+$657 today on CNAT, but up +$2500 the past 3 days after strategy adjustments!
My play of the day today was CNAT. I sat on my hand right at the open because I honestly had no clue which way it could go. It was moving so fast. Also, I did not feel there was a good stop loss point yet to base my trade on (a key aspect of my trading strategy adjustments) It then looked to stuff $5.25, which was a key area pre-market. Because of that stuff, I decided to short on the rebound as you will see in the chart below. I went in with 5.25 as my risk. It broke that HOD and I cut my losses. Even though that first traded ended with a $600 loss, I am very proud of my execution on the trade. I followed my strategy adjustments to a “T.” I did not add when it started to rebound further, I had a clear trading plan, and I followed my trading plan by cutting my losses.
I went in again this time with a set risk on $6. I entered right when it looked to be stuffing $5.50, and sure enough it did stuff that price. I was quick and got a top tick entry on my re-short! I added on what I felt was the stuff confirmation on the next candle and moved my risk down to $5.50. I decided not to add again on the small rebound before the big crack because I did not want to lower my average more and panic out of the trade since it might just hold VWAP at this point. I felt that my $ risk would be too big if I added again. I started to cover the trade into the pull, closing the trade making back the $600 loss and up to $657!
Over the past 3 days, since I made my trading strategy adjustments, I am up $2500. I am pleased that I am getting back to trading with discipline and seeing some nice profits as a result. The doubles and singles have added up.
I am leaving today for my wife’s grandmothers funeral that is in Utah this week so I am done trading for the day. I am bringing my travel trading set up with me and hope to try it out for the first time while on the road.