Finding Income
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Finding Income

Trading Journal for 3/5

  • It is 8:49AM PT.
  • Stocks from yesterday’s watchlist…HTBX up 40% in yesterday’s rally with a huge gap up today…NVAX and INO both up about 10% today…SPX gap down and currently at 3061 near SMA200
  • So…what’s the plan? Alert for HTBX to come above $3.20…wait for SPX to break below SMA200 for a play on TVIX…
  • NVAX is grinding up…
  • Huh…TVIX actually gapped up and is trading above its SMA200
  • APDN up 10% in 2 minutes…will buy maybe on break of $5.00…got gap fill room to about $5.18…pullback…let’s see if it breaks…it’s above $5 with low volume…volume came in to print a red candle…back to $4.90…
  • Attention to SPX…3051…will not buy TVIX without an actual breakdown…gotta be careful, filter out the noisy price action…
  • INO looking to test highs…will buy on break of $9.00 for a move up to $9.40 daily resistance…damn late entry, stopped out for only $11.94 profit…I should have sold with a market order there…waiting for more volume to come in…
  • I’m gonna keep scalping on the grind up…stick to my guns, but make a mental note of opportunities to hold through pullbacks…
  • Meanwhile SPX is dropping but TVIX isn’t rising much…I sure hope it isn’t overbought, it would be disappointing if I couldn’t use it to short moves in the SPX today…
  • INO has hit $9.40…I predicted the right price target…pulling back…if it breaks with volume I’ll buy…it’s got room maybe up to $9.60 and then $9.80…
  • INO testing $9.50…waiting…scalped the break for a today total of $46 profit…waiting for volume…still waiting for volume for the move up to $10.00…
  • Should be a mantra that I chant: wait for volume.
  • Noting that TVIX price action is different…gotta take a closer look before trading it…
  • INO has the volume…it’s consolidating with elevated volume…the break’s gonna happen, I just have to wait for the right moment…
  • SPX is printing a big down move…up $255 on TVIX.
  • The selling on the SPX is extended…looking for a hook reversal…:)…well, I didn’t trade it, but there was a $0.50 up move on SPXL…I have to remember that I lose money when I try to fade / counter-trend the SPX :)
  • Now, I’m looking for the next leg down…I’m looking for a bear flag breakdown for a target 10 point drop…
  • OCGN just won a patent…5% pop on news…it’s a $0.40 stock with a wide spread…I can’t trade that
  • Quick scalp on TVIX…another $110 in profit…I almost got faked out there o.O…I thought I was seeing the bear flag resolve…it’s definitely gonna happen soon
  • Another false breakdown…another scalp for $60 in profit…
  • Another scalp for $175 in profit
  • Another $105 in profit
  • SPX 3015 is support…time to take a break and read the news…
  • INO is testing $10…maybe targeting $10.40…nope
  • INO trying again…oof $4mil sell order on the book…
  • OPK testing $2.00…it’s up on news of coronovirus test kit…big sell orders on the book though…looking for volume…waiting for a pop…can’t afford to risk buying a small move like this…it’s not gonna happen…
  • Attention back to INO…looks like it’s testing $10 again…nopes.
  • SPX is breaking to the upside…is there a buy here…? Maybe if it comes above 3025 towards 3030…maybe it isn’t safe unless it’s above 3040 actually…remember, I shouldn’t trade sideways action.
  • INO trying again for $10…oof false breakout with big pullback…gonna stop looking at that one :)
  • That’s it for the day…I’m up a total of $736.68

TVIX’s price action seemed to be a bit different today. It definitely seems to be getting a bit extended. It keeps going up and not pulling back much when the SPX bounces.

That’s why, I’m not too worried about early exits from TVIX. I’m still getting my limit orders filled and am still just going for a few dimes per share on each quick trade.

I’m particularly happy that I saw the support level at 3020 for the SPX. It was a good place to stop, breathe, and watch for the start of consolidation.

TVIX actually kept rising while the SPX was consolidating, which is pretty concerning.

My approach has been to trade TVIX while the SPX is trending down. In my view, it isn’t safe to trade TVIX while the SPX is rising or consolidating.

Overall, I’m happy with how I’m handling this stock. But, I’m still trying to keep an eye out and get more of a feel for when I can hold through a pullback.

Other than TVIX, there wasn’t much action in other stocks. I tried delaying my exits when I was trading INO, having stop orders to limit potential downside.

For my breakout trade this morning I was late entering; so, it didn’t give me good practice with stop orders. I would have had to set my stop lower than I was comfortable with.

I correctly identified an entry point and the price target. And, despite an early exit, I made a small profit.

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