March 21st
Instead of beating myself up this morning for how I’m feeling/how much I’ve gotten done, I’m going to try to explore it.
It’s Monday morning, I got out of my AMC trade for a loss, and am still riding with my MYTE trade. I got toe the computer at a decent time this morning, but did very little in the way of work. Right now, I’m feeling a resistance to getting started. I can’t figure out exactly what the resistance is right now, so I think (since I am at the desk, looking at charts and typing) I’ll start looking at charts, and going through my process and I’ll interrupt my thoughts when I can articulate my feelings.
More reddit. No work. Still feel resistance. Like a literal hand on my chest stopping me from working. I guess I’m feeling the feelings of pointlessness. Why do anything? Ugh. I hate it I hate it I hate it.
I’m not getting anywhere here, and as of right now all I want to do is distract myself, so I think I’m going to grab some coffee, sit on the couch and read some more of the new book. At least that’s somewhat productive. Though, I feel like that isn’t the most productive use of my time, I guess it’s more productive than the whole lot of nothing I’m doing while sitting here…..
March 22nd
I’m feeling a little better this morning. At least with enough “motivation” (right now) to actually look at charts and take notes. It’s a little early right now, so I’m just trying to get into the right mindset. I DO have an edge. I TRUST my edge. The way to win this game is to take advantage of as many opportunities that I can find that fit into my edge, and the numbers will work themselves out.
The market is NEUTRAL. Nothing it does can/should make me feel any sort of way. Nothing that happens is a reflection of my ability to be successful. There WILL be losses. There will be losses if I’m a casino, there will be losses if I own a company, there will be losses if I get back into blackjack. THERE WILL BE LOSSES! No mistakes in life, only lessons. Losses only signify that edge didn’t play out, and that’s okay. It’ll happen often.
Remember back to when I was successful at Forex. I looked at the numbers again and in my most profitable months, I was winning 50-% of my trades! 50%! Sometimes less! That’s incredible. A couple trades are going to be full losses, a few, maybe most, are going to be break evens or small gains and then a couple will be monster wins that will sustain everything else like it always has. I’ve definitely got this, I just have to stop being so negative and afraid and angry. I can’t take my life experience/feelings/emotions into my trading. When I look at the charts, there’s nothing else. Like when I step on a basketball court, there’s nothing else. Gosh, I don’t know what else to say or do. I don’t know if I actually feel any better now than I did before I started
I had JOBY on my list last week, and made a note on the chart that said “looks a bit extended here, look for a retest”. I don’t know what happened, or why I never looked at this again, but looking yesterday, it had a nice down-move that touched some support (prior resistance) and pushed up considerably from there. It’s another good/bad thing where I recognized something and looking days later, realized it would’ve paid off, but for some reason wasn’t actually able to get a trade in.
*Potentially look at taking at trade in ET in my practice account*
March 23rd
I haven’t really been looking at the S&P much these last few days, but looking at it today, it’s made quite a recovery. It pushed up through resistance from early March last week, and yesterday just pushed above a prior-support resistance area. I still am not 100% sure what to do with this information, other than just to keep it in the back of my mind and hope it informs decisions as I see how industries and stocks react to it’s movement. Also the VIX is up a decent amount this morning, but has been dropping over the last several days.
First thing this morning, I got a notification in TradingView that SOFI reached a level where I wanted to look to short it. It’s hovering around a support level, has been pushing down for a long time now, and the support level is one of a small rally. I’m looking to take this in the direction it’s already moving, but not until a breakout. I set an entry order to get me into a 4/22 9.50 Put if/when SOFI reaches 9.24, one penny below the lows of the base
CHPT, which is something that’s come up on my list before, came up yesterday as well. It didn’t look great then, but I left it up to keep an eye on it. It’s in a nice, long high base on the hourly chart, and has been pushing up for roughly the last 2 months, so more upside could be in it’s future. It’s down quite a bit right now, but I’m going to leave it on my watchlist and potentially set an alert. Other than these 2, I haven’t looked at my screener at all yet, so I’m going to do that now and come back with anything I see
March 24th
IDK. I got to the computer a little earlier this morning because my girlfriend was in the shower, so I came straight out. I tried to meditate, but couldn’t get through it, anxiety, sadness and frustration crept through and I gave up. I hope to try again tomorrow. I’m hoping this doesn’t affect my trading too much, as my negative feelings didn’t derive from trading. I’m still simply looking for my edge and remaining open to all possibilities and opportunities. Anything can happen!
The S&P had a bit of a down day yesterday, but today looks to potentially return to the upside. It’s up a bit on the day, though it is hovering right in a support/resistance area. The VIX is down again on the day, too.
Looking at what I’m currently in (and as an aside, my SOFI order cancelled overnight, and as of now I’m not seeing any affordable options, so that’s over), MYTE had a pretty big gap-up this morning, but is pushing down a bit from there. It’s right at the 20 MA on the hourly chart, so I’ll still give this some time. I’m already closing tomorrow, worst case scenario, so I’ll let it breathe a bit today.
As for CHPT, it pushed up first thing this morning to yesterday’s highs, but didn’t quite break them. They’ve pulled off a bit, but only by about half. This is a fairly new trade, so I’m fine with it where it is. If it gets down to the $17.50, that’s when I’ll look to get out. Things look good right now, though, and on the hourly chart, the Bollinger Bands are still pretty close together, so there could be more volatility in it’s future, too.
The screener only has 10 stocks on it this morning, so we’ll see what those look like. I might jump into the “sizzle index” if I don’t see anything I love.
TLRY is my favorite this morning, looking at a PUT. Price has been pushing down for a year, had a rally over the last 7 trading days, got up to the upper band as well as the 50MA on the daily chart and has pushed down from there yesterday and so far today. Now, it’s sitting on top of a support level that was a prior resistance area on the rally and had been some support in the past. RSI is also just sloping down right around 50. While an argument could be made that this is a reversal move, I’m going to play this in the overall direction. I’m going to run the numbers here and try to get in if/when price reaches $5.59, which is roughly 1¢ outside of support, but still within that support/resistance area.
SOFI did push through the levels I was looking at yesterday, I’ll look through the options chains to see if there’s any opportunity there