Warrior Trading Blog

Trading Recap: Strong Comeback On a Choppy Day! +$537!

strong comeback

What’s up everyone? All right, so here we are back from a long weekend, and starting Monday, or starting Tuesday with a small win of $537 today. Not a lot of profit, but green is good. I was up 600 on Friday, and now 500 again today. So yeah, it’s kind of like right now, I wrote on my calendar from both … Where’s my calendar? Both today and Friday, choppy.

 

So you know, I wrote how much I made, and I said choppy, ’cause it felt choppy. Friday I went into the red, and I finished the day in green, which is always feels like a victory. Today I was down $1200 and now I’m finishing the day in the green.

So again, that feels like a victory, making back like $1800 is awesome.

So you know, right now though we have to be careful the caution flag, so to speak, is out. The markets are choppy. I was really hoping to finish May with some big wins. I was already up $75,000 in the first two weeks. And now last week, I was breakeven. And this week, a $500 whatever.

And $100,000, it’s out of reach. I’ve only got two days left in the month, so I still kind of would like to get above $85,000. It would make it my second best month of all time. And I’m at $77,000 right now. So I’ve got a little ways to go. I would need two really good days, or maybe one really good trade to get me there. So, we’ll see what we can do.

But, anyways, let’s break down today’s trades in today’s mid-day market recap.

All right everyone, so breaking down the trades from today, another green day. This is the one, two, three, fourth green day in a row, but a day where I would say is a little bit choppy. Finishing up $537 and just like Friday, I went into the red before getting myself back out of the hole and then finishing green. So any day that I start in the red, I immediately have to shift my game plan from being aggressive and trying to swing for the fences, to just salvaging the day. And if I can finish green, then that’s awesome.

Today the goal very quickly changed from trying to make $1,000, to just getting out of the hole. You can see on my very first trade on BGI I went down $729. So, on BJI, this one hit our scanners, and today is a day where we actually didn’t have anything on the watch list from the gap scanner. There was nothing that was gaping up that really looked good this morning. So, that’s fine. That’s sometime the way it is. There wasn’t a lot that looked good.

So, the game plan then is to wait for a stock to hit the high of day momentum scanner because it’s showing us right now that it’s moving up with volume. BGI was the first one to hit the scanner at $1.89, showing a 10 million share flow, and 138,000 shares of volume, but very high volume relative to what’s normal for it.

I pull up BGI, and I see, all right, it was a little bit of a gaper. I see it squeezing up, but I’m just not totally sure where I want to get in it. It kind of just surges right up to 214, and then pulls back for a second. Then, kind of surges up to 225. Then, pulls back for a second. Taps 227, and then this is where it did the first one minute micro pull back. This is where I decided to take a stab. As it curled back up here, I jumped in over 220, anticipating a retest of high of day, and a break of this one minute break out, one minute micro pull back.

So, I added at 220, 222, 221, 225, and then again at 230. It popped at 230, up to 235 and then, dropped right down. So, I tried to sell half of my 12,000 share position break even … well, break even to that last add at 230. I filled 4,000 shares. Then, I kept trying to sell by putting my shares on the ask. So, I tried to sell more at 224, and then, I ended up selling the rest at 210 for a $729 loss.

The potential of this one, if it had worked, would have been to sell around 250. That would have been like a $2500 winner. So, $2,500 to potential profit, versus 700 of risk. That’s a good profit loss ratio and I’m okay with that. But, today’s a day where it just didn’t really work. So, this one ended up coming all the way back down. I ended up buying it pretty much near the highs but, you just never know. So, this one didn’t work.

Next one was CHCI. On this one, again, you know it was on the scanners a little bit earlier and, people were mentioning it around 410. But, I didn’t feel confident to take the trade at that level. I felt like it needed to pull back more on the daily. The daily chart was okay, but I really wanted to see more consolidation.

But, then once it started to take off I was like, all right, well clearly it’s strong. I guess I’ll just try to jump on the momentum and see what we can do with it. So, I finally ended up taking a trade at 10 … at 959 buying at 54. So, what I did is I waited for this one minute … sorry, for this five minute set up to pull back on the five minute time frame. Then, the first five minute candle to make a new high, that was my entry point.

So, I jumped in this for the break of 260, anticipating it by entering at 254. Then, adding at 266. Then, it promptly dropped back down and I stopped out for a $492 loss. So, with that, I was down $1200 on the day. I was like, all right, you know what? I’m just not sure that I’m going to see good opportunities today. I think I’m done for the day. I was like, I’m done. That’s what I said. I’m done for the day.

At the time, CODX was halted but I didn’t really have a lot of confidence in it because we’d seen a couple other stocks this morning like BOSC that popped up and then faded. BOSC very weak. NAKD popped up, and faded. Then, of course, BJI and CHCI. So, I just sort of thought, you know, today we’re not seeing good follow through. I better just cut my losses and be done for the day. $1200 in the red isn’t that bad, you know, for me.

So, anyway, CODX is halted. I’m not thinking a lot of it, but it resumes from the halt and, immediately squeezes up to 280. It pulls back for a second, taps 290, and then it taps $3.00. So, that’s when I was like, you know what? I’m going to take a stab at this. So, I started adding at 287, 296, and $3.00, looking for that break over $3.00.

I ended up having a total of 9,000 share … or 8500 shares. So, I’m adding, anticipating the break of $3.00, which is this psychological resistance point. But, when stocks break then they often make big pushes. So, this squeeze up to a high of 324, and I sold 3,000 shares at 321, some more at 316, and some more as it came back down. So, I ended up making about $1600 profit on that trade.

I saw Zoe in the chat room made $13,000, which is awesome. I think a lot of you guys did better than me on it because you were more aggressive. You got into it a little bit faster. I was just a little bit more conservative today because I had lost on my first two trades, and I really didn’t want to go for a third loss in a row. So, I just kind of waited until it really showed me confirmation that it was strong, which meant I was buying at a higher price.

I still made money, but I made a little less than a trader who was more aggressive. Of course, being aggressive, you know, it is relative to where you’re at on the week, on the day, on the month. All that stuff. I just didn’t feel like I was really in place to be super aggressive. So, anyways, took a trade there. Made some money.

Then, I got back in right here for the break over $3.00, thinking it would retest high of day. So, I added at three … 298, and 299. Sold half at 304, and the rest at 302, and 290. So, that was like a $150 winner. With that, I was like, all right, now I think I’m done.

I said, guys, I’d keep it on watch over 308. The high, when I had gotten in was 308. It ended up coming back up and tapping 315. Then, it dropped all the way down to 293 before then going and hitting high of day. So, you know, kind of that choppiness and, I don’t know. I under traded it. I didn’t over trade it. I didn’t push my luck on it. I under traded it, but I’m walking away green on the name. I’m walking away green on the day. $500 a day keeps the job away. So, I’m happy with that, and you know, I’m not going to push it.

Today is the 95th trading day of the year. I’ve been averaging right around $3,000 per day. So, yes, today I am underneath my … I’m below my average by quite a bit, but I’ll get it back on a day where, you know, the market is a little stronger, and I’m willing to be a little more aggressive, and I end up hitting that big winner right out of the gates.

Anyways, that’s kind of about it for me. Two more days left in the month of May, and I’m really hoping that we see some good opportunities but, since we’ve had two choppy days in a row, and actually Thursday was pretty choppy for me as well. Three choppy days in a row, you know, I don’t want to make mistakes tomorrow or Thursday. So, it might be better to just continue to be conservative, unless something really shows strength.

And so, that’s kind of the thing is I want to have this stock, have a stock, prove to me that it can be strong. If it proves to me it can be strong, that’s when I’m willing to start to be a little more aggressive. This one, did prove itself a little bit, but also kind of strange because there’s no news on it, and you know, it was kind of like where did this come from? But, by the time I was getting in it $3.00, you know, it was up a lot, and the volume was picking up. So, it made sense to take a stab at it. But, I would have felt maybe better about this one if it had a clear catalyst. That probably would have made me feel more comfortable being aggressive.

So, anyways, that’s about it for me here today. We’ll be back at it first thing tomorrow morning. Hopefully, we’ll see a gap scanner tomorrow that we can do a little more with than the one that we saw today. All right, so that’s the game plan. I’ll see you guys back here first thing tomorrow morning. All right, see you guys in the morning.

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