Trading Journal #18
08:41 am: “Futures red to start the day after ECB rates hike and ahead Powell speaks at 9:10am and more FED speakers during the day. Very volatile action with the market looking for the next central bank’s pivot point. Yesterday’s bounce was nice but this morning fade giving some back, so staying open minded for what’s next.”
08:42 am: “Morning focus on AAPL after yesterday’s event to see if it has any follow through continuation. Semis yesterday had a nice oversold bounce for Day 1, so let’s see if we get a day 2 or not. TSLA big 2-day up move, so on watch if stalls and fades down on day 3/4″
Morning Trades: I started the day looking for AMD TSLA red to green moves so I got long AMD and TSLA Calls. I also added PLUG Calls as I saw some bull flow yesterday. On the morning shake, I stopped AMD, so I focused on TSLA and PLUG by adding size on each trades. Both TSLA and PLUG more than doubled in less than 30min, so I took my gains and done
Losses review: I stopped AMD although the trade worked great as stock ripped higher, but I flipped my focus to only TSLA and PLUG. I did well, because I was able to more than double those 2 trades and it paid the day/week.
Key Takeaways: Traders should focus on what they can control. If you are able to handle more than 3 big sizable trades, great, but if not, focus on 1 or 2 that you can control and handle. It’s easier to keep your mental focus in less names, so focus on what you can control
Look Ahead: We had a nice 2-3 day bounce from Tuesday lows as the market was very oversold, so these last 2-3 days helped to clear oversold conditions. BUT we are still below very big levels so I’m dealing with this as an oversold bounce for now. Staying open minded for what may come next.