Warrior Trading Blog

Trading $CARG IPO and $INFI for +$1,207.81

$carg ipo

Trading $CARG IPO and $INFI for +$1,207.81

Going over the stocks that we traded today. We started the day with INFI. This was our leading gapper up 48%. 1.4 million shares of volume. Pre-market around 9:15. Initially, I was thinking, “I’m not sure that I’m going to be crazy about it, because the flow was pretty high. It’s 49 million share flow.”

However, yesterday we had a great move from CASI, C-A-S-I, which was a 50 million share flow. I figured, “Okay. Well, INFI float’s a little higher, but it worked yesterday, so I’ll give it a chance again today.”

I got in here. Very simple setup. Break of pre-market highs. My entry was just a little bit early looking for the break over at the half dollar. Long at 250, literally as soon as the bell rang, long at 250, and boom, we get that pop all the way up to three dollars. I didn’t think it would go as high as three, I really didn’t. I was impressed when it was up 15, 16 cents. So the fact that it got all the way to three was just an awesome move.

And then the first five minute pull back ended up working out really well, which also surprised me. Form 275 right here up to a high of 319. So really just solid price action on INFI, I could’ve made more money on it if I was more aggressive but, captured my thousand bucks, hit my daily goal, and so that’s a good day. Happy with that.

So that was my first trade of the day, and I didn’t get back into it. I scaled out of it and held my last position until 9:37 or something like that, when we started to break down and roll over here. I actually feel like I held the last piece a little longer than that, but maybe not.

In any case, yeah, I guess it was as it was dropping back down. So the only other trade that I took, today’s the day I only took two trades. The second one was Car Gurus, IPO today, we were waiting for the IPO and I trade my typical IPO strategy on the stock which is looking for the first one minute candle to make a new high.

So we opened and that first candle had a high of 29 45. We dipped down and as we came back up I got in at 29 28, expecting that we would break over 45. We didn’t break right away, we pulled back, and then on this candle we popped over that level. I could’ve averaged down, I could’ve added to the position, but I didn’t really want to. I only took 500 shares because I knew it would be volatile and I was risking probably a full point. I only ended up making 180 bucks on the trade. So, it definitely wasn’t my most impressive trade ever, 180 bucks on CARG and 1027 dollars on INFI.

But, green is good, and I’m just kind of riding this hot streak and trying to let those profits stack up as much as I can and the big thing is to avoid having a big draw down, or a big loss. So many of you guys have been doing really well the last five, six, seven days, today is my … let’s see, one two three four five six seven eight … nine ten eleventh consecutive green day. So eleventh consecutive green day, which is fantastic, but it’s one of these things, you land on- how many days in a row are you gonna be green before you’re inevitably going to have a red day? Just statistically. And I think … well, my longest streak ever was 56 or 58 days. So. I guess … I could go longer than eleven days but at a certain point I have to ask myself, am I starting to get overconfident, am I starting to get complacent because the market is easier to trade in?

Today’s a day for instance where I could’ve made good money on AKER, this hit our scanners at like a dollar and 10 cents, but if you look at the chart, it really never gave us a good entry. It just squeezed right up. Now, I could’ve made money on it. I could’ve bought it at 120, 130, 140, 150, 160, and made money ’cause it went all the way up to a high of 182. But it never actually gave us a good setup, it never actually pulled back, gave us a one minute micro pull back or anything like that. So there really wasn’t a good entry.

But you could’ve taken a bad entry and still made money on it, which reinforces bad behavior. You could’ve done that on another stock, like INFO, sorry, IFON, this morning, and look at what happened on this one: it squeezed up and then it came all the way back down, it gave back the entire move and then some. It’s now red on the day. So if you chase this into that move and let’s say you weren’t quick about getting out, next thing you know, you’re red on the day and you’ll be asking yourself, why did I buy this in the middle of this green candle? In the middle of this run? That wasn’t a good setup.

So you would’ve gotten away with it on SKER and on this one you probably would’ve lost on it. Well, maybe you wouldn’t, depending on where you get it. But it’s really important to continue as much as you can, to practice discipline.

I’ll just reset my cam here. It’s just really important as much as you can to practice discipline, exercise the ability to be patient, to sit on your hands, to not push your luck, just take it one trade at a time. Today I stayed focused even though I was a little tempted on AKER, I was a little tempted on IFON, I was a little tempted on CCCR, I just didn’t see low risk opportunities and I’m glad that I was able to sit on my hands.

Now, the time Daniel, that I’m most likely to be really aggressive and jump in as a stock is squeezing, will be right at the open. Because that it part of the gap and go strategy, the stocks are gapping up and they go higher. So that’s a strategy that I feel confident enough in that we’re gonna have a lot of volume as soon as the bell rings so I’m willing to jump in and sometimes chase a little bit, but I’m much more … try to be much more cautious about doing that mid-morning, and especially you know, lunchtime or in the afternoon. Because you just don’t have as many traders in the market that are going to really allow you to get away with that consistently.

So in any case, today’s a day where I maybe didn’t jump on everything that was moving, but the trades I took, I knew my stop, and I managed my risk. And that’s really important, and that’s one of the things that we talked about this morning, is that you know, the bell’s about to ring, let’s set the right intention, that we’re gonna focus on taking the best trades possible, even if they’re losses, that they’re good losses because we bail out at the right spot, we don’t just hold it and hold it and hold it. So hopefully all if you guys were able to stay focused and take good trades today and it just puts you in a really good place going into the weekend.

So, well, you know, going into Friday and then going into the weekend. Fridays are often slow. So, you know. As we finish the week, I kind of like to cool off a little bit. Having said that, we’ve had some great Fridays in the last month. Two Fridays ago, or three, I made 8000 bucks, Friday after that 2500, so we’ve been seeing some good Fridays, but tomorrow is Friday the 13th, it’s October, so … let’s make sure we all trade smart and that just comes down to knowing your max loss.

So that’s about it for me today, finishing the day up 1200 bucks on the 186, 187th day of the year. So hopefully we’ll be able to finish the week strong tomorrow with a couple more green trades and then go into the weekend feeling good.

Alright, so that’s it for me today, I’ll see you all first thing tomorrow morning.

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