Trading Journal #36
08:32 am: “Futures selloff following Jobs numbers that came above expectations what gives “green light” for FED keep their job raising rates to fight inflation”
08:34 am: “Morning focus on Tech names with Semi’s gapping down this morning following AMD last night preliminarie numbers. I will be looking for the first 5-15min of the day to see if stocks bounce to fill the morning gap OR we fade to make new lows on the week into last Friday lows. Manage risk wisely
Morning Trades: I started the day looking for yesterday AMZN short and META long, so I shorted AMZN with PUTs that gave a nice cash flow and also META Calls that also locked nice gains. Then I was looking for QQQ to retest 277s, but I got stopped, so I flipped short GOOGL with some PUTs that also gave me nice cash flow. I also started fighting with TSLA looking for an oversold bounce on day 7 down, but I got hit in the face with some hard trading and stopped. I kept looking for the next trade, and at 11:10am saw FDX bear flow and I pressed the trigger on the beauty short for +200% gains, closed all and done for the day.
Loss review: I got stubborn with TSLA looking for that bounce! I took some losses there, but it’s part of trading. Next time, don’t fight and wait for price confirmation on the oversold bounce.
Key Takeaways: Although a stock is down 7+ consecutive days, it can always get lower so manage risk wisely and don’t catch the falling knife. Wait price confirmation on trend change, before pulling the trigger.
Look Ahead: Today’s jobs numbers, but saying FED can continue with their mandate on doing “whatever it takes’ to control inflation, so be careful trying to call a bottom. VIX above 30 does not inspire confidence that market is out of the hoods, so manage risk wisely
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