Warrior Trading Blog

Up +$845 Today in a Slow Market | Ross’ Trading Recap

Ross_9.17

What’s up everyone? All right, so here we are, Tuesday morning, another green day, $845 of profit. Can you guys see that? Boom, not bad. So progress is being made, not the biggest green day that I’ve ever had, but a couple small green back to back days is good, just sort of keeping up progress here, kind of treading water, but making a little bit of gains. I think right now we’re just in a little bit of slower market, not seeing as many big parabolic moves, and that’s okay. During this time we’re going to sit tight. I’m going to try not to lose ground by taking unnecessary losses. And then once things start to heat back up, I’m going to amp the share size back up, and try to really capitalize on that next wave of momentum, all right? So that’s the game plan. Enjoy the recap as always. Questions, comments, leave them below, and I’ll see you guys first thing tomorrow morning.

All right, everyone, so we’re going to do our midday market recap here. I’ll go over the trades from this morning. I’m going to finish the day up, $845.92, which is not bad, another green day, but definitely two small days. Yesterday, I was only up about $500, today, $845. These are green days. I’m always going to be grateful for a green day, but certainly not home runs in pretty much any sense of the word, at least for me. So that’s just kind of the nature of the market that we’re in right now. Now yesterday I took three trades, two winners, one loser. Today I took one trade, one winner, and one and done, that’s it. So my one trade was on MDGS, which is currently, let’s see, up about well 6%. This had a headline here, pre-marker headline that was posted here at 9:44. You can see how this squeezed up basically, as soon as that headline got posted. It hit the high day momentum scanner $2.10, $2.15 I jumped in at $2.20. It squeezes up to a high of $2.40. It pulls back for a second. I added a thousand shares for the break of $2.40, with a target of $2.50, $2.60. It hit $2.42, faded back down. I hit the bid, bailed out for 10 cents of profit, about 10 cents on 8,000 shares, and that was it. That was my one trade, and really nothing else worked today.

So again, I’m glad for that one winner. But if it weren’t for that, I wouldn’t have taken any trades. So if we look at the gap scanner from this morning, I’ll go timeframe, historical date. We’ll do this for 9:25 am. You’ll see that our leading gapper was ACRS, up 75%, which is a pretty big gap. But it’s a 36 million share float stock with over 3 million shares of volume pre-market.

So I didn’t have expectations that this would do anything exciting. You can see it was actually already stair stepping down by the time the bell was about to ring. CAPR was our second leading gapper. This one up only 16%, 3.6 million share float, but also stair stepping down a little bit pre-market. OPTT was on the scans here. This one, I said I liked over the daily breakout spot of $2.58. Yeah, $2.58 gives us room up towards $3.00, and then a break at $3.00 gives us room up towards $7.00, but it was a ways off that level, and as you can see, it didn’t break. It ended up pulling back. So no trades there.

MDGS was on the scans, maybe a little further down, or maybe it fell off the scan just before the bell rang, but it was gapping up. It did have a pre-market high of $2.40, and then had pulled back. So I wasn’t really sure, but I thought maybe. When I first pulled it up, I didn’t see any headline this morning at 9:30, or 9:25, so I just kind of left it alone. But then as it hit the high day momentum scanner and started to squeeze up, as you can see here, that’s when I decided, “All right, I’m going to give this thing a stab, and try to ride the momentum,” and the volume in the last five minute period was way above average, relative volume, seven, so moving higher. And this could’ve been an opportunity for a move up towards $3.00, but in this case it, was not a very impressive breakout.

So one of the things I did today was, I brought my share size back down. So under the settings, and then trading, and warnings, I can set my max share size. Now I set it at 9,001 shares, so I can take a 9,000 share position. If I put it at 9,000, I wouldn’t be able to buy 9,000 shares, right? So 9,001. Now this morning, it was at 16,001, which would allow me to take a pretty big position. And given the fact that yesterday we didn’t see very good breakout, very good follow through, I felt like today, given the fact that the gap scanner wasn’t showing anything interesting was a day to bring the share size back down. And I think that that was the right move. I wouldn’t have really felt comfortable being more aggressive on MDGS, and nothing else ended up looking good. So I’m going to keep this at 9,000 shares going into tomorrow. But if we do see something that looks good, I can always quickly jump in there and move it back up. But I really don’t want to do that unless I see something that’s really looking good, that’s making me feel confident that we’ve got potential for a big breakout.

So given the fact that September so far has been off to a great start, I think I’m up around $18,000, $19,000 on the month. August was of course really solid in the last two weeks, about a $60,000 hot streak. And then I had one red day and now I’ve had another, well, $12,000 or $13,000 of profits since that red day. So generally, I would say I’m still pretty much on the hot streak that began on August 15th. And so we’re about one month into some pretty hot momentum, which we can have hot momentum last for several months, but sometimes only a few weeks. And given that yesterday was slow, and now today again was a little on the slow side. I think it maybe a time just to be a little bit more conservative, try to pull back on the risk until I see something that just looks awesome, and really starts to take off. So that’s kind of my game plan here for well tomorrow and I suppose the rest of the week, just to be a little bit more careful until I see something that looks amazing and justifies my risk.

Speaking of risk for those on Facebook and YouTube, I’ll put my disclaimer here, which you can see, just a reminder that I’m not a registered financial advisor, so I can’t give you guys individualized investment advice, but I can share with you my strategy, and what I do every single day. All right, so with that said, I guess at this point we’re pretty much going to sit here at the end of the day up, well for me, $800 and whatever it was, $45, a solid green day, not quite the daily goal, but progress is being made, and I will be back at it first thing tomorrow morning, 9:00, 9:15, pre-market analysis. Hopefully we see something a little bit better on the scanners, so we can get maybe a day this week where I’ll actually hit my $2,000 daily goal. All right, so that’s it for me. Great job for those of you guys that walked away green today, and I’ll see you all first thing tomorrow morning. All right. Thanks everyone.