Man, I know I’m not supposed to perceive any market information as painful. I realize intellectually that nothing that is happening is against me, but man, it’s sure hard to actually feel that and not feel pain.
The trade that I got into yesterday — a PUT in MYTE — is pushing up this morning. No gaps in either direction, just a small up-move right now at the open. That’s not to say this won’t reverse today. It certainly can. But it doesn’t look like it right now.
On the other hand, too, WFC did gap up this morning and is already up 3%. I had an entry order here at the top of that range, but it never triggered. Had it, this would be a clearly profitable position, and I probably already would’ve entered my trailing stop. That said, since it gapped up, and never technically broke out, according to my parameters, I don’t think I can technically call this a missed trade. It made a bit of an anomaly of a move, and if it had gapped down this morning, I’d be singing my praises about how I didn’t get in too early and I trusted my system.
Nothing that has happened is the markets fault. I liked what I saw in MYTE, so I don’t regret it. WFC didn’t actually do what I thought it would, so it wasn’t a missed trade. The stock did something different. There’s an endless flow of opportunities to make money in the markets, I just have to remain positive and open to the information that I’m being given. Another day, another opportunity to make a bunch of money 🙂
The S&P is pushing up a good amount this morning. It gapped up and pushed out of a bit of a base that had formed over the last 6 trading days. It’s up against some resistance now, and the 20 MA, so I still anticipate some weakness, despite today’s up-day. The VIX is down a ton today, too, so hopefully that just means opportunities to get in before a volatility boom.
Took a long unplanned break. I messed around with my watchlist this morning, found over 130 options, and got out of there. The morning before I start trading isn’t when I should tweak those settings. I’ll put them back and start again.
I’ve looked at a couple of things this morning, but nothing that really makes me want to dive in. I thought TLRY was a good option, bouncing off of the upper band and pushing back below the 50MA, but when I looked at it again a few minutes later to run the numbers, it was pushing up again.
JOBY is up on the day and appears to be starting to base, but I’d like to wait a couple of hours to see if this builds some energy — which it appears to be doing. I think I’ll run the numbers here on a breakout of the day’s highs (which is breakout out of some long-term resistance)
AMC came up on my watchlist this morning as it was pushing up, quite a bit. Looking at the hourly chart, though, it looked a bit extended at the open, pushed slightly above the upper Bollinger band, and has been pushing down for the last couple of hours. RSI isn’t quite in overbought levels, yet, but with the upper band being breached and this overall downtrend, it looked like it had some weakness in it’s future to me. I ran the numbers, to make sure I could get in for a price that doesn’t take out my break even level, and everything looked good, so I entered an entry order that was filled immediately.