Warrior Trading Blog

Ross makes +$24K on this ONE trade…

one trade midday recap

What? Two midday recaps in one day? This is crazy. Well, I did my midday recap this morning. I had a lunch break. I had some meetings and then I came back and made $24,000 this afternoon and I’m finishing the day up $29,197, my third best day of trading of all time. Wow. Where did that come from?

 

I guess the hot streak is started and man, I’m excited for tomorrow. I mean, I think this is going to be pretty big. We saw a stock today go from $2.29 up to over $40 a share in one day! Talk about momentum. We’re going to break down recap, take two, right now.

What’s up, everyone? All right, this is a surprise midday recap, take two. First midday recap was 10:30 this morning, finished up $4,800. It was a good morning. It wasn’t a great morning. We’re going to do recap version two. Now I’m up $29,127.68. What happened? What went down?

Well, this afternoon was kind of crazy. I happened to be in meetings all afternoon and I was sitting here watching IMTE just squeezing up and up and up. I was like, “Oh my God. This thing is insane.” I actually put out an order to buy, let’s see, at $8.00, which was this breakout right here. I was watching, not here, but right here as we came back up to buy at $8.00. I pressed the “buy” button to buy at $8.00 and it didn’t get filled. It squeezed to $9.90. It then came back all the way down to $8.00 before squeezing up to $10.50, pulling back and then off to $21.00. Then it halted. It opened lower. It gave a dip buy opportunity where you can buy on the dip and then squeezing up, it pulled back again and then from this point, has been going sideways.

I watched and I was just like, “This is crazy. This thing is insane,” from $2.29 this morning up to a high of $41.26. I mean, these are the parabolic moves that we talk about. What was interesting on this one is that I was watching this morning thinking, “All right, $10.15 might be resistance. This is a fairly recent stock to be listed and it’s coming up. It’s going to hit that level. It might fade.” It ended up just blasting through and taking off. These recent IPO type of breakouts sometimes can be really parabolic. I’m sitting here and I’m kind of thinking, “All right, well, I’m not going to trade IMTE because it’s up too much right now. It’s too extended and God forbid I get in it and I lose and take a big loss. I’m just going to get crushed.”

At one point, the spreads were $35.00 by $41.00. There was a six-point spread at one point. It was only for a moment and it tightened up fast, but that’s … Think about that. With only 1,000 shares, that’s $6,000 across the spread. I just started thinking there was a risk of a T-12 halt, halted providing the exchange with a reason why it’s up over 1,000%. I just felt like the risk was too high on this one. The early morning moves kind of started at 11:00 when I was finishing my day of trading. It then pulled back and I tried to take a lunch hour trade, which I knew was risky, but it didn’t get filled. At that point, I was like, “You know what? I missed the move. I’m not going to chase the train and risk getting run over by the caboose. I’m just going to pass on this one entirely, but I’ll wait for the next one to take off.” That’s basically what I said.

I sat and I waited. I was watching the scanners. We had a couple different stocks hit the scans. We had VVPR and BOXL here. That was the one that I jumped on. Where did it hit? It first hit right here. I pull it up. I hear the scanner alert go off. I’m in a meeting and I pull it up. I was like, “All right. The daily, yeah, I see it around $5.50. That’s fine.” I pull back the daily and I’m like, “Wait a second. This daily looks almost the same as IMTE. It’s a fairly recent stock breaking out $9.26. That’s the first level to watch.” I saw it and said, “You know what? I’m just going to take a stab at it. I’m just going to jump in because I really think this looks pretty strong and I’m going to set my stock at $5.00. I’m going to take a little risk,” but if there was ever a day to take risk, it’s a day when you see a stock go from $2.00 to $40.00 a share.

These are the days where you want to be a sniper looking for the next opportunity because when they hit, a lot of traders will jump on that because they missed the other one. It’s almost like playing FOMO to your advantage. On this one, I jumped in at $5.47, $5.51. I tried to take 10,000 shares. I filled 6,827 and then it was then halted at $5.60 and I added at $6.00 and at $7.46. I was sizing up a little bit on this one, but then I flipped out a quarter of my position or tried to sell half. I filled a quarter at $7.78 and then I started selling more at $7.50. In hindsight, Geez Louise, I really cut myself short, but I was selling after the second halt because it was halted at $5.60 and then it was halted again at $6.47. Typically, the rule is to sell out of the second halt, and so that’s what I did. It then squeezed up to $8.26 and was halted.

By that point, I was out. It tapped a high of $10.40 and I guess I let it go. Let’s see. No, actually, I did hold through that and I sold at $8.88, so just under $9.00. My target, though, was $9.00 and with 10,000 shares from $5.50, or my average ended up being, I think, $5.60, but whatever, from $5.60 up to $13.60 is $80,000, but it’s one of these things. You can never catch the top and the bottom of moves. You don’t know how long they’ll run and you got to take profit to some point. I took them a little sooner. I was breaking my rules by taking an afternoon trade. It was a good day to do it, but I couldn’t risk it going against me because if it had been halted going down with 10,000 shares and it opens three points lower, now I’m really looking at some damage.

I think I managed risk on it pretty well. This is my third best day of trading of all time. Best day is $40,000. Second best is $33,000. Third best, here at $29,000. This is a great day, a surprise opportunity and I just jumped on it and capitalized and it ended up working. IMTE, yeah, I missed it. Hindsight, again. Whatever. You see these ones take off, but the spreads are often really big and you just don’t feel like you can manage risk and once they’re above $10.00, I usually don’t do as well.

I just didn’t push my luck on it and I think that was the right move. In any case, recap number two, finishing up $29,000 and with that, I just made back all of the losses of the last couple weeks of grinding and I’m now at all-time highs on the year, sitting at $230,000 profit on the year. Just like that, boom, big step forward. $76,000 in the account this morning. I’m up 33%. We’ll be at $100,000 tomorrow morning.

Nice day of trading. I needed it after this cold streak. I was thinking the hot streak, it looks like maybe it’s about to begin. I guess that was a prophecy because, indeed, the hot streak has just gotten off to a huge start. Now I got to cross out in my calendar the $4,834.00 and replace it with $29,197.68, just about enough to by a brand new Volvo station wagon. Big money here today and we’ll back at it first thing tomorrow morning. Remember, my two best days of all time, $33,000 on a Wednesday, $40,000 on a Thursday. I’m not going to say tomorrow’s going to be a great day, but hey. That’s what happened last time. When the momentum is hot, it’s hot, and you’ve got to be able to capitalize on these opportunities. I think we’re going to see it tomorrow, given the run that we saw today on IMTE. I think we’ll probably see sympathy momentum Thursday and Friday and probably, it’ll carry into next week. A stock like this just gets traders excited. I’m excited.

Anyways, that’s it from me. I got to take off here and I will see all of you back here in the chatroom first thing tomorrow morning at 9:00, 9:15, for pre-market analysis. All right. See you guys in the morning.

If you’re still watching, you must have really enjoyed that video, so why not subscribe and get email alerts any time I upload new content? Remember, when you subscribe, you become a member of the Warrior Trading family.