Warrior Trading Blog

Slow Start, but Still Green! +$520 | Ross’ Trade Recap

Ross_9.9

What’s up my everyone. All right, well here we are, a little bit of a slow start to the week, only $520 of profit, but as always, green is good. I don’t want to not be grateful for $500, which $500 a day is over a hundred grand a year. So even though this to me is not a very good day because my goal is 500 grand a year, it’s still all things considered, a great day.

So why not look at the glass half full there and remind you guys tonight, 7:00 PM Eastern, I’m hosting a free workshop for those of you guys that want to learn a little bit more about my strategy. So there’ll be a link in the description for you to click, register and hopefully show up a little early for that workshop. It’ll probably be about two, two and a half hours long.

Now today we just didn’t see a whole lot of action. Cool, traded that. It was a little choppy on the one minute, not a very clean pre-market chart. I made some money on it and then gave back a little bit. So just kind of on that one, threw in the towel before I gave back more and then MBOT, M-B-O-T was a continuation from a move on Friday. Continuation setups can work in a strong market, but without a fresh catalyst, they don’t always do really well and this one ended up… Well right now it’s, well it was moving higher when I last looked, but wasn’t super easy. So that’s okay, going to take the profit and live to trade another day. I’ll see you guys at seven o’clock tonight and then everyone else first thing tomorrow morning.

All right everyone, so midday market recap here. I’m going to finish the morning up $520. Well this isn’t a home run day. It’s kind of a day where we didn’t see a lot of momentum. The scanners this morning for gap scans, M-B-O-T, MBOT was a continuation set up. It ended up actually doing a little bit more here then maybe I thought. Initially I jumped in pre-market for the break here over $8. I jumped in in the seventies and eighties as it was squeezing up. I hit a high of 807 and then dropped back down, so only $168 on that trade and then as you can see here, kind of did this A-B-C-D pattern and opened up for a move here up to a high of 835. But by this time I was looking at Cool. Cool is kind of a tough one. I churned a lot of shares on it and at the end of the day, I really didn’t make that much money.

I took my first trade on it right into this breakout here. It hit a high of 36 and then came all the way back down to 378. We did a double bottom against the low a day and then bounced back up. As you can see here on the five minute, we ended up getting a breakout and a squeeze back up here, back over 36, I added for the break of the half dollar. But it really struggled here in the 43 area before finally breaking over, but only hitting 57. Pulling back, popping back up, double top rejected, comes back down to 36, bounces off that low, rips up to 60, struggles at 66, drops back down, comes back up to 75, struggles and is now back down here. So this really didn’t give big, clean breakouts. At the most today, I was up about $920 and I lost 500 or so on my last trade, which was in at 70 for the break, over 75 and stopping out at 60 as it dropped down.

Where was it, I think it was on this red candle right here. I was already out by the time this happened, so I stopped out here as it came back down. Kind of disappointed because I kept stepping up to the plate and taking trades on breakouts. But this is one that this breakout here didn’t sustain. This one coming back in here, I got in at 36, but then it struggled at 43. So I was only up by 6 cents before it was already hitting a wall. It drops from 43 down to 20 so a solid pullback. Then comes back up, breaks through the half dollar but only by 7 cents. So, and then it just kind of felt like it was really struggling. I’m not sure why, but in total, $520 is not bad. That’s a green day. But it is not really what I was looking for here.

So at this point, what I’m going to say is I’m going to throw in the towel before I take a trade that costs me 20 cents on 3000 or 6000 shares and suddenly I’m red on the day. By this point in the day, if I’m not at my daily goal, the odds of me hitting the daily goal are getting slimmer and slimmer and slimmer and the odds of me going red are getting higher and higher. Even though MBOT over here is moving up a bit, the spreads are bigger. You can see the spread here, well right now is a little tighter, but the high here was 35 so right there, it just broke first five minute candle to make a new high on this little pullback. This one might open up more. It’s got a decent daily chart with room back up towards nine.

There’s no fresh catalysts today other than I think they’re presenting at a conference tomorrow. And I don’t know, it just feels like today, the momentum isn’t really there. It doesn’t feel like I’ve got the wind at my back. I feel like the opposite. I’m pushing into a headwind and I’m stepping forward but I’m moving back and that’s because I’m churning shares and churning commission and that’s the type of day where it’s often better I think just to step aside and wait for better conditions.

So that’s what I’m going to do. I’m just going to step aside today. Pull the $500 out of the market, that’s good, that’s some progress, and live to trade another day. So I’ll be back at it first thing tomorrow morning.

All right, so that’s the game plan for me. I hope you guys trade well if you keep trading through the day, and I will see you all first thing tomorrow.

If you’re still watching, you must’ve really enjoyed that video. So why not subscribe and get email alerts anytime I upload new content? Remember when you subscribe, you become a member of the Warrior Trading Family.