Hi Guys,
Well yesterday turned into quite a wild ride. The market went way down, and then it came back up some near the end of the day. This morning so far it seems to be hovering near where it closed yesterday, but since things have gotten volatile, who knows where it might land by the end of the day or week.
As far as my positions, I made a clerical mistake with my LULU stock trade when I set up the stoploss in my trading platform. I somehow accidentally set it for 387.20 instead of the correct price of 388.20. Yesterday, the price of 388.20 was reached by LULU and should have triggered a stoploss, but since I had the wrong stoploss in my system, mine didn't get filled. I found out about it after the market closed when subscribers started asking me about it, and any time I find out I have done something that falls outside the bounds of the trade rules, I immediately take corrective action to get back within those bounds. In this case, the rules called for me to be out of the position, so first thing in the morning I closed out LULU manually. To my surprise, this mistake ended up benefiting me instead of costing me. It's pure luck. It's like I got one of those Monopoly cards that says, "User error in your favor. Brokerage pays you $100!"
I bought CDNS stock and some AMD options today. That's all I could squeeze into my account. There were other tickers from the watch list that set up for trades this morning, but I didn't have the buying power in my main account to take them. I have two MES futures positions that are eating up some capital, and my TRU stock position is really heavy. Tomorrow my DPZ stock trade will hit its time limit, and that will free up resources to pick up another position.
For the MES futures position I picked up yesterday, the strategy was to go long if the low of the prior day was near but above the most recent "swing low" in a series of rising swing lows. A swing low is like a "valley" in the price chart. So in other words, when there is an uptrend, I'm looking at the valleys of the uptrend (which are like low points along the way) and buying if the price gets near the most recent low point.
If you have any questions or feedback, I'd love to hear from you.