Another Strong Day In The Market +$59k | Ross's Trade Recap transcript

what's up you guys all right well here we are thursday morning and i'm finishing the morning up 59 000 on my day trades and i've got a little profit on my swing trades although i have a trade on amazon and also trade on apple that are not working out super well right now but we'll see how they do and trades on disney etsy netflix and roku that are all in the green so uh kind of a crazy day today both trying to take day trades working with swing trades and keeping an eye on the overall market but uh green is good another strong day so i hope you guys enjoy the recap uh and remember tomorrow morning right around 8 45 9 a.m i will be live streaming right here on youtube my pre-market watch list so make sure you hit that subscribe button hit the thumbs up button and tomorrow if we get 3 000 thumbs up while i'm live streaming the pre-market watch list well maybe i'll go ahead and live stream and give you guys a free friday uh live streaming action trading uh right on youtube all right so uh i hope you guys are doing well enjoy the rest of the day and as always questions comments on today's recap leave them down below and i'll see you guys first thing tomorrow [Music] what's up everyone all right so we're going to do our midday market recap here go over the trades from this morning i'm finishing the morning up fifty nine thousand two hundred seventy four dollars and seventy two cents so i'll put that uh right there for you not a bad day uh we are seeing some uh definitely some more momentum today than we saw yesterday you know yeah and yesterday was kind of interesting because it just felt like across the board things were slow except for bfra which you know when i was kind of logging off at 11 30 or whatever it was at that time halted right here um and on the day in total it had less than 20 000 shares of volume so it had six thousand shares in this candle uh well so go back to the beginning it opened the day with 1100 shares a red candle so halt halt halt halt halt halt and so you know then it halted coming down then gapped up and halted going up i mean it went from 10 bucks to 55 we have seen this happen on several other occasions we've seen it happen with we saw it with ltr ltr pb yeah i think that was it um duo wins uh there's a few others but in any case it's it's not the first time we've seen this happen but the problem is always that it's so hard to manage risk when you have the volume that light and the spreads are as big as they are um you know that's where um that's where we kind of um have a situation so you know at this point um you know i just left that one alone i was like no i don't want to um i don't want to push my luck on it i'm just going to leave it alone so no trades on that yesterday good job for those you guys that did trade it it totaled with about 1.2329 million shares of volume so it did get some more volume by the end of the day but you know overall it was probably pretty high risk and big spreads so anyways yesterday aside from that there really wasn't too much going on uh this morning when we sat down a v t x uh sorry abtc was already making a pretty big move uh pre-market had squeezed up to 13. and so when i was sitting down um i guess it was i sat down around 8 30 or so so it was like around here so i was like okay wow this stock has made a really big move you can see that i made 21 000 on it it pulled back and when it came back up right here i bought for the break of the the pre-market high of 1278 for the break of 13. and that did end up working out relatively well as you can see it ended up squeezing here up to 1420 but then when the bell rang this halted going down i did get a bounce trade off the low and back up through the v-wap here but the majority of my profit was on this trade pre-market and then this bounce right down here back up to the v web probably about half profit on uh maybe about 15 000 pre-market in the rest here um i was up a little bit more on it and then gave back about eight thousand dollars or six thousand dollars trying to do a dip trade at 10 and stopping out at like 980 or something like that so again this is kind of discouraging on the one hand to have such an awesome pre-market move and on the other hand uh then it didn't hold that level and then it pulled back as much as it did you know when the uh when the market opened two weeks ago we were seeing these stocks not only open not only be really strong pre-market but continue that momentum into the open and so at the open we're seeing the stock squeeze through you know the pre-market highs and going to new high a day and that's what we've been kind of missing or i've been certainly missing for the last few uh trading sessions so you know i don't want to get up at seven in the morning i know that sometimes there's opportunities even earlier than when i sit down but the fact is and one of the problems is that at that time you're kind of back into that situation of bfra where you're trading stocks that have very light volume and with that light volume the spreads are bigger and then all of a sudden next thing you know it 7 7 15 you could end up taking a dollar a share loss on a trade that you know you thought was gonna be the next big one and just failed and then you're starting the day deep in the hole because when you trade stocks with big spreads and light volume your risk is almost always i mean it's it's much harder to just jump back out of it for a small loss if it goes the wrong way you're looking at potentially a much bigger loss so this is where i sit on the month right now before today 114 on monday 69 000 on tuesday 3 000 yesterday and now today is going to be 59 000 once i import that so you know i'm in good shape on the month no doubt about that i'm over 200 000 in profit and we're only four days in but it is a little disappointing that we're not seeing sort of bigger and better follow-through from some of these setups which you know i was hoping um i don't know i was hoping we would see a little bit more action so the next one down is adtx 80 tx i'm up 37 000 on and that's because this one did make a real attempt at re-testing those pre-market highs didn't get all the way there but it made a really nice attempt it squeezed up from seven up to 850 here that was a trade i took then it pulled back and it came up for a second attempt so both of these trades were break a vwap setup break a vwep setup and then buying the pullback on the one minute buying the pullback and riding that momentum this one halted a couple of times both going up and going down but gave some really nice opportunities kodak this was a little choppy but i tried to i did trade for the first daily candle to make a new high which was over 16. so that was my entry oops right down here uh which on the intraday chart was along right here at 16 and we actually got to move up to 17.50 i only made a thousand bucks on it but it's still nice and dnli is the last one i traded and unfortunately that one um just it made a big move here and i did the uh the first trade was a along right here and then the next trade was right through here and i stopped out winner on the first loser on the second so it just wasn't super easy to trade so a little discouraging on kodak and and then again on on dnli not to have better follow through but at the end of the day um you know green green is good and i'm green across you know net green on the day so 59 000. on my swing trades those are a little bit of a different story i am kind of not in great shape on my amazon trade which is a little discouraging as well that one's actually coming down a bit more here so amazon i'm kind of frustrated and that's probably an indicator right there that it's not going to be a good trade so i'm frustrated because yesterday i took a trade on amazon where i sold the 3 100 puts and that was pretty early in the day and then i set a stop on it walked away for a while came back and saw that i was stopped out for like 20 loss and that you know then the stock had ripped all the way up to here and i was like what the heck my stop was i said a thousand dollar maybe it was a 500 stop loss on it why did i get stopped out for 20 loss and so um this happened this is now the third time it's happened with td ameritrade on options trades where i've set a stop i've walked away and i've come back and seen that i got stopped out even though it didn't actually i was never at that 500 max loss so i know other people have complained about td ameritrade and having issues with it in varying degrees and it seems like perhaps i'm having an issue there as well with the stop orders and so right now i don't have stops on these trades because i don't want to um i don't want to get stopped out again for a 10 20 loss only for it to continue to go in in the right direction now one of the reasons i don't use light speed for options is because the light speed options chain is the whole light speed options chain is a little bit difficult to use so if i go over here to let's see now where is it um actually i might not have it on this um let's see let's go down actually might not have it let me tr let me switch over to my other account here i'm not sure if this login has options enabled but in any case um it's it's really it's kind of a it's a difficult it's just not an intuitive setup that they have for trading options and they don't allow you to use any stops well maybe that's because of the issue i'm having here but you'd think they'd be able to figure it out so in any case i am a little annoyed with that so i got stopped out on amazon and i was like well i can't sell the puts now because now they're much much less than what i got them for and i was like you know what this looks like it's strong so i think it might actually have a chance of breaking or at least testing this 3250 level tomorrow or friday so i'm going to take a debit spread instead doing a credit spread i'm going to switch gears and do a debit spread well you know the market pulled back a little bit this morning it sold off it's come back up but you know it hasn't broken yesterday's high so i'm down 500 bucks on that trade uh you know my max loss on it is about 1100 that's the max loss so it's not that bad but i'm halfway to the max loss which isn't great but on the other hand the max loss is pretty close so i'm not super concerned about that and the max profit potential if it does go to 32 50 would be about 4 000 so it's a good profit loss ratio but it's not looking great right now i might end up seeing that max loss apple i sold the 470 call spread and apple is continuing to go a little higher but 470 is way up here so although i'm down 198 on it this is the call spread it's um you know it's not killing me yet and i could the only thing there is that i'm kind of at the max profit on this was like 200 bucks the difference between 99 cents and a dollar 21. so i'm kind of at the one-to-one stop loss but you know it is next week so it doesn't expire tomorrow so it might be one that i should just take off the table and take the 200 loss rather than let it get bigger because the max loss on that could go much higher so that's apple i did take one day trade on avct in this account but the order execution wasn't very good so i didn't take any more disney i'm holding the uh august 14th 120 puts so those are up a little bit uh that's about at the 200 moving average so i'm using that as the spot where i would buy that dip so disney 200 or 120 puts etsy i sold the 115 put and then did a 115 put spread here for next week so those are both well this spread is sort of not in good shape but the other one for weekly is in good shape and i also did a 150 call spread this we had earnings yesterday and it's kind of coming down a little bit so i don't think it's going to come down to 115 by tomorrow i'm not even sure if it will come all the way down there but that's also support on the daily chart right here that would be bouncing off previous support so i'm okay with doing a put spread there and i'm doing the call spread uh just a little bit out of the money so it's i feel pretty confident that'll expire worthless and i'll keep that premium netflix i'm in good shape on with a 465 put and a 440 by 450 put spread that one is based on this kind of consolidation here and setting those basically a strike or a little bit below the low the last real pullback which was 467 and roku also had earnings and is coming back down so i sold the 170 call spread which is uh the high back here the high of this move so basically that's the call spread and that expires tomorrow so i'll probably be able to keep that profit in my pocket as well so i'm good in good shape on those um but amazon is the one that's not so great and i i don't know i'm i'm kind of just annoyed with the whole thing to be honest because this is how sometimes this happens where you know you have whatever maybe it's a tech error like what i had maybe it's a you know maybe it's just you missed a trade and then you sort of can't chase that so then you overcompensate and flip gears you're like oh well i can't i can't go long now so now i'll just short it because i'm frustrated and well now i'm down 500 bucks on that so now i'm right on both of them i'm read on the one that stopped me out which it shouldn't have stopped me out on and now i'm red on the one that i flipped gears on or switch gears on so yeah i don't know um on the one hand i do think it looks good for a retest of 3250 but the expiration is tomorrow so you know the overall market right now feels really top-heavy but of course if we get news um you know the economic stimulus for americans getting approved then we might see a squeeze and a gap up so i don't know i mean i'm already halfway to my max loss on it i might as well just kind of see it through you know on the one hand it's like if i stare at the chart i could talk myself just to bail out of it because it doesn't look great but then on the other hand if i'm down 500 what's an extra 500 and the fact is i am i am up 59 000 on the day on my day trades but you know the swing trades kind of have to stand on their own and i the goal is that i generate some passive income on the side with these day trades and so i need um you know to kind of feel like these are working for me and right now the apple and amazon ones are not apple has been a little frustrating because i kept thinking it was going to reverse and it just keeps kind of going higher but you know with selling premium i have the advantage on my side which is time decay but this you know you don't want to risk 500 on something that only has the potential to make you 250 and that's kind of what this is going to get close to to being if i keep holding it too much longer now i could set a stop on it but given i've had three times now where i set a stop with a limit so right now here for instance i could set a stop with a limit at 50 but then i might come back and see that it stopped me out at 40 and you know it's like something triggered it and i'm not sure what i don't know if using bid or mark changes things um with this with the stop orders um but that's that's kind of a frustrating issue when you cannot depend on your platform and that's the criticism that a lot of people have had with td ameritrade and that's one of the reasons i hesitate to day trade with it because it doesn't always in my experience perform really well so anyways i did try to take a trade in it um on abct this is you know my retirement account i actually felt pretty good about that about the stock in general but yeah i don't know we'll see so that's where i sit on my swing trades i feel good about etsy disney netflix and roku um but amazon and apple i'm not feeling as confident with although the overall market's probably going to be a big factor in the success or failure of both of those trades so i'll i'll keep an eye on them i might go ahead i mean the apple see the double top here is 446.55 so that kind of makes sense as a possible stop on the chart but that would probably probably be like a 250 loss on this although one of the ideas i did have with the apple trade because my potential to profit was only 200 was that i was going to be looking to scale in if um you know we started uh to see apple roll over but since it hasn't rolled over now i'm just wondering if i'll have to cut the loss all right so yeah so that's that and amazon i mean all things considered amazon is above the volume weight average price so it is still bullish needs to break back over 3200 and you know it could be that today look like if today closed exactly as it is and then tomorrow first candle will make a new high then we're talking about a daily abcd pattern so this still definitely has potential it's just a question of whether i would prefer to just take a loss right now or let it you know hold for an extra 500 bucks and really see it through so i think at this point i'll just hold for the extra 500 bucks and see it through 1100 is my max loss on it roughly apple on the other hand um because the thing with amazon is because the debit spread if it works i could make four thousand dollars so it's a good profit loss ratio with apple if it works i make only 200 unless i add to it so it's not a very good profit loss ratio so that one i have to keep a tighter stop on in general so back to a couple of stocks from today adtx at the volume weight average price a little consolidation and you know the thing with these is that they can you know once they kind of fail to make new highs they can lose a little bit of interest you know people kind of start to give up on them all right this one's not going to give us that crazy crazy move and they can start to fade but as we did see with adtx um it started to fade here and then all of a sudden ripped back up and so you know if that happened again because it is still above the v-wap and it rips up to 9 9 50 10 then you know that's when you're starting starting to talk about a a short squeeze and short covering so i do think that we've probably seen more um you know a little bit more struggle with some of these moves this week we haven't seen as many like 300 400 percent kind of straight up crazy crazy moves except for that bfra stock so short sellers might be a little bit more aggressive but that can also be a good thing because then during periods of consolidation if we do see a breakout we can see a big short squeeze so and that usually is what fuels the next big short squeezes short sellers starting to get overconfident just you know the same as the first big fail is the result of long traders being overconfident and then you know bailing out as the stock just totally crashes short sellers are looking for that so as a long trader we're looking for you know a bunch of false breakouts we're looking for you know a period of choppiness and then that first stock that where you think it's going to do the false breakout actually rips and now short sellers are like whoa okay got to cover this fuels the next leg up and then that starts a really powerful cycle of short selling uh short covering and long traders jumping in and a 200 300 400 type of move so i don't know if we're gonna see that tomorrow or maybe not till next week but that's the next thing that i'd be kind of looking for in order to have probably another like really really big green day so again it's you know capitalizing on the volatility of the market more volatility today but uh i i could always um go for a little bit more volatility equals opportunity for active traders all right so that's it for me i hope you guys have a great rest of the day and we'll be back at it first thing tomorrow morning friday to finish off the week with hopefully a couple more green trades and maybe we'll have a wild card friday who knows all right so take care you guys i'll see you 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