Monday, May 7, 2018

Morning gap trade reviews

Quick review of this morning trades. Market was strong on the morning but didn't find much setting up for a long trade. Missed a nice pullback to vwap on Roku. Only traded MU today

  1. mu - pre-market high nice win, 1 minute Breakout also set up - pushed my luck with 5 minute high and inside bar for a loss
  2. Added the daily chart below of MU
  3. Tip/Reminder of the day - steer away from candles leaving tails at a resistance point. See MU rejecting the whole # area and leaving tails/selling off. Need a tighter consolidation/shallower pullbacks when looking for a consolidation breakout at a resistance area. 

TRADING PLANS 



* 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.

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Disclaimer

I DO NOT MAKE RECOMMENDATIONS TO BUY OR SELL SECURITIES - I JUST POST TRADES I MAKE OR FIT THE RULES OF MY TRADING PLAN ON A DAILY BASIS. DO YOUR OWN DUE DILIGENCE - YOU ARE RESPONSIBLE FOR YOUR TRADES, INVESTMENTS, AND DECISIONS! ALL CHARTS COURTESY OF TRADESTATION, SCHWAb & TD AMERITRADE