Trading Journal #48
08:40 am: “Futures slightly red to start the day with the market waiting for big tech earnings releases on MSFT and GOOGL today after hours and AAPL MSFT AMZN META still to come this week.
08:41 am: “Morning focus on SPY IWM QQQ if able to go from red to green giving follow through to the last 2-days move up OR not. TSLA NVDA to see if able to give some follow through and fill gaps at higher levels
Morning Trades: I started the day going long AMD calls for a great cash flow trade. After that I tried to fade IWM but had to take some losses as the short squeeze kept going. I took small gains on TLT fade and NFLX BABA closed flat. Overall, AMD was the trade of the day and after that got chopped.
Loss review: Took some losses trying to fade IWM but respected my stops and moved on.
Key Takeaways: Traders need to stay flexible and open minded during short squeeze rallys on bear markets, so ride the momentum and take gains on the way.
Look Ahead: Lots of big tech names report earnings this week and we also have FED next week, so a lot can happen between now and then. Keeping flexible and looking for intraday opportunities. The size of the squeeze up, will give us clues on what’s next.