Trading Journal #35
08:37 am: “Futures mixed to start the day as the market keeps digesting the powerful Monday/Tuesday move up. We have jobs data coming tomorrow, so the market is waiting for the next trigger. Using yesterday highs as key resistance and last Friday lows as key support.
08:38 am: “Morning focus on SPY IWM QQQ if it holds premarket lows and bounce for a red to green OR rollover back into yesterday lows and fill gaps lower. GOOGL on watch for possible red to green move but needs to hold above 101+.
Morning Trades: I started the day following my morning plan on GOOGL red to green move and that gave a great cash flow. I took some TSLA and RIVN but momentum stalled so I closed flat. Just before 10am, I saw some selling pressure so I took 2 shorts on IWM with P174 and P170, rode the wave down, locked my gains and went back to cash. Overall great cash flow, so I’m happy.
Loss review: I did not have any stop hit as I closed the trades fast, so I’m happy with my risk management.
Key Takeaways: With high volatility, you take trades and ride the waves either up and down. You don’t hold the bag for too long as stocks can reverse fast. That’s a volatile market.
Look Ahead: Market still digesting the big Monday-Tuesday move up, but for now still not falling apart. Market waiting for tomorrow’s job numbers, so I’m sitting on my hands and going into tomorrow with an open mind.