How’s it going, traders? My name is Hulkman. I am a junior moderator here at Warrior Trading. I wanted to go over today’s trade recap.
To start off the day, we didn’t have much on the watch list that I liked. We had this IRBT. We are in full-fledged earning season, so being a little selective, and watching what I trade.
This IRBT, I initially didn’t like much in the pre-market, because it had this basing action. You can see, we called support here, called support here, so I thought we’d get a pop on it, more than likely. Then, I thought, “Maybe I’ll take it,” at 114, but it just flushed out of the open and started to get really wicky and choppy. Just not something I wanted to take. I almost took a position here in the [inaudible 00:00:47] the risk on it was about a point and a half to the nearest pivot, or I could have used an arbitrary above the B wave, but it just wasn’t for me.
Ended up working nicely, a lot of traders in the room caught this. Roberto ended up catching it, so great trade. Could’ve used this pre-market low as a stop as well. Like I say, great trade for them. Good job. But, it just wasn’t something I wanted to get involved in today.
Then after that, I had this BSX on watch. Here, with BSX, oops, wrong one. There we go. BSX ahead for initial pop, out of the open. I initially would have liked it to stay under this pivot. We have a trend line here, and a daily pivot, along with VWAP. I wanted to stay below here in the pre-market, but didn’t. It came up. And I was like, “Okay let me see if we reject this 15 EMA.” I wanted to see a nice hard rejection on that. Didn’t reject as hard as I thought, but it did pull down, made the lower high. I’ll show you a granular timeframe.
By the way, quick tip for you guys, if you guys are on e-signal, and you’re trying to use a granular timeframe, the big question I get asked a lot is, “How come my VWAP does not line up with yours?” It’s because you have to include this pre-market data, this purple area I have here. Your coloring may be different, but you have to include all the post-market and pre-market data for that VWAP to match up with your five minute on e-signal in the granular timeframes. Quick tip for you guys that I get asked a lot.
But, my initial plan on this was, “Okay, we start to reject this 15 EMA then on volume, then I want to see what kind of move we get. Saw the pop-up, made a lower high, started to come through VWAP. I said, “Okay, you know what? I’m going to watch this.” Started to see this consolidation area and I told myself, “Okay, we break past this little speed line, then I’ll take a position.” So, took my entry right here as we broke that speed line. Took the starter, wanted to see if we would continue to flush down and potentially fill into this pocket down here. This is a pretty nice pocket. It looks big, but remember, this is 24 seconds. So it wasn’t much, but decent sized pocket, would have been a nice trade.
And I had my stop above VWAP. Came up, tested VWAP, started to reject and then on this push right here, I ended up exiting the position. Pretty much flat, but right there. So ended up right on this one, about 90 bucks. No big deal. We’ll trade this again, like I said. It was just a starter, so I’m okay with that one.
Then after that, I saw Mike talking about SNAP. Let me show you guys the five minute. Had SNAP out of the open for a plan to catch support on this 20 and come back up and test VWAP for the next leg down. That didn’t happen. It stayed relatively extended. And that concerned me a little bit, but started to bear flag out here really, really nice. And it just wasn’t getting much buy pressure. Once I saw that, I was, “All right.” This VWAP started to curl down, and get closer and closer to this 20 EME.
Okay, this is going to be worth the position. Let me give it a shot and see what kind of move we can get. Let me show you guys the granular timeframe. Zoom in. Again, have to include all the pre-market data, for your averages and your VWAP to be correct. Right here. So, I’ll just bear-flag it now and the five minute, was like, “Okay.” Not much buy pressure. If you’re going to get close to this VWAP in 20, then I’ll take the position. And I did realize that we were so extended, so what I ended up doing was taking a starter position on this first test, with the game plan being that we come up and test on a lower high, on a higher low in test, then I’ll add with a stop above VWAP. Or, if we double bottom right around in this area, and come back up in test, then I’ll add for the rollover.
That was the game plan on it. It made it a higher low, and what I started to see was … Typically, I watch my granular timeframe in this form. You got to be extended so you’re not focusing on every little candle. That will tend to shake you out more often than not. If you have your granular time frames zoomed in, like this. So, I like to watch it like this, pretty extended out. Sometimes, even further, depending on the action sometimes. I’ll trade it in this area. So, I just want to see the waves, is pretty much what I’m looking for.
But, zoom in to show you guys, had this speed line up and then once we got this second test here, I add it to the position. Right as we failed, so right down here. I said, “Okay, we start to fail through this speed line, then I’m going to go ahead and get the size.” And as soon as we failed that little small test here, and we came back up, retest right in this area. I add it again. So I went to size here and had about five thousand shares here. I was looking to fill this pocket down to this 50. This is a 50 day off the daily chart.
Had my order to cover the majority position at 11:15, but that didn’t end up happening. As soon as we hit 11:16, you just saw that bid stack up, massively. Once I saw that bid stack up like that, then I just said, “Okay, you know what? I’m not going to mess around with it.” It’s probably going to take a pop. And I ended up exiting the full position right here, at 26. Right here in 26. So, still a good trade. Like I said, didn’t make the move I wanted. Got to respect the rules, got to follow the plan. Ended up rolling over, after the speed test, but I’m still glad I stopped out, this would have stopped me out anyways, of the position size I had.
Had I added heavier on the initial tube before the speed line, then I probably would have stayed in, but that’s not the game plan or the way I usually trade. I wanted to see that actually break and some weakness to it. Plus, the market was ramping up around this time. You see the spy right here. We were just starting to push above VWAP. So, really wanted to see some weakness and still this start to reject relatively quickly, but that didn’t happen.
That’s okay. That’s the trade I took. Ended up being a pretty good day. Still made the daily goal. Recover from BSX. Ended up rolling over and hitting the targets, but as you see now, it just consolidating sideways. So, good out. I’m happy with it. We are in earning season, so important to control your risk, trade well and be selective on what you trade.
Let me show you guys the P and L here. Here we go. So, I got BSX, I took a 97 loss and this TVIX, I took a swing yesterday on the TVIX. I ended up accidentally closing out. I hit the wrong level two on my BSX trade, initially. So, closed out my TVIX on the hotkey error, but that’s okay. 27 bucks. Not what I wanted, but here goes 502 on SNAP. Still, happy with the day. And I’ll just no more trades for today. And wait for tomorrow. See what tomorrow brings, like I said. We’re in earning season, so best to control your risk and be selective. Now’s the time to get it, because once summertime comes, things really slow down. So, hope you guys enjoyed the recap. See you on the next one. Bye-bye.
Oh, hey, I didn’t see you there. Why 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.