$MDCO, XLNX Shorts

MDCO is not my typical short-selling setup. Usually I go for earnings breakdown plays, but MDCO was a first red day setup. It had a multi-day runup the last few days before I traded it, and my thesis was that it would have a quick pullback. Countertrend setups like these are NOT ones you want to marry. Nail and bail.

XLNX had a weak daily, and my thesis was that it would continue to roll over once it broke under the psychological $100 level. It didn’t end up following through so I took a small loss.

$SJM Short, $BITA Scratch

SJM reported an earnings miss and was gapping down during pre-market. It gave a great ORB set up at the open to get great risk vs reward, and I covered pieces out into weakness.

BITA was showing nice signs of a bottoming formation on its daily, just mistimed my entry bit and took a tiny loss when it didn’t end up following through on it’s a pullback to its intraday the MA’s.

$OLLI and $ENPH Nails 

You’re probably starting to see a pattern with my weekly trade recaps. Almost every day I’m trading earnings breakdown plays. OLLI is just the same thing different day. it didn’t follow through much but still gave me a small win.

Was stalking ENPH for a short for a while. After it rejected the $35 level on the daily chart the prior day, I figured that someone was trying to unload, and it had room to fall! We already started to fade off the day before, and my thesis was that we would have a day 2 of selling. Once it took out its opening range at $33, it was pure panic. Unfortunately, I missed the initial breakdown and settled for shorting into the first bounce.

$ULTA Short, $AOBC, $AMBA Scratches

$ULTA is another earnings breakdown short. It gave a textbook ORB (opening range breakdown) to make it high probability play right near at the open, which really brought some selling into the name. The earnings weren’t actually that bad on this name, and it was gapping down big pre-market. Once we took out the opening range at $250, my thesis was that it would continue to flush, so I got short and covered into the drop.

AMBA was an earnings winners, with a nice breakout gap over $52. I got long at the flag break near the open, and didn’t get any follow-through, and took a small loss. For some reason, I’m much better on the earnings shorts!

Biggest Lessons From the Week

1. If stock’s don’t confirm as you enter right at the open, get out. You can always get back in once the trend forms

2. Be patient with your winning trades, impatient with your losing ones. Many losing traders have this backward.

3. Know your A+ setups, trade big size on them, and stay small size on non-niche plays

4. The reaction to earnings reports is what matters, not the actual earnings themselves

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The post BOWS Day Trading Recap 8/26-8/30 appeared first on Bulls on Wall Street.

$RL, GRUB and $CRWD Trades 7/30

$GRUB

GrubHub was gapping down on worse than expected earnings on Monday. It’s daily and worse than expected earnings gave me a short bias at the open. It also gave a push right at the open back into it’s moving averages. My thesis is that it would act as resistance, and it would fade back to LOD and below.

I started in short at $at 74.62 and $74.52, and scaled out into weakness after it broke under LOD!  (If you’re confused about the timestamps I live in Destin, Florida which is 1 hour behind EST, the $RL trade was taken right at the market open!)

$RL

Ralph Lauren was actually gapping up in response to their earnings report. Because it’s a retail stock, I was actually short biased on the gap and was expecting it to fade off. It was already fading off pre-market, so my plan was to short it for the green to red move and cover my position into the flushes.

$CRWD

This was a non-earnings play, but still gave a stick rip. The day before it had seen a monster 10 point dump. So my thought process was that it would bounce, so I hit it on the R/G (Red to green) move and scaled out into strength. I didn’t expect it bounce all the way back through $90 I left a bit on the table!

$LK and $JNUG Plays 8/1

All these trades were taken in the afternoon right after the tariff news dropped causing the overall market (SPY, Dow Jones) to crater.

$LK

This was on my radar after it had that huge dump in response to the weakness in the overall market. Once it had the big 1.5 point to $24 I got short into the bounce at $25, anticipating the green to red move. I covered partials into weakness, as it flushed red with the overall market.

$JNUG

$JNUG started to see major range and volatility once the overall market started to dump. I got long, joining the uptrend it had begun ever since weakness came into the overall market. I scaled out into strength, treating at as a short term trend, not expecting to hold trend for long.

$SYMK $PINS (Long and Short!) 8/2

$SVMK

This was a nice earnings winner, gapping up right near to all-time highs today. I got long at the open for the opening range breakout under $19. It had no resistance until $20, and it was one of my top watches at the open for strong trender today.

$PINS

Another name gapping up in response to a strong earnings report. This one was a tricky one because of the weakness in the overall market. I was long near the open, but cut it near breakeven because I thought it wouldn’t hold up. It ended up holding up and going up on a strong run all the way to $35.

It looked like it finally topped out (I missed the turn cause I was eating lunch I chased a bit) and I took some short. It ended up grinding and basing, so I flipped long and ended up stopping out the other half my shares breakeven.

Some of Our Students Trades

$TVIX

If you have any questions about any of the trades do not hesitate to shoot me a message!

Free Chat Day 8/8: Watch Me Day Trade Live

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The post Weekly Trading Chatroom Recap 7/28-8/2 appeared first on Bulls on Wall Street.