iBankCoin
Joined Nov 29, 2008
329 Blog Posts

IT’S MY BIRTHDAY!!! (*Updated with yesterday’s trade review)

I turn 25 today, yet I still look like I’m 18.

hb

I will do yesterday’s trade reviews later¬† today since I will be busy today.

I will be hosting a special Thanksgiving/B-day Stocktwits TV Q&A Session tonight. If you have trading/business questions for me, feel free to ask me right now.

Thanks to everyone who read my blog – I hope it helps you in tremendous ways.

UPDATE: ABIO and SEED

abioseed

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Trade Review: KIRK / 100% Win Percentage on Friday

Friday was a good day. It was a 100% win percentage day, despite the fact that I had a class from 10-10:50AM and that I had a flight at 6 something. I traded KIRK, DBRN, and NLST. KIRK and NLST were the big gainers, and DBRN was just +1%.  I am in the middle of training a student right now in L.A., but I posted a trade review of KIRK below.

I got in just a few minutes at the open as it was breaking the days high and I let it ride. Just roll with it. I closed out the position after class because it reached Aug and Oct resistance. I don’t use stops. That was the perfect follow-through trade for the day. I define a “follow-through trade” as “a trade that I don’t have to worry about”. This is the stuff I really, really like. I can go horseback riding and stuff and not care.

I suggest that that you also seek high-probability, follow-through trades. Have a good Sunday.

kirk2

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Further Consolidation

My activities today will be limited as I make preparations to head back to Los Angeles this weekend.

I expect further consolidation across the general market as well as further pattern failures in individual names. Consolidation generally makes it more difficult to day trade, fyi.

spx8djia3comp4rut3

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Knowing When to Chill Out

That’s right. Chilling the F*** out. After making 2 trades today, I realized that today was just gonna be “one of those doji days”. In fact, that’s what happened. I was in the city (DC) for the afternoon, realizing that my time is best suited elsewhere. There’s no point in wasting your time on a day where you know you will not make big-d**ked gains. (I am making an effort to stop cussing on the internets).

Realizing when to take the day off is just as important as realizing when you have to be 100% committed to a day. Do not waste your time. Maximize your opportunities. Think about it – my mantra is “to make the most amount of money in the shortest period of time”. I cannot do that in this environment, especially with the lack of follow-through that I have been stressing for weeks now. The thing is, you never know when you will get that huge, epic day. It just comes, and BAM! you take home a double-digit total portfolio gain. Just like that.

I have yet to see the intra-daytrading environment improve. Therefore, I will continue to test out certain trades until the moment is imminent. It will improve when you least expect it and the question is, “Are you ready and prepared for it?” Stay vigilant, traders. Never lose focus toward your goal in making a F***ing killing. That’s how we roll.

Bottom line: don’t trade like a clueless idiot.

spx3dspx7

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The Broadening Rising Wedge

The pattern in focus is the broadening rising wedge. The rally continues, but this is an intermediate-term consolidation pattern, one that may not have been clearly visible to most people.

I continue to see the lack of follow-through and so far, intra-day tests confirm it. Careful selection and money management play critical roles here.

spx6djia2comp3

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Indices Are Flagging

Tight consolidations on the indices, but like I mentioned before, they are all at different stages. Pay attention to any range expansions/contractions and breaks on either side.

I just got back from LA. It sure was fun. I would write a whole blog post on my trip, but I have money to make starting at around 9:30AM.

spx5djia1comp2

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