Stop outs left and right

• Stopped out on my position on FTV.
• OI also didn't do quite well, my order hit but the stock weakened subsequently and is now trading near my stop.
• IIIV has some potential so I'm holding
• No new positions/orders today.

Selling LTHM, Long on GLUU

I really like this setup here. Slowing down momentum on the pullback and a nice setup on the intraday candles. I'm long on 6.95. It went past my stop limit so I'm not sure if I'm going to get hit or this is just going to go up without me. We'll see. Edit: canceled order on this one. It went strong at the open and didn't hit my order. If it went back to my stop limit price it would have done so with some form of selling pressure which I don't want (might get caught on the way down). Oh well missed opportunity. there will be more.

I planned to sell LTHM which I already did because it doesn't seem like it is going to trend on the 10 minute charts. It consolidated throughout the day yesterday per my rules I need to sell it when it stops trending on the intraday charts. At least I got out with a profit of $26. LOL.

Some Lessons

Yesterday’s stop out session was a lesson learned. I know i used to put in orders only after the 15 minute mark after the open and I didn’t do that for some of my trades. Although the flipside of it is that i wouldn’t have caught the massive move in my LJPC (was it this stock). I guess this is the trade off. So am I supposed to put in orders or just allow myself to stop out?

Now that I’ve been thinking about it. I think I should not put a timer on. Because the upside could be multiples to the downside if the price action was strong.

I still have an open position in one stock and I am holding it since the chart seems quite strong.

I don’t have any new setups that I like. This makes me feel that I’m unproductive. I know I shouldn’t be feeling that way.

Well shit.

I don't know what to say. I'm just pissed off.

FRTA and LTHM

Like this setup. It's pulling back from a nice burst of momentum and i'm betting on a bounce at this point. The 30 minute chart seems to show slowing downward momentum and there seems to be a nice risk/reward opportunity in the 30 minute time frame. On the 10 minute time frame I am long when it trades above the horizontal line, which could get the stock trending again even if for a while.

FRTA has the same setup with the added bonus of a "double bottom" both on the 30 minute timeframe and the 10 minute time frame. Half-expecting this to trade upwards to the last major swing high. I feel though that my stop is a little too tight, but I'm going for it and reduced a bit of size. Let's see.

Some good trades LJPC and ENDP

  

ENDP was a nice trade as well, although I left some money on the table. I went long on the break of that range (rectangle). I decided that I wanted to sell the stock a day later when it looked like it was starting to lose momentum. The next day the stock went up by a lot and I saw my chance to sell into strength at around $6.04. The stock went as high as $6.35 on the intraday. Nevertheless I was happy with what I got.

LJPC is my biggest single win so far this year, profiting over 4x my intended risk. I think I closed out on it with a nice $300 profit or so. The stock just proceeded to gap up and just reach higher for whatever reason. I really don't know. All I know is that I was able to advantage of a pullback setup.

I'm starting to like this style of entering on the 10 minute chart. What I look for is a breakout from a consolidation in this time frame or a sign thatte stock will be trending once again. The LJPC trade initially looked like it wouldn't work. so I took advantage of the strong day on the 5th to sell. Have to look for more of these things.

Have a buy order on HZO which I believe looks similar to LJPC and ENDP. Hope this setup works out. 10 minute chart on the lower right...prepared to go long once it goes past that range (around $20.50 is my stop order).

Sold: ENDP EHTH and LJPC

Finally got my piece of profits :) Trade Review soon :) Sold everything at the green.

Have a standing order on CTXS long. Not yet hit so we'll see.

Long: ENDP SAVA

 Buy stops and sell stops look very tight on both of these things. But it's because I'm really trading the intraday 5 minute charts. Trying these out for now.

Both stocks have shown quite a bit of momentum, so I am still basing my trades on that one and riding them out.

These are the charts in multiple timeframes with some annotations on where I want them to go. Again this is based on Brian Shannon's work that I'm trying to apply to my own trading.

ENDP and SPNE

Taking ENDP as a swing trade. I like the momentum it has been showing lately. I have a buy stop at just above 6.01 and I just put in a sell Limit way above the resistance just in case but I will be managing the trade if it goes live.

SPNE looks like a good setup to me but since I am basing my entries on the 10 minute chart, I will hold off a bit on it because I don't know where to put my stop to be honest. The easiest solution for me was to just put it at the bottom of the range, but I feel that is just too tight and I'm just going to get stopped out immediately. I'm going to hold off on this for now and just wait for the 10 minute chart to give me a better setup.

INSM trade doesn't seem to be working so I will be taking the position out today.

Alphatrends

I find myself reading Technical Analysis on multiple timeframes again by Brian Shannon. It’s an old book that I bought many years ago when I was starting to trade. I started reading again because I wanted to just brush up on some concepts.  I find myself learning some new things that I missed when I first started reading it. I am now reviewing the four stages of a stock cycle.

I already have some ideas on how to improve my entries and stuff. The book recommends dialing down to an even lower time frame when taking entries and exits but I’m not sure if that is useful for me or if I even want to bother. But definitely I’m going to try and incorporate some multiple timeframe analysis to make sure I am “aligned” with the stage that I am trading.

Lots of lightbulb moments and I still have to fix a lot of things including:

• Candidate stocks...which stocks should I be scanning for?
• How am I placing my entries?
• What about stops?
• Will I be putting a time stop?
• What is my plan for studying stocks? (I really want to do this everyday as opposed to just scanning stocks that I want to trade...there has to be some opportunities for deliberate practice somewhere)

That’s it for now. Market’s about to open in a few minutes and I don’t have candidates yet.

INSM

Took INSM at around $20.76. I like the momentum that it is displaying today after multiple days of being in the red.

Have not posted about my last two trades with BYND becoming a bummer of a trade. I will do so maybe tomorrow. Right now I'm just tired.

SPY looking to go down

The SPY looks like it's about to print some more red candles from here on out. Last friday was a high volatility day to the downside. Something we haven't seen since December of last year. I'm watching the market like a hawk but probably would be wary of momentum breakouts at this point.

Looking at the pre-market now nothing seems to be interesting.

Stopped out TLRY, Holding BYND

BYND seems to be doing well at the first 30 minutes of the session. Set my stop to break-even and leaving my sell order at around $137. Going to gamble another day with this since it has been very strong. it has already breached 2x risk for me. YAY.

What's not cool is getting stopped out on TLRY on the same day haha. I want to say that I knew that this wasn't going to work but no. It was very strong at the open and I really thought it would run. I guess one of the clues here is that I didn't wait for narrow range days or tight consolidations before entering the morning breakout.

So far haven't seen anything interesting on the scans. I'll look for 5 more minutes then I'm done.

On second thought RVNC is a good setup I just entered.