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Student of The Market 👨🏽🎓👨🏽🎓
Day Trader for the most part 📈📉
A better SHORT 📉📉 than LONG 📈📈
Before you come attacking, unless stated otherwise, my assertions are strictly INTRADAY..
Interesting thing happened yesterday.. Premarket, i came across $VERU.. I didn't think much of it at first. Mostly because of it's premarket action (sudden rise during the session). Then it lost around half of it into open.
Open: here it is gathering momentum. That was when it caught my eye. Slipped through $6, headed for $7 like a hot knife through butter. And just like that, we were at $7. Here i was in a quandary: "I DID NOT WANT TO CHASE BECAUSE IF FELT IT WAS OVERXTENDED and due for a DIP. OR, i risk it all and ride the momentum? I didn't have the cajones to choose the latter..lol
That was the plan, pullback and then buy the dip. Long story short, i watched it uptick from $7 to its high yesterday ($14.57). Lord know it took all in me to NOT chase.
At it's high i noticed signs of shift in momentum. I was gunning or a dip, and a dip i got.. Not the most significant of pullbacks but one nonetheless. I wanted a support base for the pullback. I cant open myself to be the one catching the falling knife. Bounced off the mid $12s. Got in partial size in the low $13s and finally added to it in the low $12s. Averaged in at $12.81 at full size.
Normally i wouldn't SWING a trade, this must've been my 3rd or 4th swing trade. Felt optimistic because of how it closed.
Sold at $15.20 during premarket this morning. Looking back, i i missed the top by a hairline fracture. In all i came out with a +19% ROI
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Took a 12.5/15 call credit spread on this yesterday when it was trading at 12, happy to have exited well on the upside this morning after the fall
I’ve also noticed how most of these former runner have become multi day runners. First day crazy run, it might continue into the next day but majority of the time resumes it’s uptrend on the third or fourth day..
“Keep your new chic(ticker) close but keep your EXES (former runners) closer”. ~~ Me.
We Have a Runner !!🏃♂️🏃♂️🏃♂️
$SBFM is already at a multi month high.. already up +150% and it’s just premarket. Low float, already rotated 2x.. it’s catalyst? “mRNA molecule being effective against multi drug resistant cancer cells”… I’m not a pharmacist, don’t know, can’t tell if it’s true or not. One thing is for sure, the STOCK IS MOVING and that’s all that matters..
9% is A LOT. All in one fell swoop.. $TWTR. I wonder if it’s enough to attract retail traders? As a day trader, twitter wouldn’t be your typical play. Even on days it’s experienced more than usual volatility such as today. For a Swing play, there might be something in there..
Option Traders, what’s your take. Are y’all going to buy PUTS or short CALLS??
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I'm not playing this one, it could go either way. The business isn't better, so could easily be a short; but it could get cult status with Elon attached and continue to run. I'll pass and just enjoy the show.
$HYMC off to a blast already in premarket trading. Are we going to see a multi day runner. At it’s current price it’s already at an multi month high. Things could get interesting, it’s too soon yet it’s one to keep an eye on..
Show by hands!!! 👆🏽👆🏽👆🏽
I barely know the names of the tickers I trade… As long as it’s behaving in a pattern I’m familiar with, it’s fair game. What it does or does not do, I’m not interested. Like a “one night stand”, it was good while it lasted. There isn’t to fall in love with a stock.
There are those ones that you’ve traded a couple of times so you become aware of them. 95% of the tickers I’ve traded, for the life of me , I can’t recall their names or what the company does.
Trade the TICKER, not the company…
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This is good advice for traders. Everyone does it different.
Level II: The Unsung Hero..
Not the user friendliest of things to grasp, yet it’s such an important tool to master. There are a plethora of technical overlays out there. And to each their own, it works for some and it doesn’t for others. As a Day Trader myself, I love to keep it simple stupid. All those overlays, I stay clear off. Nonetheless, every now and then I resort to the MACD and VWAP. That’s just about it. Before you come attacking, in my defence all these indicators and overlays are “L**A**G**G**I**N**G ** I**N**D**I**C**A**T**O**R**S”. The ONLY real time indicator is Level II (IMHO).
Think about it 🤔🤔? Everything else needs for things to happen before a clear move is provided. If we had real-time indicators, we’ll be yippee-ki-yay’i__n around camp fire. If you’ve been in the markets long enough as a day trader, you know every second counts. You need to make adjustment to your plan the moment you enter a trade. These overlays are great if I want to SWING or hold for the long term. But for day trading where I’ve been in plays that lasted less than 10mins. They’re of little use to me. If they work for you, cheers to you..
Level II is just showing where both parties are, buyers and sellers. I describe it as this “it’s _like __ _a _confirmation _bias__, _seeing _al__l _the_ marke__t participants, _at _what _prices _an__d _their_ order _sizes_ eithe__r _confirms _my _thesis _on _the_ stock _or _debunk__s _it_”.
Like Siamese twins, you can’t use level II without T**i**m**e ** & ** S**a**l**e**s.** The former confirms my bias, the latter adds that extra layer of confirmation. Say I see about 5 market makers with 100,000 share size each at $12. That’s a lot of shares to offload, from the level 2 I can tell if the buyers can chip away at those sellers. Is that price point and those MMIDs are still there after a min or so, with confirmation from the T&S display of “red prints”, it’s as clear as day that buyers are getting overwhelmed. And that momentum might be shifting, making $12 a solid resistance candidate. That might be sign to take on a SHORT position. Cool trick right 😎😎..
At the end of the day, as I mentioned early on, do what works best for you. Understanding and being able to interpret Level II made me a better trader. Albeit challenging, once you get the hang of it, it’s pretty cool..
Taking an “L” on $LLL (The Irony)
It could’ve been a great trade. Am I familiar with the pattern? Yes. Is it my most profitable pattern to trade, NO!
Plan was simple, let it cool off premarket into early market open. Buy into the dip. Support at $4.50 held pretty well. Got in at $4.88 playing off the support as exit, looking to exit into the INTRADAY high ($5.63). Surprisingly there is A LOT of resistance around the mid $5s.. if I had to say, I’d attribute it to those holding from Tuesday who bought at that price point looking to either break even or cauterise their loss… Not get the exact top, but exit into the low to mid $5.50s.
Didn’t have the patience to stick to my plan, dipped after I bought. Exited at $4.64, that’s a -4.88% Loss..
There might be some play still left in it if there’s a breakout at $5.50. Majority of sellers should’ve been exhausted by then, giving it more promise to maybe, just maybe retest the highs from a couple days ago..