Been burned 1 too many times shorting TSLA, its on my do not short list now, lol i always get way too big on it, then it turns or gaps up on me. 10 point gap up in the futures when the market looked like it was going to break down yesterday, who could have seen that coming. Everything is awesome in the land of the perfect, never sell under any circumstances, lol.
Yeh that also coincides with the 50 day MA so could be alot of support there for tech, but we could also see a big sell off if it gets through that, i suspect they try to hold it up though.
Looks like another boring morning nothing that really looks too interesting got my eye on CBI and NTNX, then my normal charts, but nothing that stands out enough i want to be in right off the bat going to wait to see if the market presents anything obvious.
hey guys sorry for the late response on today, but it was another nothing day, i blew it on both trades i took today but i was happy i didnt get myself tangled up shorting the SandP, lost 150 bucks, ill go through each trade individually. First off was NTNX, probably shouldnt have even been in this thing to begin with the news was flimsy, something about them partnering with google, but it didnt say a dollar amount of the deal which is never a good sign. Anyways i was kind of pissed cause i noticed CBI at 15 yesterday but couldnt find the news on it till 16.50 then didnt want to chase it at that point, then it went 8 more dollars, so i convinced myself to buy NTNX, cause i didnt want to miss it. The first three buys on it were good, but then i decided to chase it and double my size at the very top, the problem with that trade is that it was already too late in the morning to be chasing with size at the top, thats why i really like trading pre-market and first 10 minutes, NTNX had already established it wasnt going to be a crazy ass day, it had already created some kind of a range so i had no business chasing but greed took over, im lucky i didnt do what i was thinking about doing cause i was thinking about lifting the entire 3k level at .50, and if i did that there was no way i was getting out of that without taking a big hit, but then my senses got the better of me, this would have been ugly if i hit .50. cause the level at the .50's ended up holding with reserve orders. ended up dumping it for like a 200 dollar loser as soon as it couldnt get over .50 cause my average by that point was like 20.38, and i knew i wasnt going to be able to hold that kind of size if it did happen to test all the way to the even dollar, or if it snapped through it i would have been in pain. I probably would have puked it all at the dead bottom for a 2k loss had i smoked the level at .50 So while im proud i limited the damage, this still could have been a decent winner if i just stuck with my initial buys, where my average was only .22, and didnt let greed take over at the top. I would have been able to hold through the pain of the next pullback, and it could have been a 40-50 cent winner
CBI was my next trade, not much to say about this i totally fucking blew it, shorted the first time with small size but could feel it still had more in it so i scratched it, the second time i shorted it, it had set a lower high, telling me it was still going down, so the move was confirmed at that point. CBI was so over run from the bottom yesterday i knew there was a couple bucks in it if it broke, and there was somewhat of a reversal of the news from yesterday. Anyways, i started in even bigger the second time once the lower high was confirmed, at 21.70, started the second time shorting it at like 21.40, then added at 21.30, but then i let greed take over again and i doubled up right at 21 like 21.03, which was pretty major support at that point, i got greedy thinking it would go clean through support but it was too late in the day for it to go clean through support, so it pulled back to 21.30, and i was too big with like a 21.22 average thinking if there was a snap back up through 21.50 and it could easily get to 21.70, as it would now confirm the 21 dollar support was holding and that was the bottom. When it started creeping back up off 21, (which it obviously was going to do,) it shook me out again and i ended up taking about a 50 dollar winner, only to see it go 2 more dollars in my favour. Lots of high fives going on between all the people who wailed on CBI today, pretty annoying i let greed get the best of me and blew it. In both the NTNX and CBI trades greed got the better of me, i chased too late in the day, at support/resistance, and i paid the price with a negative 150 dollar day instead of a thousand dollar plus day, just poor trading.
Sometimes though the best trades are the ones you dont take, this morning i was really considering shorting the ES at 2429 because that was a key level from yesterday, i was really tempted to short the ES when it got bounced the first time at 2430. But i said to myself: "The trend hasnt reversed until it gets back below 2425, so i told myself dont try shorting this thing unless it goes through 2425 and manages to hold, there will be plenty of room there if it does get below 2425, you dont need to squeak out a couple more ticks, and possibly be wrong." It ended up bouncing right off the 2425 level, and never looked back, thankfully i wasnt greedy in this instance, and didnt chase it and hit support, cause i could have found lots of different places i wanted to short it today over 2430, if i had already taken a bath once, and felt like i needed to get back at this thing. Avoiding this Trap saved me from fighting it the whole day, i just passed as soon as it got over 2430 and the Q's bounced off the 50 day, and the "FANG" stocks all held their bottom.
I suspect futures either go up or sideways rest of the week now going into the long weekend they love jamming the market up into the long weekend.
You should try having a multi day 5 minute or 15 minute chart up connected to your main L2 at all times. On my main L2, i have: A 5 day 5 minute chart connected, so i can see support/resistance levels from previous days (on the futures since its 24/7 just change it to a 5 day 15 minute chart) Then i have a 2 minute chart, then i have a daily chart, that way i can see the support/resistance levels on all time frames. My main Level 2 window takes up a full screen, its linked to TAS, and 3 different time frame charts on the same stock. But if thats the stock im focused on i want to be able to see all the support/resistance levels from the previous days, the daily, and the 2 minute. You could even go with a multi day half hour chart since you trade on a longer time frame, but im shorter term so i go to 5 day 5 minute charts. Charts tend to look the same on all time frames, What i mean is that a good looking 2 minute chart looks similar to a good looking daily chart, its just different time frames, but i really found that having a multi day five minute or 15 minute chart up, really allows you to see all of the previous days support/resistance levels in a better manner, as opposed to just looking at a daily chart, it was something someone told me to do one time, and i loved it the second i did it. Ill take a screenshot tomorrow to show what i mean if it doesnt make sense but im on my laptop now and too lazy to fire everything in my office up again.