Daily Recap: First Green Day on Live Account

Today marked my first green day on my live account! The market was quite sluggish at the open, primarily due to an overall downward trend. I stayed patient and allowed the market to settle before making a move. Given the limited opportunities, I only took one trade today but ended with a profit of $29.95, bringing my account balance up to $844.21. Let’s dive into the trade.

Trade Review: INDO

With the market slower today and a lack of strong premarket gappers, INDO stood out with a modest 15% premarket gap. Despite the absence of a news catalyst, I kept an eye on it. INDO sold off right after the open, eliminating early opportunities, but started ramping up a couple of hours later. Observing the 5-minute chart, I noticed it was oversold and decided to wait for a pullback to an EMA level.

The pullback showed support on the 9 EMA on the 5-minute chart. I monitored the volume, and at 10:35, it began to pick up. I waited a couple more minutes to confirm upward movement and entered at $2.985 at 10:37 with a 10-cent stop loss set at $2.89, just below the 50 EMA on the 1-minute chart.

Given the market conditions and the lack of a catalyst, I aimed for a 2:1 risk-reward ratio instead of the usual 3:1. As the price started to climb, I prepared to adjust my stop loss to secure a 2:1 ratio. I got stopped out at $3.18, achieving approximately a 2:1 RR and a profit of $29.95. I was proud of my patience and ability to identify solid entry signals, capitalizing on this opportunity even on a down market day.

Reflection and Lessons Learned

Today’s experience reinforced the importance of patience and waiting for better opportunities. By focusing on stronger support bounces and upward trends, I executed a successful trade. Patience paid off, allowing me to find a solid entry point and make a profit despite the challenging market conditions.

Tomorrow, I’ll continue to seek better opportunities and remain patient, aiming to build on today’s success and further improve my trading strategy.