Day 1 : Building a Watchlist and explaining the strategy Jo
Day 2 : $PLTR Trade Idea
Day 3: Buying $HOOD
Day 4: Up 5% on $HOOD
Day 5: Entered $UA Trade
Day 6: Trading In Puerto Rico
Day 7: Introducing Beacon
Day 8: S&P 500 Record Highs
Day 9: Robinhood Makes Moves Into Crypto
Day 10: Roaring Kitty Meows
Day 11: $GME Trade Idea
Day 12: $NIO Trade Entry
Day 13: Taking Profits In $HOOD
Day 14: Stopping Out Of $UA
Day 15: Stopping Out Of Everything
Day 16: No FOMO
Day 17: 6 New Trade Ideas
Day 18: Entering $ACB Trade
Day 19: DXY Tells Us To Stay Out Of The Market
Day 20: "Shoulda, Coulda Woulda"
Day 21: $CCL Hits Target 1
Day 22: Trading Psychology Book Club Week 1
Bonus: Using TraderSync To Track My Trades For This Account
Interested In Having Jay As A Trading Coach So That He Can Teach You How He Finds These Trades? Click here to get started!
Adapting and Protecting Profits: Today's Moves in the $500 Challenge
Today saw some key decisions to protect profits and adapt to current conditions.
Exiting $NIO Early: Our $NIO position was down 5% at $4.38, resulting in a $3.12 loss. While our stop-loss was set at $4.24 for a $5 loss (1% of our portfolio as per our risk management strategy), we decided to exit early for a few reasons:
- DXY Strength: The US Dollar Index (DXY) is currently bullish, which can impact the performance of our long-term swing trades. We want to be cash-heavy in such situations.
- Portfolio Protection: Since our overall portfolio is currently up, we prioritized protecting those gains by exiting a losing position that wasn't working in our favor during these current market conditions.
- Cash & Opportunities: Webull's Cash Management feature has earned us over $1.84 in interest so far. Holding cash allows us to capitalize on potential buying opportunities when the market dips. Also when the DXY goes up it strengthens the case for holding some cash as a hedge against potential market volatility, and also increases the purchasing power of that cash for foreign goods and services.
Selective Exits: The DXY strength suggests fewer ideal entry points for our long swing strategy. Therefore, we're exiting positions that don't show immediate promise after entry. This allows us to focus on our watchlist and wait for better setups when the market conditions shift.
Balancing Losses and Gains: To offset the $NIO loss, we sold one additional share of $CCL for a profit. We had previously sold 5/7 shares at Target 1 and were holding 2 shares for Target 2. By selling an additional share in between target 1 and target 2, we secured $2 in profit to help mitigate the $3.12 loss from $NIO. This demonstrates sound portfolio management techniques covered in Jay's coaching program.
We continuously update our real-time buys and sells in our free trading Discord. We'll keep you posted on the next chapter of the $500 account challenge, where we'll adapt, protect profits, and hopefully capitalize on new opportunities!
Adding New Plays To The Watchlist $SNAP $NKE & $CRM
$CRM Salesforce: We are looking for the price to break below $249.84 and then have a daily candle close back above $249.84 for entry. Target is $311.73+. Stop Loss for us will be the low that was formed before the price broke below $249.84.
Looking at the Quarterly Timeframe, if we close above $249.84 on the quarterly ($249.84 is the low of last Quarter) we could see a move up. This could break ATH, and then be in price discovery
$SNAP Snapchat: It looks like we might go back to the high of Q1 2024 on the Quarterly Chart, as this chart is looking bullish to us.
We will look for it to retrace into the Bullish Fair Value Gap, meaning we are looking for a move below $16.52 followed by a Daily Candle Close back above $16.52. Targets at $17.90 and $20.43. The stop loss would be at the low that was formed before the price closed back above $16.52.
$13.89 is next level we are watching for the same setup, we can update that trade if the price gets there.
We also have a Short Term possible day trade setup here. We are only going to enter if our setup criteria happens between 10AM EST and 11AM EST tomorrow or Monday. We will also be risking .5% of our portfolio on these day trades instead of the usual 1%.
We are looking for a move below $16.31, followed by a 15 Minute Candle close back above $16.31 for entry, target at $16.52+, stop loss at the low that was made before the price closed back above $16.31.
We are looking for the same setup with $16.05. Targets being $16.31 and $16.52+.
As well as the same setup at $15.79. Targets being $16.05, $16.31 and $16.52+.
$NKE Nike: This one had earnings today, we did our analysis prior to the earnings. We were expecting pullback down to our levels of interest, which is exactly what happened after the earnings.
We are looking for a break below $88.66 followed by a 4H Candle close back above that same price for entry, with the stop loss being the low that was formed before the price closed above our entry level of interest. Targets $96.22 and $99.
If the price keeps dropping we are looking for a break below $82.22 followed by a 4H Candle close back above that same price for entry, with the stop loss being the low that was formed before the price closed above our entry level of interest. Target $88.66
If the price keeps dropping we are looking for a break below $71.37 followed by a 4H Candle close back above that same price for entry, with the stop loss being the low that was formed before the price closed above our entry level of interest. Target $82.22
If the price keeps dropping we are looking for a break below $60 followed by a 4H Candle close back above that same price for entry, with the stop loss being the low that was formed before the price closed above our entry level of interest. Target $71.37
If the price goes lower, and builds bullish divergence the whole time, leaving lots of FVG behind, we can see a big move up. So the lower the price goes for us. the better! If we have a profit buffer when/if this happens (meaning if our account is way up by the time the price hits entry), we can risk more than usual on this trade if it goes to our lowest levels of interest.
We also had a bullish thesis just in case, looking for a Monthly candle close above $99.05. Then looking for a break below $97.64 followed by a 4H Candle close back above that same price for entry. Target $102.70, stop loss $95.98.
