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Irish Born Investor's avatar
$16.9m follower assets
25th May 2022 - Trading Journal
Situational awareness:

Cautiously bullish on the day today. Green futures and the markets somewhat due for that fabled bounce. Always wary in this bear market that the green open should flash danger for a fade later in the day. The opposite of the bull market.

No real intention to do much today, just monitor positions.
Pre Market Work:

I continued looking for setups, trawling through charts for potential. I quite like a setup in $HDSN. I actually saw this name mentioned by a Twitter trader Nathan Bancroft. If you want to check him out he posts interesting charts. Hudson are a refrigeration/air condition company for commercial customers.

There are plenty of ways to draw this. Most would draw a triangle/flag shape but it's all the same really. So I like this because of the volume spikes and nice upward movement on the chart in stair step fashion. What is more to like is the drop off in volume everyday. This suggests that a move is going to occur. Supply is drying up. It's right at it's 10EMA which is usually a nice position to trade against. What is more interesting to note is the longer story. See below, when we zoom out.

As you can see we are at an important juncture on this chart's history. A break out here could lead to rapid advance. A stock like this can be very volatile so risk management is key. I will want to see this breakout before I buy and then I will keep it on a measured leash probably using the 10EMA area as my stop.

Nothing actionable for me today just trade management.

Trading day:

No moves today just closed the $NOG. Calls for 30%. This trade wasn't doing anything particularly wrong but with options I always want them to go quickly. So I was content to close it here and move on. The oil trades are so crowded now that I am edgy being involved.$NOC. performed fine today. Stayed in the upper section of yesterdays range for a tight day. Nothing to worry about here, just leave it do it's thing.

End of day Thoughts:

We are on track for an inside week on the $QQQ & $SPXC on it's own this isn't worth much but it will be the first inside week in 2022 for either index. I understand the markets are closed on Monday for Memorial Day meaning we can expect lower volume on Friday as Wall St. heads off early on their holidays. On low volume days there can be wild volatility and somewhat nonsensical type moves. Worth noting.
Notes & Open Trades:

$NOG - June 17th 30$ Call - CLOSED 30% Profit
$NOC - 5% Stock Position - Entry $464.50 - Stop: $455.50 (Yesterdays LOD/10EMA)
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Irish Born Investor's avatar
$16.9m follower assets
24th May 2022 - Trading Journal
I have decided to move my Daily Trading Journal from DayOneApp to Commonstock. I hope that this may be useful to others in both it's format and the content. Writing a trading journal is a very good habit to get into and enables the writer to reflect on their thoughts, mood and bias. I will attempt to post this journal each day that I trade or study the markets in real time.

I have only just begun looking to trade actively again after a hiatus due to market conditions. I have spent all of this time studying styles that I hope will suit me. Mainly along the lines of Minervini, Weinstein & O'Neill. I have consumed a huge amount of information in the past few months and feel confident in my ability to weather this storm and be well equipped when the market eventually sees sunshine again. This is a generational moment in the markets and I want to be one of the bubble class of 2020 left standing.

  • Situational awareness:

Situational awareness represents my feelings and awareness of the bias of the market going into the day. Clearly today that bias was bearish. We are in a strong bear trend, the SNAP results last night seemed to kick off a reverse to the downside. I suppose this was a bellwether or possibly some leveraged whale just blew up! Who knows...

  • Pre Market Work:

I am in no rush to place trades and I have no intention of placing new trades each day. I will be selective especially in these conditions. I spent the morning doing the same routine I have for the past few days. Looking through charts on longer time frames and highlighting anything that came up that looked like it was ready. The only sectors primed for moves are Aerospace/Defence, Shipping/Transport & Commodities (Oil, Gas, Coal). I am reluctant to dive heavy into commodities as the trade is a bit long in the tooth and everyone and their auntie is trying to trade them. Once participation reaches peak then the trades will begin to fail. That said there are setups and they are worth considering with tight stops.

Mainly, I would like to spend my time identifying the stocks in Stage 1 that may move to Stage 2 as the market turns. Tech is still being decimated but there are a couple of very early signs of bottoming in $ZM also interesting bottoming forming on weekly charts in $AMPL & $JOBY. These could just as easily leg down again, only time will tell.

  • Trading Day:

Once the market opened I used my sector lists to indentify what was holding up. $NOC was a clear RS name today and was already on my focus list with a nice VCP (Minverini) setup. My entry was more anticipation than breakout but I like the setup and the solidity in the name and sector. Also the Moving averages all converged suggest a strong setup in my favour. With a minimum 2.5:1 Risk:Reward I opened a 5% position which is quite small but I am starting slowly.

  • End of day Thoughts:
I am still trying to structure my watchlists better at the moment they are a bit messy apart from the focus lists. I need to work on these. Also I have updated my TraderSync so that it is cleaner with better tags and settings. Long overdue.

I had several Shorts on watch today $COIN, $NET, $CELH all of which look like absolute manure and IMO will probably half from here but as volatility gets more crazy I am reluctant to press shorts too much and am uncomfortable holding them multiday and don't want to day trade much.

  • Notes & Open Trades:
$NOG - June 17th Call $30
$NOC - 5% Stock Position : Entry $464.50, Stop $455.50
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This is so insightful! I don't really know much about a trader's routine so it's really interesting to learn what your daily actions consist of. I agree a journal is a great way to record your decision making and your thoughts at times. Really love the format and clarity of the first post. Look forward to next one.
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Upcoming Earnings Calendar (Feb 21th - 25th)
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  • $MELI - How much did inflation impact their logistics margins?
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