Trading Journal #43
08:42 am: “Futures green to start the day giving some follow through to yesterday’s move up after BOE delays QT. Next 2-weeks will be busy with earnings reports so stay open minded. IF seasonality plays, watch possible rally up into November.
08:43 am: “Morning focus on opening print and see if stocks hold the morning gap and squeeze up OR fades to fill the morning gap and goes green to red. SPY IWM QQQ AAPL and Semi’s on watch this morning.
Morning Trades: I started the day with AMD calls but as I saw stock getting rejected in the 60s, I closed it and flipped into IWM AAPL BA Puts for cash flow. I took some losses on TLT trying to catch the falling knife and also got chopped earlier, but after 11am, I took IWM shorts on 2 trades that gave me the cash flow on the day. At 11:48am I took SPY Calls for nice cash flow.
Loss review: I did well cutting AMD longs and was able to avoid the loss, so happy with that. But I got chopped between 10-11am and that was hard. Finally after 11am, I was able to get my money for the day, so I’m happy. Need to improved not getting chopped.
Key Takeaways: On gap up days, watch first minutes to see if holds the gap and squeeze higher OR starts fading to fill the morning gaps as we saw today.
Look Ahead: So far, the market has a nice follow through for upside but with earnings season it’s hard to be perma bull or bear, so I keep taking trades with no bias and trying to get my cash flow for the day, week, month.