, this candle was red, but this was reclaiming the move. And if we broke over the highs, then we should get a retest or a test of $7.
And on this one, it double-topped at 85 and then dropped. And I stopped out with some slippage. So and then that left me where I’m at right now, that was at like 10, 10:15.
And from 10:15, really until about 11:15, I was sort of sitting waiting and looking and hoping something might get some real momentum today. Hope is a dangerous word when you’re holding a stock, no doubt about it. But there’s nothing wrong with hoping that we have a strong market and hoping that we have momentum. But we didn’t end up having it, nothing has really taken off.
So that means that, of course, there was really no opportunity for me to take any additional trades, certainly no opportunity to recoup any of this, not that I was necessarily trying to make it back. But, if I wanted to have another trade, I had taken two consecutive losses, so I knew that I would be able to take one more trade if I saw something that was good. If that was a loss, than three strikes, I’m out. Three red trades in a row, I’d be done. But, at this point, I wasn’t below max loss, composure was still pretty good. I was hopeful that maybe we would see something start to open up like a TNXP or something. And this is based on the fact that the last couple weeks, we have seen a good amount of mid morning momentum between 10:30 and 11:30-12. But today we didn’t get it.
So as much as I would love for today to be my sixth consecutive Green Day, it’s going to be a Red Day Recap. That’s just fine. It’s not that big of a deal. One of the things that I have found is easy to happen is when you start getting in your head about six consecutive days, seven consecutive days, eight consecutive days, that by itself can become a kind of mental block and it’s good to have small losses and realize that I’ll shut this down and walk away from the computer today and this isn’t a big deal. It doesn’t matter. It’s like yeah, okay, but am I still green on the week?
Yeah, so, who cares? This is a day rest. Most likely, if I kept trading today, we saw a couple other things pop up, PHUN, for instance.
I don’t know why my computer is running a little slow right now. I’m gonna have to check that out.
Let’s see. We can just close down some stuff, close tabs…
PHUN, this one, I was kind of watching it around 10:15, 10:20 thinking maybe it would break out of this wedge to the upside. That didn’t happen. CIFS ended up hitting one of the scanners. First daily candle to make a new high is over 368. It is consolidating here but there’s no volume, so no breakout on that. NM, this one hit one of the scanners but volume is pretty light. Really only moving 12, 13, 14 cents, not really opening up all that much.
At this point, I’m just kind of realizing, if I tried trade I am fighting the current. I really am trading against the trend, the trend right now is just things are slow, we’re not seeing good momentum, sure on this one, the pivot, I suppose look at would be right here 174 but then what’s the high a day, it’s like 186 so 12 cents would be the top.
This is just so thickly traded at this level of flow that I really find it difficult to read the level two and reading level two and reading time and sales is one of my I would say edges. It’s my edge is a trader, one of them. When you start taking away your edge, it can be more and more difficult to be profitable.
So again, does this look good over 74 from a technical perspective? Yes, but then when I look at the level two to establish level two, in order to establish my entry points, I need to be able to read the momentum and see the tape and see the green and the red. And when you’ve got this much volume, it can be very difficult to do that.
You could have 300,000 shares of buying which typically I am like, ‘Wow, that’s a lot of strength.’ And then a million and a half shares of selling it’s like ‘Whoa, wow, I got faked out there.’ So fake outs are what I’m trying to avoid.
All right, so anyways, that’s it for me, it’s about 11:30. I’m going to finish up the day here and just put today behind me. This is actually kind of a good thing in a way. After you’ve had a really bad fall or really bad loss, you can kind of be a little tentative, and I’m thinking of skiing or mountain biking, things like that.
But then when you take another fall, and you realize, “Oh, actually, that wasn’t so bad.’ Then that’s really the sign that you’re putting the past behind you. You’re putting that really kind of traumatic experience behind you. And now you’re able to ride without constantly thinking about a fear of falling or [inaudible 00:17:19] that constantly thinking about if you’re falling or trade without constantly thinking about a fear of losing. And that’s a really strong place to be in. So I feel good about today being a small red day. Good for composure, good for where I’m at right now in this challenge, and just really grateful that I had the presence of mind to say, ‘this isn’t a day to keep trading.’ And again, not to say that I wasn’t hopeful that maybe something would take off and go crazy, and then I could get an opportunity on it. But trying to jump into things that are sort of consolidating sideways, I would have lost money on CIFS. I probably would have lost money on this YRIV, probably would have lost money on NM, and I could have easily been down four, five, 6000 today, and I would’ve look back at the end of the day and been like ‘What was I doing?”
Was it hot today or not and it wasn’t hot. So, yeah, I love momentum and I love trading and when we have it and certainly on a day where you’re down $1500 or $1600 and then you do get a momentum stock, it can be a great opportunity to recoup some of those losses or even make them all back and go green on the day. But if you don’t have a momentum stock, it’s not going to happen. And if you force it, you’re going to get yourself in trouble.
You know that reminder, trade the market you’re in, not the market you want to be in and right now, this wasn’t a market to be really aggressive. So did the best I could. I saw John did finish the day green, which is terrific. And yesterday we did a survey 85% of you guys who traded OPTT were green. So really happy about that.
But today was, at least for me, a little bit of a day of rest or a day pull back. So that’s okay. We’ll be back at it first thing tomorrow morning. 9:15 try to finish up the week hopefully with some momentum. That’s what we need more than anything and if we have momentum, we’ll have a Green Day. I’ll have a Green Day. But if we don’t have momentum, it’s going to be a slow Friday. So keep our fingers crossed that some company out there comes out with great news overnight and is at the top of the gap scanner tomorrow morning.
All right, we’ll see you guys in the morning.
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