Warrior Trading Blog

Trading Recap: Digging Out Day 2 +$1,498!

digging out

What’s up, everyone? All right, so here we are, finishing the third day of June, and it’s another green day for me. Up $1400 today, just under 1500, which puts me up $2600 in the last two days.

 

Now, right now we’re still in a market where it’s a little choppy, and we’re not seeing really, really good follow through, not a lot of home runs, but a lot of base hits. Those base hits add up.

Last week we had a very choppy week. Almost every single day, I started in the red, my very first trade out of the gates, I went red, and then I had to spend the rest of the morning digging myself out of the hole, and that worked. Tuesday, Wednesday, Thursday, I finished green, but then Friday I went red, and then I went further and further into the red.

Now, I’m trying to dig myself out of that whole, and it’s just doing it one trade at a time, one base hit, and I’m not in a place right now where I can be really, really aggressive. I’ve got to be on the defensive. I’ve got to just dig myself out of this hole without taking a lot of risk. When you’re having a really great week or a really great month, you can afford to take a little bit of risk.

You can say, “Look, I’m up $8000 this week. I can take $1000 of high risk on this trade, but if it works, give me a 5:1 ratio,” a really good winner. But when you’re in a position where you’re digging yourself out of the hole, you can’t be as aggressive, and so it does hurt you, because you end up missing some opportunities that could end up really boosting your P&L. That’s the price you pay for getting too aggressive at the wrong time, and digging yourself that hole to begin with.

Right now for me, it’s all about base hits. Green is good, I’m happy with today, happy with yesterday, and I want to do it again tomorrow. Anyways, we’re going to break down all of today’s trades in today’s midday market recap. All right, enjoy.

What’s up, everyone? All right, so we’re going to break down the trades from this morning. Finishing the day up $1496. Can hear the scanner’s still running a little bit. I’m done trading now, I’m going to lock it up, and be happy for another green day. That’s $2500 in the last two days, and that’s the way you start digging yourself out of the hole, you know?

One shovel full at a time, so obviously lost money on the first day of the month. I did the same thing in May, and I still finished May up $74,000. Despite starting the month with a loss, I was able to bounce back and here we are today, third day of the month, and I’m working on digging myself out of the hole, and then going into the green.

Up about 2500 this week, 1100 yesterday, 1500 today. 2600, whatever. It is also the 100th day of the year, so we are almost halfway through, not quite, we’ve got about 220 trading days in the year. Making nice progress here. I’m just going to write this in my calendar. $1496.53. All right. Green is good. But you know what? Today was another day where the market was a little on the choppy side.

No huge winners. A little bit of profit on a couple different names. Green on all four names, which is awesome. Seven trades and five winners, so in the last two days, my accuracy is 76% which is solid, but no home run trades. Good winners, progress is great, but nothing that I consider a home run. Let’s look at today’s trades, all right?

Now, this morning we started by looking at the gap scanner, as always. On the gap scanner, we didn’t have a lot that looked amazing, but we had two that we were watching. The gap scanner, this searches, as you guys know, for the stocks in the market that are up the most today. It does that pre-market, so at 9:15, which stocks are up the most?

This is a really good indicator of which stocks will be most volatile today, and which ones will give us the most opportunity. As you can see here, this is our gap scanner from this morning. We had AMRH, CODX, and I guess GIII is on there as well. Though, we weren’t watching that one pre-market. we had a couple that we were watching, and I’m just going to pull up my pointer. Let’s see. There we go. Activate.

AMRH Stock Chart

All right, so here we go. AMRH, this has a 9.43 million share float, all right? Low float, it was gapping up at the time pre-market, I’m going to go here to timeframe, use a circle date, we’re going to search this for 9:15 a.m. This is what the scanner looked like at 9:15, so it was gapping up 141%, which is a huge gap on 840,000 shares of volume. Decent volume.

It did have news on it, which of course we like. That’s the catalyst. That’s what’s driving the stock higher, and we were watching it for a possible scalp over $2. So, this was pre-market high was 2.08, so I mark out the pre-market high, and then I come into my level two window here in light speed, I type in the stock, and I type in the pre-market high, which at the time was 2.08. I’ve got my order ready to go.

Now, what ended up happening is I ended up double clicking the ask here, and whenever you double click the ask, it changes your price from whatever you put in to what the current ask is. I had put in 2.08, and then I don’t know, by accident or I don’t know why I did it, but I double clicked the ask, and that was when it was at 96. I then pressed the buy button three times, to buy 7500 shares, but immediately the stock was over $2 and so I didn’t get filled on my order.

Right out of the gates, the stock pops up from $2 all the way up to a high of 2.17, 2.49, and then 2.60. That’s 50 cents of 7500 shares, that’s $3000, but it is what it is. I missed that first move which was the cleanest move of the day. I then ended up taking a couple little scalp trades. My first trade on it was an entry at 2.48. I got in, right here, as it was getting up to the half dollar. Popped up to … Got in here at 48 on this little one minute micro pull back.

If we pull this back to a 15 second chart, you’ll get a better sense of the pullback that I was seeing. Now, I don’t trade with 15 second charts, but I will use them to show you guys what I saw within these very short periods of time. You can see right out of the gates, we had a little bit of a flag right here at 2.17, right? I was talking about getting in at 2.17, but it just popped up too fast and I don’t know, I guess I didn’t get filled or whatever.

I think I maybe tried to, but no, I guess not. Pops up over 2.17, then it pops up to a high of 2.49. I get in right here, for the break over 2.50 and it pops up to a high of 2.60, all right? That’s where we see that move right there, up to 2.60. I got in at 49, sold at 53, 52, 57. Sorry, I added back at 57, for the break over 60, this was at 9:35. That was back here, we tapped 60, we don’t hold that level, and I stop out at 51.

On those first two trades, I made like 250 bucks, and then I lost like 350 bucks. I was down about $100 on AMRH in the first few minutes of trading. Obviously that was a little disappointing. That’s not what I wanted to have happen, but you know, I missed this first move right here because I didn’t get my order filled down here at $2 which is where I wanted to get in. That’s just the luck of the draw. Sometimes that’ll happen, so no fill on that, but was able to take a couple scalp trades, and in total, made back basically what I lost and finished the day up $14 on that stock. $14. Not a lot, but green is good.

As you can see, we did break over the highs. This was a place where I got back in for the high of day break. Let’s see if I scroll down here, you’ll see a couple trades on CODX, and da da da da, so 2.65 here. This was me getting in for the high of day break. We got this little scalp set up here. Let’s see. That was at 46, 43, so I was in this right here for the pop up to 70. Small little scalp, in at 65 right here, anticipating this break over the high of day, so that would have been right in this candle here.

In, pops up, hits 70, doesn’t break that level, so I start selling at 69, 66, and I sell the rest at 66. Ended up being only small winner on that. I think I got back in, maybe that was it. That one was the one that got me up to green on the name, and with that, I was just done.

Not an easy trade. It was kind of choppy, and when we were doing our pre-trading checklist this morning, that was one of the things I said, is that we’re still in a little bit of a choppy market. We haven’t seen really clean follow through, so it’s still a time to be a little careful.

All right, so that was AMRH. CODX was also on our scans this morning. It was gapping up with news, but I was a little iffy about it, because it had started to fade a little bit pre-market in this area here. In this area, it was still looking good, so as of like right … Well, can’t do that. As of let’s see. As of right here, it was looking good, but then when it started to sell off, it wasn’t looking as pretty.

CODX Stock Chart

But the bell rang, and off it goes. You see initially it popped up to $6 right here, and then it sold off. As it curled back up right here, this is where I got in, I entered at 6.20, all right. So, go up to this, CODX. I got in this at 6.17, 6.19, 6.19, 7500 shares. A little bit heavier on size, but I thought this had a really good chance of hitting the pre-market high of 3.30 … Sorry, 6.30, and then breaking through that level.

I’m in this at 6.17, 6.20, and then I’m selling on this move through the highs. It tapped out at a high of 6.66, and with that it made 950 bucks. That was the one nice win today, and I needed that one. Almost $1000 profit on that. I was watching it in this area, for a possible move higher, but this candle broke. It broke down, and then at that point I couldn’t trade it, so it’s just come back down. Didn’t hold up very well. Disappointing.

All right, next one was NDRA. This one I saw you guys call out in the chatroom at $2. When I first pulled up the stock, I saw it hitting our scanners here at 2.29, 2.39. I thought the volume was a little light, and I’ve gotten beaten up a couple times in the last week and a half on these types of stocks, so I wasn’t as quick to jump in it, but ended up squeezing from 2, all the way up to a high of 2.80, and then getting halted on a circuit breaker.

It’s halted, it resumes, and squeezes up to a high of 3.50. I jumped in thinking that I might be able to scalp around 3.50, I got in at 3.25. Added at 3.40, added more at 3.42. I was looking for the break of the half dollar. Right up here, I was looking for that break. We ended up hitting 3.50 and not breaking, and when I was some hidden sellers there, and saw that it wasn’t breaking, that’s when I started to start selling. I sold at 49, 48, 40, and then ended up stopping out of the rest at 3.10.

On that first trade, I lost 250 bucks. I stopped out as it came back down here. But I kept it on watch, as it curled up here, first five minute candle to make a new high, breaking through the VWAP. That’s when I got back in it. I jumped in at $3, and ended up hitting a high here of 3.20. I got a little scalp there from 3 to 3.20 and made back about $350, which puts me up 67 on the name.

But again, this is not home run stuff. This is just a little bit of profit, which is fine. In this case, I was a little bit conservative on taking that entry, but of course, I have to be a little bit conservative right now, because I just had a big loss last Friday. Right now, I’ve got to dig myself out of the whole. I can’t risk going deeper into the whole by taking a higher risk trade.

I’m being a little more conservative, but that’s paying off right now. Two B2B green days, $1000 a day, I can feel good about that, and by the end of the week, start to build up a little bit of consistency. Hopefully I have the whole week is green, fingers crossed, and then next week if we’re seeing good momentum, I can start to maybe be a little bit more aggressive as I’ve begun to build up a little bit more of a cushion.

Last trade was CHKE, and this one, it’s not the type that I’m really that excited about. It broke through a dollar and is halted on a circuit breaker at $1.08. It resumes higher, I end up getting in it for a little scalp, right around $1.20. So, I’m in at $1.19, $1.21, $1.22, I added at $1.28, and I ended up selling at $1.32, 31, 26.

So really a small scalp here from 1.20 up to 1.30. I didn’t know if maybe it would go into another circuit breaker halt, if it would get above $1.50 and really take off, but it just didn’t. $460 on that, which is good. That’s a good profit, and that puts me up $1496 on the day, which is good. $85,000 in my account right now, I’m trying to make my way up to like 100,000 bucks.

I took out money last week. I withdrew $50,000 from my account. For the most part, that’s the money that I’m going to be donating to charities from last month’s profit, but I just wanted to take some money out of the account. That’s something that’s important for you to do as a trader. You don’t want to leave all your money in the account. You want to keep just enough in the account for you to continue to trade and have enough buying power, and then you want to take out your profits, you want to pay yourself. It’s really important.

So, took out profits, and paid myself, and have 85,000 still sitting in there. All right, so anyways, that’s about it for today. Another green day, I’m happy with that. 100th day of the year, and we’ll be back at it first thing tomorrow morning, 9:00-9:15, pre-market analysis, and we’ll see if we can find a couple more stocks to trade. All right, so that’s the game plan. I’ll see you all back here first this tomorrow morning.

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