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Warrior Trading Blog

+$922.41 Trading the Small Cap Momentum (and $GILD)

small cap

+$922.41 Trading the Small Cap Momentum (and $GILD)

All right, so let’s do our midday recap. This morning, not bad. This is the 159th trading day of the year. I’m finishing the morning up $922,41, which is not bad. That puts me up about $2,500 on the week here, yesterday being $3,200, today being 900, and Monday being minus 1,400. The red day but now bouncing back with two green days and now getting ready to finish up the month of August.

Tomorrow will be our last day of August so I’m hoping that we can get one more winner in, maybe two more. Right now I’m about $400 shy of my July total. I’m wanting to break over that level and hopefully, I’ll be able to do it tomorrow with one or two decent trades.

All right, so today was pretty easy. It was kind of like yesterday in the sense that my first four trades, my first three trades were not very exciting. My very first trade was ABIL. This is one that hit our scanners. It was squeezing up, broke through the $1 spot, and as I saw it breaking through I jumped in at 1,10.

Now, this was a little on the risky side because I didn’t even wait for the pullback. I just jumped in at 1,10 because I realized, okay, well, it’s breaking through the dollar at 1,10, 1,15, 1,20. It could just squeeze up and get halted the same as LINU did yesterday and that we’ve seen many others in the past. I just jumped right in. I popped up to a high of 21, and because I knew I was in a little bit early or I was sort of not waiting for a pullback, I took my profit on it. 10,000 shares from 1,08 up to 1,12, 1,15, and yeah, 1,12 and 1,15.

$479 on that trade, first trade out of the gates. Not too bad. Next trade was FTEK. Now, this one I was having an issue with my orders again. I got in it with 5,000 shares at 1,10. Same setup. It broke through the whole dollar, popped up, jumped in at 1,10. I tried to take 10,000 shares. Got an error on my second trade. Tried to sell at 19 when it hit the high of 19. My orders didn’t go through. Tried to sell again at 19. Tried to sell again at 16, again at 10, not going through. Finally sold 1,000 shares at 1,10 and then I tried to sell more … tried to bail out. Those orders didn’t work. Ended up hitting the bid at 1,03 and getting filled using bads as my exchange.

I don’t know why I was having issues with that one but ended up being a $318 loss. A little bit annoying there and I’ll show you guys on Facebook my P&L for today. I really don’t know why I get these errors. They are errors. They’re saying that the route won’t take my order and I don’t know why that is. Whatever, just a little bit annoying but I just switch routes and then I’m able to get out.

It used to happen with SureTrader and SpeedTrader also. I think it’s a direct route issue. Anyways, next trade was [Gilead  00:03:48]. Now, when I got into Gilead, I saw this one squeezing up here. This is in the first few minutes and I was like, “Wow, this thing … I mean, from 76 all the way to 78, 76, 77, 78. I’ll just short on the first candle to go red. It’s got to pull back a little bit.” I short at 78 right here. Unfortunately, that really only dropped down about 25 cents and then as it came back up I covered it for $121. It just didn’t really work that well. Then it ended up going even higher all the way up to 80 bucks.

I don’t regret that trade. I think I had the right idea, this increasing volume, the first candle to make a new low. It just didn’t work very well this time. For whatever reason, this was just really strong. Gilead, 120 bucks on it which was fine, covering at … let’s see, short at 97, covering three-quarters at 87 for 10 cents, and then covering the rest at 78.

Then my last trade which was the best trade of the day was FSNN. On this one, I took 8,000 shares long at 299 and that was … let’s see, let me scroll back on the one-minute chart. That was after this one minute micro pullback that we saw right around 10:00 a.m.. We saw this little pullback and I knew this is something that traders will be watching because we were right underneath yesterdays high and the pre-market high which is 308.

I jumped in. I saw I think a 10,000 share seller at 99. Another 10,000 seller at $3. As I saw the buying coming in, as I saw it moving up, I jumped in, punched the order, 8,000 shares. I jumped in but I wanted to be quick to get out because this type of setup is a scalp over the whole dollar. When we see that whole dollar break, we want to see it snap. That’s usually what happens. We see this all the time.

It pops up here to a height of 14. I’m scaling out at 3,06, 3,05, 3,10, 3,12 and then I sold the very last of it at $3. $639 on that one. That ended up being a decent trade and before that trade, I was up only like 300 bucks on the day. After that trade, I was up 922. Got me close to the $1,000 daily goal, just a little under that level but that’s okay. I’m pretty content with $922. Decent morning here and hopefully, we can finish off this months strong tomorrow, Thursday, the 160th day of the year for me with a couple of good trades.

All right, so that’s about it for today. Swing trades, nothing that really looked super good. There was a couple I was kind of watching but the volume is too light. ACET was watching for a reversal but it just kind of continued its selloff and the volume was really light. MRNS, I like the setup but the volume is very light on it. Just going to keep waiting there.

Those were the two that I kind of had on close watch. IMGN is one that I was watching for a day trade but I missed a good entry on it, unfortunately. Good entry would have been on one of these pullbacks maybe right around here, right around, let’s see, 10:40 this morning. That’s okay. Overall captured enough profit to be pretty happy with the day and I’ll be back at it first thing tomorrow morning. All right, so that’s it for today. I’ll see you all bright and early tomorrow morning. All right, buy guys.

Oh, hey, I didn’t see you there. Well, I was just working on the dream board for my next home-run trade. Hopefully, it comes soon. Until then, make sure you subscribe to get email alerts any time I go live or upload new videos. Until then, happy surfing.