Review of my Chat Room Stock Day Trades for Monday October 31, 2016.
A quick review of trades in our chat room…
Metals were up in pre-market and $DXY US Dollar was in downdraft. Crude was looking to test traditional neckline and previous support (both horizontal and diagonal supports) and I was also considering EPIC the Oil Algo’s targets (albeit I didn’t recall the numerous warnings about time / price cycles).
So I took trades in $JNUG.
I also took a $UWTI trade that was a small win – but only by luck.
My big should have for the day was $VRX – of course my scanners caught it (and very quick – so they are firing perfect) but I just didn’t pull the trigger. $NSPR I didn’t take a trade on that super-nova (next move on IMO).
Our pre-launch for chat trade room can be distracting, especially with technology that we’re dealing with – but we’re getting there.
Anyway, HERE ARE THE QUICK LESSONS:
$JNUG trade – It was a winner but I should have got in earlier… it was an easy call… days earlier actually… but with my compound discipline I won’t beat myself up because it is safe – very safe and obviously works.
FX: $USOIL $WTI trade – It was a lucky winner because there was a massive futures buy right before pit close. Very lucky – especially considering what trading looks like in overnight session. Mistakes were that I did not cut losses quick – I went in on 1/3 trades expecting to get a bounce at supports and the neckline at worst. Second mistake (and the biggest one I am learning) is that EPIC the oil Algo TOLD ME AND THE WORLD that the time / price cycles HAD IN FACT CHANGED – SO THERE WAS NO REASON TO EXPECT A BOUNCE! Really bad mistake and I was lucky to get out.
$VRX – The lesson there is simple…. it was a simple news bounce on that play. Pure and simple. Don’t be distracted.
Look forward to seeing you in the trading chat room!
Best to you.