Quick review of the 3 stocks I was monitoring this AM off the gap list. Slow week but with trading its keep your balance in the slower times better fine tune your setups as I will be doing with CRM - today a winner, small loss and medium loss - flat day.
- PRTA - 5 minute low on the fade nice winner
- GIS - liked closed below the VWAP, didn't sell off small lose - not a bad trade just didn't pan out.
- CRM - another close below Vwap - junk to the left in pre market but took the trade with a wider stop above high of the day for a loss. Gapped into the daily chart 20 - I consistently have losses with a stock gapping into the 20ema while trending up and above the 50 and 200 ema on the daily - eliminating shorting these type of gap trades unless Clearly under the 20 and 50 emas
Stock Trading Plan: http://www.howidaytrade.com/stock-day-trading-plan.html
E-Mini Trading Plan: http://www.howidaytrade.com/e-mini-trading-plan.html
* You don't have to trade everyday. If the conditions don't feel right or if you're unsure of the current days trading environment then PASS on the trade. Missed money is better than lost money. Day trading and the stock market is not a "war" that you must win at all cost. Trading should be fun, wait for only the good setups. Follow your rules, stick to your stops, and know that everyday the market presents a new chess board.