104 [I’M BACK BABY! Finally a huge day after 3 weeks of frustration. Apr 21, 2020]

  • SHOP going to the moon, it’s a good thing, higher it goes, the better trade its going to be. Still showing some big rs, but it’s not going to keep going up forever. It’s up 100% in like 2 weeks, it’s a lc name, gonna pullback eventually. If it breaks below first 5min red candle will take starter. Broke below vwap, took a starter, and looking to add. Especially bc the mrkt is weak. Held and put in a hl intraday so far, stopped out. Right back below vwap, had a squeeze candle but right back. If it can retest and fail at vwap again will add with tight stop. Could go either way, rn building lhs and hls. Shorted vwap fail then stopped in more orls. Covering 100 shares every 5 dollars or so.
  • SHOP was a 5* setup, it doesn’t get better than that. You don’t get setups like that very often, and when you do, you gotta have size. I should have sized more, but it’s always like that, when you nail a big trade you wish you had more size. It’s just one kind of setup, its a mean reversion trade; you have a stock that’s up a lot, and it’s up 3/4/5 days in a row, it’s not gonna go.. It’s just like TSLA and TVIX, study these setups, there’s a bunch of these every year. They’re all the same setup. Now the key is obviously to time it well, that’s the hard part.
  • Now SHOP, either for later today or next few days, gonna look for ranges to the downside, bc if you look 60min chart, this thing has another 60 dollars of clean downside. I hope it doesn’t break it today, would be better if it does it tomos, bc it’s already had a big move today. But if it breaks, could v easily go to mid low 500s today, if the selling really comes in. When euphoria leaves, you get panic.
  • TQQQ weaker than SPXL, added a bit orls. Nice flush from entry, covering some. Wow these things are tanking, covering bits into flushes. These things can’t even bounce.
  • I’m not looking to long, I think we’re gonna chop around. Bc the mrtks really did but in one hell of a rally, and SPYs rallies right into the declining 50day, getting rejected there now. We’re seeing a lot of these bear flags starting to break lower, be careful buying any breakout. And also things that didn’t breakout or run the past three weeks, when we had a historic rally, that’s not a good thing. It’s not a good thing that it hasn’t gone, that’s a sign of weakness not strength.
  • NVAX, going to use lows of yesterday as stop, this is where citron tweeted about it, had a big down candle then just bounced higher. The lows of this candle will be my final stop, if it takes that out I don’t wanna be in it. It’s also getting v extended so it’s time for it to pullback, even though I hope it goes higher. Hope is not a strategy. Sold most of rest took out lod and went red, rest is trailing at retracement lows. I didn’t even have a lot of size in it, just made a big move.
  • UGAZ, it’s just a trade for me, I know nothing about Oil and Gas. Obviously I’m only going to add if the technicals confirm my thesis. May add if takes out hod with a tighter stop, and only hold if it closes strong, since these things can gap quite a bit o/n. If this thing is gonna go 100/200%+, I would really like to nail it. It’s a potential big opportunity, and big opportunities don’t come around too often.
  • I have some good, good entries on a bunch of stuff, now it’s all about the follow through. I’m in no rush to get into more things. LAKE and APT look good, building hls 2 months, trying to come out of this little range. I see a good r/r. Took a starter APT. No follow through, stopped out, but chart stills looks great, going to keep it on watch.
  • NCLH may have a cheat entry here in 11.16 area. I’m gonna do small size since I’m already in a bunch of stuff.
  • If we could just have a few more days of selling, that would be great for my accounts. Bc if you have a period of a few weeks, when the market is really good and you know you f*cked it up, and it just keeps going, it gets really frustrating. It really hits your confidence, you really start doubting yourself, and that’s what happened to me the past three weeks, I totally dropped the ball. And the funny thing is I had TQQQ orl here in low 48s [6/4/20] and I sold in the 51s or so, bc I didn’t think it would go much higher. Can’t believe how much I f*cked up these past few weeks, but now if I can nail these trades it’s gonna be all good. Wow very good day not gonna lie. I needed this, I wasn’t in a good place mentally. I was getting pretty low, hence the constant whining and complaining, but now, I’m back. I’m back.
  • So I don’t really daytrade anymore, but these kinda setups like SHOP, this was also my main daytrading setup, now I’m obviously swingtrading these things, bc why take a 10% gain when you can get a 20% gain right? But overall, the mean reversion setup has been my main setup for many years. I’m usually too early on these, but when I nail them I nail them.

#shorting #masterclass

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