09/21 CRON or CRUNCH? (sorry for the late post!)

I started my day trading career with Tim Sykes and when I wanted to learn more, I joined Investors Underground. The DVD’s that helped me the most were Tim Grittani’s Trading Tickers and Nate Michaud’s Tandem Trader.  Software that has helped me in my early years was: Trade Ideas software. Now I use FINVIZ ELITE. Click on the highlighted links for more details. For my main page, please click here: Day trading for beginners


Let em start off by saying.. ohh my gosh I didn’t trade TRXC today. In hind sight, I could have. I love that USD 6.65 reject candle and I would have traded that if I wasn’t acing CRON.

My watch list consisted of, in short, AMD TWTR and HTHT and for the small caps it was CRON, TRXC, $ACAD and MDXG.

My thesis on CRON was simple: “if TLRY is crapping, so will CRON”. TLRY was red at open, at least when I looked at it real quick. Just to see the score. I cannot short TLRY nor would I like to. I am not a gambler. At least, I hope I am not. I try to avoid the big, low float, account blowing trades as much as possible. You can still blow your account, so do not go crazy when trading your plan.

Too add to the above, I was ready. This uptrend was dead (for the time being) and I knew a few traders bought this at yesterdays close. This got me pumped. The buying was almost a 2 million in volume at close and I had a feeling these buyers will have their stops at yesterdays low of day.

I did not expect that selling candle too much at open. I was expecting selling because TLRY was tanking. I started with a small buy at 13,30 (with a stop at 13,40) and added to the position, below VWAP at 13,00 (risking 13,10). With an eye on a washout from that 12,75ish low of yesterday (again, expecting stop losses to be triggered around that price there). I got my wash and covered my short position at 12,50 (after the 12,40 bounce). I tried to go long, risking 12,40 but missed the entry. It was a nice jump from 12,40 to 12,80ish.

The main reason I lose money is because I add to a losing position. I rarely lose money when I stick to my plan. As explained yesterday, where I traded TRXC, my strategy has a 80% probability. I track my top stocks every day. Where do they crap, where do they break out, what’s the volume and, also important, what happens in the first 30 minutes. I always trade based on my research. When I don’t and do stupid things, I lose money. It’s that simple.

SERVICES THAT CAN HELP YOU

Trading large and mid caps is hot business. Tandem Trader offers some insight on how to trade them.

Kindly click the following link here for more info on Tandem Trader:

Tandem Trader DVD

Also, if you are interested in short selling, you should check out Trading Tickers, which contains two important strategies 1). shorting parabolic moves and 2). buying breakouts. You can find it by clicking the following link:

Trading Tickers

I hope you enjoyed this blog entry! As always, feel free to share this post!


If you are interested in Investors Underground and would like to learn more, please click the link here: Investors Underground.

 

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