Friday was a pretty good day for day trading both in the equities market and the Futures markets! My Stock Trade was on Ticker SLNO which made a huge move to the upside right at the open. For my first trade I tried to place a Stop Limit right at the $3.00 Mark on opening bell in which my order was by passed and I did not fill on the initial momentum. (open range breakout). Frustrating!!! But, I just waited for another low risk entry into the stock!
This was the first trade I placed off of the 1 min chart. I bought the break of the $3.30 cent area and got filled at $3.31 cents. As you can see in the image above, the trade failed quickly and I flattened the position at $3.21 cents on 2k shares leaving me with a loss of -$220!
This was my second trade off of the 1 min chart on SLNO! Notice the second red candle immediately respects the 9 EMA. Once I saw the next candle go green, I entered the position at $3.15 cent. The price action started to go in my favor, as you can see that green candle has a nice wick, but it then starts to squeeze back down towards my entry. I exited on the next red candle, this time with an overall loss – with the first trade and this trade of -$400 dollars. OUCH!! Not the way I wanted to start the morning!
This was my third trade on SLNO! I placed a limit order at $3.05 cents, and got filled quickly. As the trade started going in my favor I placed a Stop Loss order at $2.99 cents, so just below $3 dollars. I don’t normally place stops but my thoughts were that, If I got stopped out it would end my trading day. As you can see I did not get stopped and instead recovered all of my losses, and was now in the green on SLNO $80 dollars. Whew!! Rough Start!
This next trade was a resistance break at the $3.20 cent area on the way back up from a dip. I entered the position with a stop limit placed at $3.21 cents and got filled as the price action moved up to $3.30 cent area. I flattened around the top of that green candle, and was now in the green SLNO for $300 dollars even.
On this trade I bought the dip of that red candle as the stock price was climbing through the breakout. I bought in 1,000 shares at $3.65, and then averaged in another 1,000 shares on the break of that red candle around $3.80 cents. I flattened the position at the height of the green candle. Looking at the chart I should have held that position a little longer as the very next candle pushed over the $4.00 area. This put me at an overall profit of $460 dollars on SLNO!
Overall my motives are to scalp through the momentum with huge share size. I ended the day with this stock at $1,935 dollars. The trade that put me way into the profit happened later in the trading session. SLNO started to consolidate very strangely. I ended up buying in at the low of the consolidation and held throughout that period.
This was a weird trade, I basically placed this trade because the way the chart and orders looked, I could see this stock was not done yet. That consolidation area was so strange but my thoughts were, if I could buy close to the 9EMA, and allow a small risk to my profits already made, than all in all it would be a good trade. I had 2,000 shares holding and did not expect the huge move to the upside. I flattened my position, and ended the day in the green!!
If you would like to see the video of these trades, click the link to our YouTube video (HERE).
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