It’s been a tough couple weeks. First, we had OPEX, and now a holiday weekend. I haven’t wanted to do much of the trend-following PnF-type trades because of it. Hopefully that will change soon. Today, most traders I know have quit for the day already, if they traded at all. I am also done, and I only found one little scalp to trade. If you followed along on wallstreak, you know I was watching CMG but passed on it because there were no shares on the offer near my number. I also waited a long time on VRGY and YRCW before giving up on them.
My one trade was a play on a possible reversal up on KOMG. It sold off hard yesterday, and had a lot less steam pushing it down at the open today. When it pushed above 23 the second time, I scalped it for 8 cents. I was hoping it would run immediately up to 23.20 to test a real “breakout” above a consolidation area from yesterday. But, it wasn’t meant to be. As I mentioned at the time, just after my exit, KOMG fell back down below 23, and kept going down. So, it was good that I bailed when I did. Probably should have shorted it, at that point, come to think of it.
It was a very short trade, so I won’t bother with a chart. It won’t show you anything. All told, 2.33 R. Nice to go into the weekend with a profitable trade! I hope your week was good! May has been a good month for me, as you’ll see in next week’s review post. Unless I really mess up next week, that is!
