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Using the 1min chart to gauge the volume:
Holding for now although because of overall volume such as the annotated spike, but there might be a potential pullback @ the $49 level:
Grabbed 12 ct of MGM. Looking for an ascending triangle breakout:
Might have been a little premature in my entry. Will look to get back in if I get stopped out probably. Could have used a $0.20 stop instead of the $0.15 but I think subconsciously I was slightly greedy and wanted to use a lot of size since the market has been going my way lately.
Can't hold onto this trade long term either way because the Earnings Report is set to happen in like a week and a half. Hopefully the stock doesn't trend sideways and stick near resistance until the Earnings Report.
Got the hot hand right now with my analysis. I will ride it as long as I can, but I know I am gonna start telling myself to increase my size so I will have to keep an eye out on my trades to make sure that I am still using a trader's mindset prior to entering positions.
A part of me could have waited for that 1min trendline at the current price level to actually be broken but I got a little trigger happy when price started to stall. Since I had already taken profits, it was better for me to just completely exit the trade rather than keep scaling out.
With this trade, I liked that I manged my position by zooming in to a short term timeframe. The long term trend played out, but the short term trend is what kept my expectations neutral or from getting too antsy. Providing a context that I use to view the market is the biggest thing imo. I don't get scared as a result when the market pulls back to a trendline for example and/or I get nervous if the market starts moving parabolically as well.
Might be overstepping my boundaries but trying my hand in a little day trading here:
R:R Ratio could be better admittedly. Anyways the options expire today so this is definitely gonna be exited for a profit or loss when the clock strikes closing time
Last trade of the day. Using a weekly option here, because it doesn't take long for me to be proven right/wrong w/ the tight ascending triangle formed on the daily. :
Not really expecting a breakout today. Potentially a gap higher on Monday's open maybe? Definitely want som Oil exploration exposure since I closed that SD position out prematurely.
Pretty sure I am done opening any new positions for the day now. Two of my accounts ran out of buying power anyhow, and I will have two day trading strikes against me in my 2ndary account after I close out my STX trade by the EOD
NEXT WEEK
Looking to fade Gold using a calendar spread on Monday: Gonna be selling the weekly option and buying the Dec strike price. I was up $700 on my last GLD trade and gave it all back + $90 because of volatility leading up to the Fiscal Budget deadline. Nothing in the future to stop GLD's decline now :evil laugh: