Hey Traders welcome back to another daily profit and loss recap video today is Friday July 21st
the market has just closed for the day and for the week and today I was able to lock in 707
dollars in profits and in this video we're going to break down my two trades that I placed today
and we're going to talk about my thought process behind each of those trades so that hopefully you
can take something from my trading and apply it to your own so with all of that being said
the first trade that I wanted to talk about from today is going to be with the stock CEI also very
quickly before moving on I want to mention that yesterday on Thursday if you were waiting for the
daily profit and loss recap video my apologies but I didn't do any trading for the day I had
some things to take care of outside of trading and although I was in the chat room for most of the
morning I didn't want to have to worry about being stuck in a trade while I was away from my desk
okay but moving on to my trades today with CEI we were seeing it had a nice Spike up this morning in
pre-market but uh kind of like CEI typically does it did did not originally hold its gains very well
it came straight back down had a big sell-off from that Spike up and kind of just started to
fade down into the market open now I posted over in the market Master group that I was keeping CEI
on a watch for a potential dip and rip setup I wasn't interested in buying this as an opening
range breakout and I wasn't really interested in buying this you know pre-market while it was
spiking up and kind of chasing it into the highs I would rather wait for it to start dipping down and
closing in on that 90 Cent area originally because that is what was going to set this straight up for
a solid risk and reward and make it a trade that was worth taking so as the Market opens it starts
to pull back I posted pretty much right away that I was buying the opening dip for a quick
bounce in CEI and then it continued to fade a bit at that time it was trading at about 85 cents per
share and Faded down a little bit lower I added some more around 83 cents and at that point I
was risking down to about 79 cents so I got my average price down to 84 cents or so built into a
nice sized position of 12 000 shares at that price and again worst case scenario here is that I was
going to cut losses at around 79 cents losing 4 cents per share which would have been a loss
of just under 500 so the point that I'm trying to make is that you know keep in mind that every time
I'm getting into a trade I have at least a general idea of where I'm risking off of I know based on
usually some basic technical analysis where the stock is going to start really moving against
me or where the trade setup is kind of no longer valid so that's going to be the point where I like
to typically take my loss on the trade and just move on and once you have that level determined
you can then build your position off of it so that means that you would only add into that position
a certain amount of shares so that if it does end up reaching that risk level that you have in mind
you're not going to take a loss that's way out of your comfort zone and you're going to be able to
bounce back all right so anyway with all of that being said we can see that it kind of just starts
to pull back at the market open consolidates a bit remember I posted that I was adding some in
the 83 Cent area I got my average down to just under 85 cents it finally starts to recover out
of that little consolidation Zone pushes back up and uh keep in mind at the time volume was still
relatively low at least compared to the volume that started to come in later on in the morning so
I started to lock in a portion of my profits once it started to push up into the opening range highs
up here right at about 90 cents and then I am a bit ashamed to say that I locked in the remainder
of my profits as it spiked up here into the v-wap I ended up with a total of 727 dollars in profits
on that trade which obviously is nothing really to complain about but when you take a look at the
bigger picture here you can see that obviously it ended up running all the way up to a high of
1.24 cents that happened only about 30 minutes or so later so one of the thing things that I really
need to work on and that I've been mentioning over and over again in these videos is that
I need to be a little bit more patient with my winning trades although I am overall a profitable
Trader and I'm fortunate enough to be able to day trade for a living obviously I'm still only human
and there are things that I'm constantly trying to improve on myself and the best way for me to
go from averaging maybe about a thousand dollars a day in profits to you know 2 000 a day in profits
or five thousand a day in profits is to really focus on letting those winners outweigh those
losers even more than they already do okay so anyway that was my trade with CEI and that was
kind of the lesson that I took from it moving on to the second trade this is going to be with the
stock icad icad was a little bit of a tricky setup this morning if we take a look down here
at the daily chart we can see that over the past week this has had a really solid Spike up from
the low twos all the way up to a high of 3.97 and it's kind of just been shopping and trading around
for the last couple of days in the 3.50 area so yesterday in the market Master Group trade plans
we post trade plans every single night to help our Traders take on the market the following day
and the trade plans for icad were that this was a big Runner earlier in the week and it was coming
back into play for Friday now that there's a strong daily setup what I was looking for in
order to buy into this setup was that it was going to have a nice morning pullback or a little bit of
a sell-off at the market open I was going to buy into that sell-off risking off of the 3.20 area
and ideally from there we were going to see a red to Green move and it was going to start squeezing
up to four dollars or higher so for the most part I guess things kind of went as planned it started
to pull back at the market open I bought into this pullback in the low 340s pulled down to a low of
three dollars and 30 cents like I mentioned in the trade plans my risk level was going to be at about
three dollars and 20 cents so there was still some room for it to continue to pull back before
I would end up cutting losses on the trade but it did end up eventually having a nice reversal
um started to push back above v-wap it was trading on really thin volume so once it kind of started
to just chop around the v-wap here I was already in the trade for much longer than I would have
liked to have been and I had a very small position in it so I ended up kind of just taking a very
small loss on this of 19.89 it got all the way back up to my break even price actually ended
up pushing a little bit into the profit Zone but once it started to pull back once again
to the v-wap that's where I sold and cut losses on this trade later on into the close it did end
up finally pushing up and closing just above the previous days closing price so if we look at the
bigger picture here this is definitely a setup that I will continue to watch early next week we
can see there's a little bit of an inverse Head and Shoulders pattern actually starting to form
with you know this area here being the left shoulder this being the head and this being
the right shoulder and then of course we have the neckline resistance which is probably right around
here in the 3.70 Cent range so if it can maybe start pushing back above that level early next
week this can definitely be set up for another nice push up to new Highs but for today it really
wasn't a trade that had much follow through and there wasn't much potential there with that setup
okay so all in all I ended up with 707 dollars in profits today really quickly before wrapping
up the video I want to give a quick shout out to Kane Kane has been in the chat for
a while I can see the consistency starting to build and he was able to end the week now with
eight solid profitable green days in a row I of course love to see it the goal after all of the
market Master group is to help our team of Traders consistently profit until they no longer need our
help in their self-sufficient Traders on their own so it's great to see some Traders being well
on their way to that goal and eight days of consistent profits is definitely a great sign
but anyway that's going to be a wrap for this video if you want to hear about these stocks that
I'm trading in real time as well as work with our team of Traders here in the market Master
group get access to our day trade and swing trade alerts our detailed trade plans our live custom
scanner streams and so on and so forth all of that again can be found in the market Master
group and there's going to be a link Down Below in the description for you to get signed up but
regardless thank you again for watching the video I hope you enjoyed and good luck with your Trading
thank you