Daily Recap: A Profitable Day of Patience and Precision
Today was a strong day for me, marked by patience and discipline. I carefully executed both of my trades during the accumulation phase, successfully taking profits during the markup phase. Although I missed out on potentially larger gains, I’m proud of winning both trades and passing on weaker setups. I ended the day with a profit of $81.02, bringing my account balance back up to $942.29. Let’s dive into the details of the trades.
Trade 1: CING
CING was a continuation from yesterday, gapping up significantly in the premarket as the top gapper of the day. After some early morning sell-off, the stock began to show signs of strength, and I saw an ideal entry point at $9.87 with a 40-cent stop loss offset at $9.47. The price surged quickly, and I managed to move my take-profit level to a 4:1 RR, but it hit that level so fast that I ended up selling at $11.47 for a profit of $63.98. While I could have captured even more gains, I’m satisfied with securing a 4:1 profit. This trade reinforced the importance of setting take profits and stop losses, as the market can move rapidly.
Trade 2: GOVX
GOVX had a strong catalyst today, generating significant volume. I observed several potential entry points throughout the morning but waited for a setup that I felt confident in. I finally entered at $5.62 with a 25-cent stop loss offset at $5.37. The price moved up quickly to my 2:1 line, so I adjusted my stop loss to 1:1 RR to lock in some profit. Unfortunately, the price wicked down, stopping me out at $5.85 for a $17.00 profit. While the price continued to climb after I exited, potentially hitting my 3:1 profit target, I was cautious due to previous experiences of not securing profits earlier in the week. This trade was a good reminder of the balance needed between moving up stop losses and allowing room for potential gains.
Overall Reflection
Patience and discipline paid off today. My entries were spot-on, and I was diligent in waiting for strong setups. However, I still need to refine my approach to taking profits and efficiently moving up stop losses without sacrificing potential gains. Finding the right balance will take time, but today’s success shows that I’m on the right track.