Trading Journal #49
08:37 am: “Futures lower this morning following GOOGL MSFT earnings reports as stocks reacted lower. Still a busy week ahead with more big tech names to report earnings, so manage risk wisely.
08:38 am: “Morning focus on GOOGL MSFT to see if they hold the morning print and bounce up to fill the gap OR fade lower bringing the market with them. SPY IWM QQQ TSLA AMD NVDA also on watch to see if it holds yesterday lows or not.
Morning Trades: I started the day fading IWM and got fast cash flow. After that got TSLA Calls for a red to green move following last days momentum, and sold calls for more than +100%. I kept fading IWM but got some stops hit. I also got some nice cash flow from SPY and AMD Call scalps. I also shorted BA with PUTs where I locked more than +130% gains and done.
Loss review: I got some losses on IWM fading, but I respected my stops and managed my money well considering that morning TSLA longs gave me enough cash flow
Key Takeaways: Oscillators are overbought and they can remain for longer, but after strong move up, it’s wise to lock gains and adjust stops to cap profits.
Look Ahead: Still a lot of big tech earnings reports coming this week and also FED next week, so staying flexible and looking for cash flow trades for now.