Trade the BEST & Leave the Rest transcript

all right everyone so if you saw my uh post on uh Sunday yesterday I noted that I would not be uploading my game plan for the week ahead yesterday because I went camping this weekend with my two boys we went up to the Green Mountain Forest in Vermont we had a great weekend off grid and I you know I want to do that for them because um they're out of school now for the summer summer break has just started so I was feeling like I I initially was like oh I I'll record it on my laptop and then I'll upload it you know when I'm out but it just it just didn't happen and I was like you know what this is a boy trip let's just enjoy it um you know to be honest I I wasn't feeling a lot of fomo coming into this morning after Friday's you know sell off on GameStop I kind of just felt a little discouraged but you know I thought quite a bit this weekend about GameStop and I'm actually going to upload a video separate I haven't recorded it yet but I think I'll record it after this recap and then upload it later today uh because you know as I was thinking about the stream on Friday and kind of everything that happened um I I have some thoughts on it and I have a couple theories that I want to run by you and see what you guys think of it because something there's a little bit I don't know something's a little funny so I'm GNA upload that later and I'm not going to get into GameStop a whole lot here in this episode because I'll save it for the next one but um you know needless to say I was not expecting much out of it today you know obviously the price sold off because we had this um shelf registration and earnings announcement and the earnings were bad so yeah the price kind of popped up a little bit um you know during the stream but then sold off even more and and today it's gone even lower so my thinking right now was well maybe I should start watching it the only Catalyst at this point would be you know the company putting out news and possible news would be that they've closed the 75 million uh share offering but it's probably going to take them some time because when they announced it the first time it was on I think May 17th that they were doing the 45 million share offering and then I think they closed it on May 24th or that was when they announced that they had closed it so it's pretty close together so I'm wondering if you know we'll see an announcement this week about them completing that 75 million share sale and if we do then we might see a little bounce but anyway so this morning when I sat down although I pulled up GameStop I wasn't interested in you know taking any trades on that here this morning so I was left with this Gap scanner uh right here oops let's see um there we go so right here so dsy up 100% I pulled this up and I was like uh recent Chinese IPO you know at this point I I I really I don't have a lot of faith in these but but nonetheless regardless of Faith uh the price by the time I was sitting down at 7 a.m. um you could see already we were you know had moved up and we were stair stepping back down so we had a nice rally early between you know 4:30 and 5 kind of pulled back a bit more than you'd like but it did bounce off that 9 moving average what's interesting about this pullback right here is that it actually went below volume weighted average price so it went below vwap dip down and then it rallies back up through vwap to new highs goes sideways and then drops again this is a really tough pattern because you know this is the 5 minute chart if I look at the one minute chart on this let's see get dialed in here so looking at the one minute um we see that we have this first move which wasn't based on news it was just the IPO from yesterday or Friday pulls back kind of drops down again below vwap then it rallies back up micro pullback kind of micro pullback goes up to six nice drops here bigger red candle bounces back up off the nine on the one going sideways weakness macd crosses over and then a moment or so later a couple minutes later we break down we're back below vwap here and then we break above vwap we pull back for a second and then push higher we dip down here which is sort of a retest of vwap and that could have been a spot to be a buyer squeezes up but a topping tail right that candle's topping tail a couple more topping Tails then kind of pulls away up to 650 but it comes back down quickly and then that's the high of day and that's that so short-lived opportunities on it early in the morning nothing for me on that and although it did end up you know ring a little bit at the open it was not something that I felt comfortable trading so dsy left it alone no trades now we could take a look at the overall Market just for a second um so big picture of the S&P 500 is that you know we're pretty darn good shape I mean this Market is strong and this is good to see so you know we're in a bull market right now and um you know I mean we'll see we'll see how far we can ride the momentum but uh Market's just off the all-time highs so that's good to see kwe penny stock this one hit our scans early this morning and pretty much immediately spikes up this was right here um it's like 8 something a.m pulls back 55 cents though for me a little too cheap it pushes higher pulls back pushes higher pulls back at the open it punches up to uh 105 and I actually got an order ready for this cuz I thought okay if this can hold this level here of a doll five then I might get a trade for a move higher right here but here was the problem you know that my Max share size is 5,000 shares until I first made a th000 bucks so when I pulled up my order on this and typed in for 5,000 shares I was like let's be real how much money am I even going to make on this I probably not even going to make 15 cents and then I thought well you know it's only a dollar a share I could just take 10,000 shares and I thought yeah that's true but you know and so I'm kind of waffling over it I'm like I don't know it could but I don't know it's kind of risky and I kind of looked away and sort of like thinking looking and then I look over and it's halted down at 85 cents I was like you know what see that's that's what would happen you know I buy 10,000 shares and then I'm down and all of a sudden I go from you know a dollar to 75 cents I'm down 2500 bucks I probably didn't even have the potential to make much more than five or 10 cents but sure enough there's the dump so I'm glad I steered clear of it uh I was sort of thinking about it but anyways while I was thinking I it it dropped ends up coming back up here around 1145 no interest in it at this point I'm kind of like over it for today I'm just like no I don't see anything I like although I'll say to be honest the chart doesn't look but bad for a move maybe into tomorrow but you look at the daily chart and we've got this 200 moving average right here it's not a great daily chart so not in love with this one no trades on it okay next one down um hovr warrants hovr stock all right so we look at the stock looks like kind of big move up here after hours Friday pre-market it's already selling off this is weakness breaks down no trades daily charts awful just a I mean actually I won't say it's awful it's awful now because you have a high volume red candle but prior to that I could have seen this potentially being a turnaround story with move uh room up towards $5 here that that could have that could have worked uh but but uh spec SPC this is one that I've traded before it's at this point too cheap it does have room also up to the 200 moving average but nothing for me on that IC war I'm going to skip over warrants I don't like to trade them um they're a derivative of the underlying value it's better just to trade the stock than a warrant with a with a few rare exceptions and I'm not going to get into all those details because it's just not really important it's not worth for a beginner focusing on the rare exceptions it's better just to focus on things you can kind of do consistently day in and day out so so anyways working our way down the scanner you all of a sudden it's like geez we got nothing so that's the Gap scanner and so coming into the morning I was sitting here you know I was sitting here early enough but nothing nothing at 700 nothing at 7:30 nothing at 88 nothing at 8:30 next thing you know it's 9: nothing and I'm like all right we're coming into the open here I've got nothing I've got no trades now if you recall on Thursday of last week I had a no trade day until I broke the ice and traded GameStop at like 2 in the afternoon and ended up losing $8,000 on it and then I lost another thousand on another stock I was down nearly 10 grand on the day and that was silly because you know my best days don't begin with a no trade day you know I don't go up till 10: or 11:00 a.m. or noon time with no trades my best days I'm hitting the ground running and I'm in the green nicely before the Market opens at 9:30 trading just pre-market then I can add some icing to the cake by continuing to trade so you know it was a mistake for me to trade on Thursday especially after being sort of caffeinated and I had just done a a webinar and so I was kind of I was a little exhausted and you know anyways so it was a bad idea but it is what it is um recovered half of the loss on Friday and right now I'm still in the in the draw down by you know $4,000 $5,000 so I've got to keep my head down stay disciplined and since I didn't get any trades going into you know news top bottom hour going into 9:30 once the bell rang I was like I don't know kind of feel like my windows closed uh but I'll give it I'll give it some time and I said you know once it was 10:30 I was like you know what I'm done I kept working and I've been here kind of uh working today on doing some GameStop stuff um which again I'll talk about in my next episode but you know I've been here in front of the computer all day but I just haven't seen anything that looked good and and honestly even if I saw something that did look good I I I don't think I would have traded it because of what happened on Thursday I just know at this point um you know I don't want to get sucked into that because then if I get sucked into trading also I'm not going to get the other things done that I want to get done so at this point it would be an opportunity cost to focus on Trading during a time of day where I typically don't make a lot of money uh afternoons now that actually reminds me um let's see I'm gonna grab no I'm not GNA go there let's see I'm G to grab where do I got to go um I'm GNA pull up my metrics here for Trad riew so we'll do a little kind of get oriented with where I'm sitting here on the month um you know June 10th so a third of the way through the month of um June here you know making our way through the year it's kind of crazy but um anyways just continue to push along so I'm going to import my trades from Thursday and Friday because I didn't grab those ones yet and then I'll upload them here to Trader view okay so I'm just logging in on my other screen just CU it's got my username and password and stuff all right importing trades there we go so let's see how this is looking sometimes it's I don't know sometimes it's not super fun to import my trades after I've had a red day I'm like I don't really want to really want to look at it but um you know at the same time kind of might as well I guess can't hide from it forever so anyways um yeah so kind of that that's the red day there that was that one back there so anyways nice green day on Friday thank goodness for that um and I I saw um one of our uh members had a red day on Friday kind of like mine on Thursday um and a day today kind of like mine on Friday so Friday you know I this is like I was green 3500 you know and I should have just walked away and taken the small win off the table because after a red day you got to kind of pay yourself and then I pissed it away I went into the red and then uh I bounced way back into the green and was like okay I'm done for the day that was that was wild this is and I knew that I had to be really careful here because going from green to Red can be a trigger for me and I I knew I was like I probably should walk away but this is the trade I took during that live stream on GameStop and it it was the it was you know it was a fine trade but yeah this is where I sit for the last 30 days let's see go to 609 so you know pretty steady here I guess I'd say I mean this is a pretty nice trend line dipping down a little bit but you know rally back up I'm sure before too long one of my goals for this year was to try to have as few um really bad emotional days as I could uh not to be like focusing on the negative but I just wanted to try to have a a month that or a year that wasn't so um emotionally kind of volatile and I ended up having you know this setback here um these were two days in a row these two red days so I had a little setback here as you could see and then I had let's see another setback um I think I had one in April although it wasn't too no no April was good but then I had another one in May um let's see right there and then you know so I I I'd say right now I've had maybe like three or four kind of tough days so far this year but but overall it's been good I I guess you know yeah I I have this dock where is it my trading journal dock I don't think I go back to January then no I didn't I've got one two three yeah those were bad um four five wait six seven oh man oh actually now I can't tell I got to go I got to go update these notes because now I'm not sure if those were actually um days where I those are days where I was red on everything but um but no I got to change the label on that because that th those are bad those are red days but those weren't emotional hijack days sorry I just wanted want to make sure I'm accurate with my note taking here so anyways yeah had I guess it looks like yeah one and then um so I had that day on the 6th two three four five six yeah so I've had six days three of them were in March where I've had emotional hijack so I've been having one a month average this year I really got to get better with that uh last year I don't know I didn't I wasn't tracking them based on the number of times but it it's part of trading that you're going to have these kind of setbacks but it's just um I don't know it just feels like it's it's just so important to follow the rules and to maintain discipline and so anytime I have a set back and I'm you know off my game from a discipline perspective I get really I get really frustrated with myself it just feels like shooting yourself on the in the foot and trading is hard enough without being Your Own Worst Enemy so I you know it's something that I'm still working on and uh still a goal for this year to just try to be a little bit better in that regard but anyways so today is day two of being you know back on a disciplin streak uh I was disciplined on Friday and disciplin here on Monday I could it would have been a little bit more disciplined if I had probably walked away on Friday just because I was um I did go from green to red but I knew that I was pretty confident we were going to have an opportunity from that news Catalyst of the stream and and I was I was right on that so anyways I just didn't have a a lot of cushion there because um I had already gone from green to Red so yeah I'm I'm hopeful that tomorrow we'll see a little bit more action I think we're kind of between Cycles right now GameStop has um sucked up a lot of attention so you know that's that's always a challenge when that happens and the penny stocks were a big Focus for several weeks but right now also seem to be a little bit out of focus if you look at the top Penny gappers you know there's nothing on here that's standing out so we're kind of in between Cycles so the best thing to do right now is to keep your head down don't over stay your welcome and wait for something that's obvious cuz once something is obvious I just find at least for myself that trading um it's so much easier to trade with the trend when there's something that's really trending nicely and when we don't have a solid Trend well you're just going to spin your wheels so there's no sense in doing that you're going to cost yourself unnecessary losses and get frustrated so try to see if you can maintain that discipline uh for me I know in a quality setup when I see it today I just didn't see anything I liked but fortunately I had the discipline to sit on my hands so I look I'll do that tomorrow if I have to but typically you know I I don't actually it's very rare to have back-to-back no trade days for me usually I will find something that that looks decent there's usually enough opportunities each day but today was just particularly slow so anyways that's it for me but I'll be um back at it uh of course first thing tomorrow live streaming for warrior Pro members and my episode on YouTube is uh on GameStop will be uploaded to YouTube um here probably later tonight so make sure you check that out and I'll remind you guys as always that trading is risky so take it slow manage your risk my results aren't typical and I'll see you guys back here first thing tomorrow morning