Druidwolf21

$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??

$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..

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.

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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.

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Trade the TICKER, not the company…

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..

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..

#daytrade

#stockmarket

#traderecap

#LLL