Trading Journal #29
08:37 am: “Futures mixed to start the day after AAPL said to cut iPhone 14 production on lower demand. During pre market session, we also hear Bank of England steps in to buy long-dated debt which made the market bounce from morning lows.
08:38 am: “Morning focus on AAPL opening print and see if bounces to fill morning gap OR fades to print new lows. TSLA stalled yesterday, now we see if it rebuilds above 277s or fades lower. SPY IWM QQQ also on watch as the market is very oversold, so a technical bounce would make sense, but staying open minded for now.
Morning Trades: I started the day looking for that oversold bounce I mentioned earlier, so I took META AMD calls out of the gate for great cash flow. I tried AMZN IWM fade but no follow through so I closed and flipped into SPY Calls following yesterday’s analysis on bear traps and bull flow into C365. META AMD SPY Calls made the cash flow for the day.
Loss review: I tested the waters on the short side, but had no follow through to the downside. I closed and respected my stops, so I’m ok with that.
Key Takeaways: Oversold can remain oversold but things will not go down forever, so a tactical bounce was expected any day so traders need to be prepared for that.
Look Ahead: Today was day 1 on bounce up to clear oversold conditions. We have room and fill some gaps higher, but staying open minded for what’s next as we approach the end of quarter.
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