Trading Journal #38
08:28 am: “Futures small red to start the day as markets bounce from premarket lows. Tomorrow we have FOMC minutes and we have CPI numbers on Thursday, so very volatile action plus short gamma magnifies the moves.
08:29 am: “Morning focus on Semis as yesterday they put a short term bottom, so let’s see if it holds or not. AAPL TSLA also on watch as yesterday showed some relative strength
Morning Trades: I was all over TSLA AMD AMZN GOOGL and IWM. I took AMD AMZN GOOGL and IWM Calls for a red to green on oversold bounce and that gave me cash for the day. I was very stubborn with TSLA trying to fade it and then long it, but I took some stops there and had to assume some losses as stock inside day so far.
Loss review: I took some losses on TSLA as I overtraded the stock and it didn’t make much sense to keep fighting with the stock inside action. But I took the losses and moved into other names, so I was not blindly only looking for TSLA.
Key Takeaways: If stock fails to break higher and fails to break lower, you move into other stock. Don’t be stubborn trying to anticipate the break one way or the other. Wait for price confirmation.
Look Ahead: Today’s bounce was nice to clear oversold conditions. Yields and Volatility fading gave some clues early in the morning, so that’s why I took most longs and those played well. Tomorrow we have FOMC minutes and on Thursday we have CPI numbers, so I am staying all cash overnight and with an open mind for what may come next. Manage risk wisely.
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