I only took a few trades yesterday one in $CHTP and $UNIS which I did fairly well in and one in $DSCO that I got out flat of as it failed to take out high of day with any kind of follow through or conviction.
I can not stress enough how important it is to have a plan for each and every trade you take. I am not talking about how you are going to spend the money from the killer profits you are going to bank.
I am talking about knowing before you enter the trade what type of trade it is, swing or day trade. What type of setup is it? Where should you try to enter? Why you are taking it? Where is your first target is for taking some profit off the table? Where you are going to exit if the setup fails? Where is your stop? Is there a second target to scale some profits? Will you hold any lottos? Do they have earnings on the horizon? Is it a Bio or China stock?
I guarantee you, if you have a plan and you have the discipline to follow that plan you will reduce your stress levels by about 10 fold. Not every plan you have will succeed but you will have an action plan that will help you mitigate your risk. You will have something that you can hold yourself accountable for and if you know what your potential outcomes are going to be going in then you will have more confidence in your trades. You will have predetermined what your potential profit will be and more importantly what your potential loss will be. Without a plan, and discipline to follow that plan, you are holding and hoping or you are just plain gambling.
Before you enter a trade ask yourself if you have a plan. If you don't, then take the time to make one and if you miss the trade so be it. You can always catch the next one that you are more prepared for, where you have a plan in place and executing the plan is just a matter of discipline.
Morning movers and other stocks on my radar
$FTEK earnings last night hot daily, $UNIS continuation? earnings last night, $CBMX pr careful can be a pop and flopper , $RMTI continuation?, $CGA earnings china name decent daily, $VNDA pr look for potential sympathy plays don'r chase this wait for it to set up, $HTLD trucking space is hot $YRCW $SWFT, $PERI earnings lots of resistance over head, $LLEN china name pr , $DRAD continuation?, $CIMT active premarket nice daily earnings beat $SGMOpr 200 day ma bounce off pr, $SNSS possible flat top breakout off earnings
“Carry overs” are stocks that I have featured in prior videos, have on my alert list or tagged on my morning mover lists that still have a potential setup working or developing on the chart that may be actionable. They are still on my radar and I am either already in with a swing or I am looking to enter on a breakout. I am also looking for the setup to breakdown at which point it will discard it from my hot watch list. If I am already in it with a swing I am looking for a place to scale out or exit the trade and on rare occasions I may be adding to my position. Typically I like to sell into strength
$FXEN, $ZLCs, $YUME, $NURO, $SGOC, $TEAR, $TROV, $ARTX, $ICAD, $PTX, $GURE, $HZNP, $IDN, $PATH, $HALO, $ARNA, $CLNT, $BIOD, $OSUR, $SSH, $AMPE, $REFR, $EXAS, $CHTP, $PDLI, $CUR, $PRAN, $MITK, $CAK, $ZLC,
Seeking Alpha
Today's Markets:
In Asia, Japan +2.2% to 14589. Hong Kong -0.7% to 22901. China+0.8% to 2127. India -1% to 20282.
In Europe, at midday, London -0.3%. Paris -0.3%. Frankfurt -0.3%.
Futures at 6:20: Dow -0.1%. S&P -0.2%. Nasdaq -0.2%. Crude -0.25%to $94.90. Gold -0.1% to $1280.
Ten-year Treasury Yield +4 bps to 2.8%.
In Asia, Japan +2.2% to 14589. Hong Kong -0.7% to 22901. China+0.8% to 2127. India -1% to 20282.
In Europe, at midday, London -0.3%. Paris -0.3%. Frankfurt -0.3%.
Futures at 6:20: Dow -0.1%. S&P -0.2%. Nasdaq -0.2%. Crude -0.25%to $94.90. Gold -0.1% to $1280.
Ten-year Treasury Yield +4 bps to 2.8%.
Today's economic calendar:
7:30 NFIB Small Business Optimism Index
7:45 ICSC Retail Store Sales
8:55 Redbook Chain Store Sales
1:00 PM Results of $30B, 3-Year Note Auction
7:30 NFIB Small Business Optimism Index
7:45 ICSC Retail Store Sales
8:55 Redbook Chain Store Sales
1:00 PM Results of $30B, 3-Year Note Auction
Notable earnings before today's open: ACM, AG, AMED, ARIA, DF,DHI, DISH, DM, DNDN, EVEP, FVE, GTXI, HNR, MEA, NRG, NS, PERI, RDA,ROC, SATS, SCLN, SNMX, SNSS, SRPT, SWC, YGE
Notable earnings after today's close: BWC, CDXS, DIOD, GNMK, HMA,MBI, MDVN, MWE, NQ, PBPB, PEGA, RLD, SINA, SUPN, WX, YRCW
See full real-time earnings coverage »
Good luck trading today!!
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