Trading Journal #33
08:41 am: “Futures gapping up big this morning following our yesterday AMD AMZN calls as market clearing oversold conditions and trapping some shorts at last week lows. IF long, trim profits and raise stops on rest.
08:42 am: “Morning focus on tech names that are gapping up to see if they hold the opening print to squeeze higher OR fade below to fill this morning gap. TSLA if above 255+, watch the gap fill higher.
Morning Trades: I started the day with TSLA Calls looking for a move up and played 3x for nice cash flow. I’ve also faded several times with IWM AMZN and GOOGL, but it was slow and stopped, so I took some losses there. Just before lunch, I got TSLA short and that made the cash flow for the day, so overall not an easy day but patience got paid.
Loss review: I was a little bit stubborn fading IWM AMZN GOOGL a bit too soon so I got some losses there, but I kept loyal to my risk management and cut the losses fast instead of going into a bigger loss.
Key Takeaways: Bear market rallies can last for multiple days, but don’t forget that we are still inside a bear market, so they will resume the main downtrend.
Look Ahead: We had a nice 2-day bounce following our yesterday calls, but today I faded some as the 2-day move was too much extended for upside. Now, we want to see if today’s gap up holds OR we fade lower to fill the gaps at lower prices. Stay open minded.
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