Warrior Trading Blog

No case of the Monday’s +$674 in 30min! Day 107 of the $583.15 Challenge

challenge

No case of the Monday’s +$674 in 30 min! Day 107 of the $583.15 Challenge

 

 

Hey, guys. All right, so we’re going to do our midday market recap here, go over the trades from this morning. Overall, a little bit of a slow start to the week but not bad. Finishing the morning with $674. Those of you on, let’s see, Facebook Live can see my P&L right here, $674.43. Only traded one stock. Stay focused today. My goal today, I had a couple goals. First goal was to only trade pullbacks, only to buy the pullback, buy the pullback off the support rather than buying the extension away from support and then having to, if it didn’t work out right away, hold as it falls back down.

Buying off support, number one, and number two, I … In the last week I started getting a little impatient because we haven’t had a lot of home run trades, and by home run trades I mean an $8,000 to $10,000 winner. Which is true. I love having big trades like that. They’re fantastic, but at the same time last month I didn’t have any and I still finished the month with $17,000 just trade by trade. Days like today, $600 here, $1,200 there, $500 here, just stacking them up. In a little bit of impatience, I started getting more aggressive and trying to force trades and taking a lot more trades. The net result was that I lost money last week, and it was avoidable.

So this week my focus is basically to get back to the strategy that worked so well in the month of May, just to focus on consistency, to focus on trades that I have 95% conviction in, that I just really, really think are going to work, and that may mean trading less. Today I took two trades. My accuracy is 100%. Now, remember when we did our Behind the Trades episode on Friday I showed you that my accuracy so far for the month of June was only 56%, so like an all-time low. It was because I was being really aggressive. I was taking lots of trades, and that’s not really a good way to trade. Having that low accuracy definitely doesn’t help your confidence as a trader, even after years of trading.

So I wanted to focus instead at the beginning of this week and through the rest of the week on consistency, one trade at a time, and really not pushing my luck, trying to take the $500 to $1,000 a day, knowing that $1,000 a day is 20+ thousand on the month. That’s a fantastic month. That’s over $200,000 a year. I don’t want to brush off the fact that $1,000 is a good day. It’s not $8,000 to $10,000, but it’s still a good day.

Right now we’re in a market where we’re getting lots of base hits, small winners. Couple thousand here at most, but mostly it’s like $500, $800 trades. While we’re in this market I just want to stack up those profits and then when things start to really open up and we get that next stock that goes up from $4 to $6 to $8 to $10, $12, $14, $16, $18, and $20 and then all the way up to $50 or whatever it does, I’ll be able to really capitalize on it.

Honestly, one trade like that, that could cover months of slow trading, really. As long as you’re just able to be patient and wait and then, when the moment is right, you know how to pedal to the metal and turn up the heat and get aggressive. That can be a little hard for traders to be able to transition from really slow and conservative to now it’s time to go in and get aggressive. The longer you’ve been trading, the easier is to transition between those two strategies of trading.

All right, so the one trade today or the one stock that I traded was GTXI. Now, this one was on the watch list, but it wasn’t one that I was especially crazy about because it’s … I mean, the $3.50 was fine. The flow, I think 14 million shares, not a super low flowed stock. But the thing I didn’t really like was that we were gapping up into our moving averages. We were going to run into the moving averages at $3.70 and again at $4.17. I thought that that might be an issue.

Well, the market opened and it squeezed in the first candle all the way up from $3.50 to $4. So right away, I was like, “Okay, this thing is, it’s on fire. It’s definitely moving. I need to look for an opportunity to get in it.” It pops up and I’m sitting here, waiting for that low-risk trade, that opportunity to get in but not have to worry about losing $800 almost instantly. So that meant that I needed to buy off of the support level, right?

As this popped up from a low of $3.47 up to a high of $4,20, I said, “Okay, this thing is clearly strong, but …” I was actually considering buying it at 9:35 at $3.88. I had my order ready to go. My hand was hovering over the buy button with an order for 2,500 shares at $3.90 and as I looked at it I thought that it was a little extended off the 20 moving average on the one-minute chart, and I just wasn’t sure. The spread was like $3.83 by $3.88 and I felt like if I punched it at $3.88 and got filled at $3.90 it could drop right back down to $3.80 just as quickly as it could go up to $4. I just wasn’t totally sure.

On the five-minute chart at that time it was basically just like it was going straight up, so I felt like, “You know what, let’s just give it a second.” Now, it ended up going from $3.88 all the way up to $4.20, so that trade would’ve worked, but in the next candle it came all the way back down to $3.82 so it only would’ve worked for a scalp trade, really, less than 30 seconds. But some traders I know in the room said they took that trade and made some money. I was just being a little more conservative. I decided to let it consolidate. It pulls back to the 20 moving average on the one-minute chart, and we have the first five-minute candle to pull back right here at 9:40.

The next candle over the high of $4.11 is what I was watching for my entry. So at that point, I kind of wanted to see a little bit more pullback. I wanted to see it consolidate for another five-minute candle because at that point we were still a little extended off of our nine moving average. But I said, “You know what, it looks like it’s going to go over $4.10. If it breaks $4.10 I think we’ll pretty much instantly go up to $4.20, the pre-market highs, and then from there we’re going to squeeze up towards $4.67 …” Well, $4.50, $4.25, $4.50, and it went up to a high of $4.67. I got in at $4.10 for the break over this little pivot, and I got in right on this candle here at 9:47.

I only took 1,500 shares. I tried to take 2,500, but I got a partial fill and so I said, “All right. You know what, that’s fine. 1,500 is good. I don’t want to be too aggressive anyways.” So I take those 1,500 shares and it goes up to $4.53, it pulls back, it pops up to a high of $4.58, and on that pop I started to scale out and took some profit, selling it for $4.44, $4.48, $4.53, and then finally selling the rest at $4 … I think I sold the rest at like $4.38 or maybe $4.34. In total that was one really good trade. Low risk, easy, just very simple.

Then I’m watching and I’m saying, “Okay, now I’m going to wait for the second five-minute setup.” We’ve got the first pullback, now here’s the second one. We had a high of $4.60. At that point, we had the high of $4.60 and you can see it did this false breakout. Let’s see, the trade on this one, let me just look at my timestamps here. All right, so I got in at 10:16. We had this candle make a new high at 10:00 am, which I thought was a little too early. I didn’t trust it because, again, we hadn’t pulled back to the nine moving average. On that one I waited.

We consolidated for another two candles and I decided to get in right here at $4.58 for the break of this five-minute candle, thinking that now we had consolidated a little bit longer and over this level we would hopefully break a high a day, which was 75, and we did. I got in at $4.58 and we squeezed up to a high of $4.79, a nice 20 cents. I ended up taking the profit at like $4.63 or $4.65 as it came back down, so about $480 on the first trade and about $190 on the second, totaling $674. These were both five-minute setups, knowing that five-minute setups are generally going to have better resolution.

Now, there are times where we’ll take a one-minute trade, and XBIT today was one that would’ve been okay for both the five-minute and the one-minute. Now, on this one I was a little hesitant because of the fact that it was a gap down reversal. I mean, we had had this huge drop on Friday, from $9.77 all the way down to $2.77 and then off of yesterday’s low we started bouncing up. I don’t usually like that bounce setup all that much. Right out of the gates it pops from $4 all the way up to $4.39, so almost 40 cents right on the almost gap and go setup. But it doesn’t hold that level. It pulls back, goes red on the day to $3.80, and then it starts to curl back up.

On this one there were a couple of opportunities. Probably the cleanest one that I see is a five-minute setup right here at 9:50 for the break of $4.37. When this green candle at 9:55 broke $4.37, that would’ve been a nice entry obviously. I mean, it ended up going up to a high of $5.67. But that was a good pullback. Let’s look at the five-minute chart at that time. Let’s see, so … Sorry, we’ll look at the one-minute chart at that time.

We pop up to a high of $4.49 right here and the one-minute is also giving us this little consolidation right underneath the half dollar. Combining the one-minute and the five-minute at that particular time, that was really not a bad trade. As it came back up to the half dollar and then consolidation, it’s kind of like a cup and a handle, and then we break out of that level over $4.50, really hardly pulled back at all. One little pullback here, and then straight up to $5.41. I was tied up looking at GTXI at the time and I just kind of missed this one, but it would’ve been a good opportunity.

One of the things that’s important is being able to keep an eye on the three or four stocks each day that are really in play. This one for sure was one. APOP I thought might be in play, but it ended up not being in play. OPTT was so-so. MOSY, a little bit. WCST a little bit as well. I kind of underestimated this one, and so for those of you that were able to hit it, definitely good job on that. I just wasn’t sure it was going to do all that much, but in any case I found one opportunity … Well, two trades. I found one stock that gave me the opportunity to pull profit out of the market. Any time I can pull profit out of the market, I’m doing my job.

Today’s a good day. This is the 107th trading day of the year for me, so finishing +$674, which is not too bad. All right, so that’s about it for today. Now, as a reminder I already said this earlier this morning to those of you that were in the chat room and in the free chat room. This weekend we brought back the Day Trade course. The Day Trade course is a 15-chapter class. It’s about 100 hours of content with a 800-page written course book.

What we did in January is we bundled the Day Trade course into the Warrior Pro course and we no longer were selling the Day Trade course on its won. We sold the Warrior Starter, which is four classes, the Warrior Pro course, which is 23 or 24 classes, and then the Inner Circle. What we decided to do for this weekend in celebration of the warm weather and summer coming is bring back the Day Trade course for 24 hours.

The Day Trade course will basically allow you to learn the strategies I trade every single day, get the stock scanners that I’m using, and learn how to find these flag patterns that I’m trading that I’m talking about here in real time. The class is $997. You can use the coupon code DT997 to sign up. This is a great time. If you’ve been thinking about it but you didn’t want to join the Warrior Pro because it’s a little too expensive, this is a great opportunity to get into those classes, get yourself educated and trained so you can make the most of this summer.

Today’s the day I’m making $674. That’s 67% of the cost of the Day Trade course, and that’s in one morning. The value there is pretty ridiculous, the amount of time that we put in to developing that course and giving you guys the framework, the templates, and the roadmap to get from where you are now, which for most of you is moderate consistency, to the point where I’m at now, which is years of consistent trading. Any questions on that, email [email protected] Otherwise, I hope to see you guys in the class and everyone else, I hope you have a great afternoon and I’ll see you first thing tomorrow morning. Okay, thanks guys.

Oh, hey. I didn’t see you there. Well, 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.