Penny Farmer’s Wednesday Harvest $1,004 $DELT $SGY SUIS
Wow, just wow.
I came into the trading day about 1 ½ hours into the day and saw that my overnight trade in $DELT had stopped out at $1.56 with a $310 win. It did test higher with a HOD of $2.60 so I probably should have used a trailing stop vs a stop limit, but I was really unsure if it was going to pop again or just continue to fade and turning the trade into a larger loss wasn’t something I wanted to do. I’m still not a fan of holding overnight… it feels like I’m giving up some control on the trade and I can only imagine the stress I’d feel with a real $10k position on the table.
With that trade done I decided to look around for another entry by taking a look at the percent gainers of the day since I didn’t make a watch list the night before. I saw $SGY had been making some good moves and that the chart suggested that it was starting to fade off of the HOD. When there was a clear breakdown level at $9.50 that was about to crack I placed an entry and was filled at $9.61 and walked my S/L with the price action eventually getting stopped at $9.30 for a win of $341.
I continued to watch the chart and placed another trade at the $9.20 level and got filled at $9.14. I set a tight S/L and ended up getting knocked out at $9.10 for a $20… basically a scratch.
I had planned on waiting until the last hour of the day before placing further trades but continued to watch the chart of $SGY. Another clear technical breakdown level was getting cracked and I decided to go ahead and place an entry with the plan of using a trailing stop and carry the position into the EOD. I was filled at $8.90 and a little while later stopped out at $8.74 for a gain of $176.
My last trade in $SGY came at another technical breakdown level getting cracked and an entry of $9.09 and a trailing stop of .10, it was later stopped out at $8.92 with a gain of $187.
I’m sure if I had more experience or stronger nerves I’d have gone short at the $9.61 and held till the EOD were it closed at $8.59 or perhaps still be short on it an cover tomorrow. But this worked for me and was stress free (not that there is much stress in paper trading lol)
My last trade came at the last hour of the day and was a short position in $UIS, I was stopped out quickly with a loss of $30.
At that point I was $1,004 in the green for the day and just wasn’t feeling “it” anymore. I decided to keep the gains rather than risk giving it back to the market. Sometimes the best trade is no trade.
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