Warrior Trading Blog

Red Day Recap on Friday Day 111

red day recap

Red Day Recap on Friday Day 111



All right, so let’s do a midday market recap. Today is the 111th day of the year and I’m frustrated to say that it’s a red day. I’m down $871. I started the day with a red trade. My first trade as at 10:15 this morning or 10:10 this morning. Made back that money on a green trade. Got myself, so I was down only $26 on the day, and then I took a third trade, expecting to risk maybe $150 and all of a sudden it dropped 15 cents and I lost $800. Slippage got me, and that’s part of the deal.

You know, I think in hindsight … I’ll go over that trade for you guys in one second, but in hindsight I probably shouldn’t have even taken the trade because the upside potential just wasn’t really there, and even though I only thought I was risking five cents, so eight to ten cents of upside potential was worth it, the fact is every time you take a trade you expose yourself to risk, the risk that suddenly it’ll drop 20 cents and you end up losing twice what you thought you were gonna lose. That’s part of trading.

So first trade of the day today was BWA. This one, like yesterday … This is my second reversal in two days that just did not work. I thought I had the right idea. We have lots of consecutive red candles. It did eventually bounce, but I got in this at … Let’s see, it was right on this doji candle. It’s really kind of embarrassing. I got in this doji candle because it broke the previous candle’s high. So I got in at 40.95. Got in with 2,000 shares. It pops up to a high of 40.96. I’m up one penny, and then it immediately drops here down to 86 and I stopped out. So I lost … Ended up stopping out actually on this second candle at $40.80 or something like that. I lost a little over $300 on this trade. $343.84. So just didn’t bounce and then I didn’t go back into it because it was kind of like fool me once, shame on you. Fool me twice, shame on me. So I just didn’t want to get into this a second time and left it alone.

So that one was not great, and then the second trade was on HOS. You know, this is funny because I got in this at 2.60, right here. Ended up hitting 2.93, but I sold the whole thing at 2.70 because it kind of hesitated here. You know, it popped up, pulled back, and I was like, “I didn’t get in this thing for an eight cent move.” I was expecting more in 15 minutes, so I just got out of it and ended up on this second breakout going all the way up to 93. I got back in right here at 81. We popped up to a high of 92. I didn’t sell it. I ended up stopping out break even. I wanted to see this go up to $3. So two trades on this one, only $283. Just didn’t end up really capitalizing on the opportunity.

And then the trade that got me was CDTI, very frustrating. I mean, you can see the candle that got me on this one right here. So what was the entry? Well my entry was the first five minute candle to make a new high, which was right here, getting in at 3.06. I got in at 3.06. We popped up to 3.07 and I’m like, okay, well give it a second. It’s holding the nine moving average. That’s fine, and on this one minute candle, it dropped 20 cents. You know? It’s like, I had 6,000 shares, so I was instantly down $800 and I bailed out. I mean, it’s what I had to do. I had to bail out, but just very disappointing that that sort of caught me off guard and suddenly lost a lot more than I was planning on losing on any trade today.

So in hindsight, this entry at 3.06, profit target was high of day. It’s only seven cents, so you risk 20 cents for seven cents. Obviously I didn’t know I was risking 20 cents ’cause I didn’t know it would drop that quickly, but you know, hindsight being the fact that if your potential is only seven cents, maybe it’s not even worth taking the trade. So in total this week, I gave back 1,000 or $800 today, so finishing the week up five grand. Average winners, 11 cents per trade. Average losers, 10 cents per trade. Percentage of success is 72%, so good accuracy. Profit loss ration basically flat. That’s the result of not having many really big winners. My biggest trade this week was a $3,800 winner which was 38 cents on 10,000 shares. That was actually my biggest winner of the week both in cents per share and in dollars. My second biggest winner was 30 cents on 1,500 shares, which was only $450. So you know, that was a good trade but I wasn’t able to take the share size to really make good money on it.

So you know, in the big picture, this is a decent week. I’m not incredibly impressed with it because I feel like I … Well, I mean I just don’t like ending the week on a red note but again, this is not a big deal and I’m not gonna beat myself up particularly for today because I don’t feel that I broke any rules. I just kind of came out on the wrong side of that last trade. That happens. So no reason to beat myself up for that, but not the best end to the week. Yesterday, I was down $111 but redeemed myself with a trade at 3:30 p.m. and finished the day up like $400. So that ended up not being a red day, so today’s actually the only red day of the week, down $867 or $871. Whatever it was on the 111th day of the year.

So you know, like I said, just kind of a little bit of a slow finish to the week, but hopefully we can jump back in on Monday with some really good opportunities and some really good trades. I’m just looking for that momentum and what I did better this week was I capitalized pretty well on the opportunities when we saw them, making $4,200 on Tuesday and $1,300 on Wednesday. Those were two really good days. $700 on Monday, so three good days Monday, Tuesday, and Wednesday. Yesterday I made $300 or $400. Today down $870, but you know. There just wasn’t a lot that looked good today. At 10 a.m. when I took my first trade on BWA, I was like, “This is very unusual that my first trade is at 10 a.m.” Usually by now I would have already hit my daily goal, so the fact that I hadn’t even traded until 10 was an indicator that today was gonna be a slow day. Maybe I should have scaled back a little bit more. I just didn’t expect CDTI to drop so quickly. Just kind of caught me a little off guard, but that’s okay.

So finishing the week with $5,000. I’d be fine if every week was a $5,000 week. You know, that’s $250,000 a year, so that’s not bad. It’s really not bad at all, so hopefully next week I can put away another five grand and do it again the week after that and the week after that. All right, so that’s it for today’s midday market recap. We’re gonna jump into our behind the trades episode, episode number eight in just a couple minutes. Then I’ll get that on YouTube as well. Okay, so that’s it for now. I’ll see you guys in just a couple minutes.

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