Pretty crappy connectivity today so I’m not going to post charts. Decent set of stocks though market looks to gap up big, I’m going to really try to sit on my hands at this point and into the open. My goal for this week is to trade less, and try and take bigger moves when I do trade. Way to much scalping last week.
Writing this a day after the fact and right before the market opens so it may be a little rushed. But after traveling along US-2 in Michigan’s Upper Peninsula it was pretty readily apparent cellular coverage would be spotty and after arriving at Fayette Historic State Park, I discovered no availability of public wifi. I’m writing this from the parking lot of a bar, I managed to get the barmaid to hand over the wifi key last night, though I have a feeling she did not inform her boss. I keep getting the stink eye from a guy that showed up about 8AM. I’ve been sitting here since 7AM, so I’m waiting for him to ask me what the hell I’m doing!
So back to the recap for August 13th. I’ll save the trading info for the end, but made my rounds to the Mackinaw City Starbucks, and thankfully it was less busy today so less congested wifi and less ear numbing conversations.
After putting in my half day of work I ventured back to the campsite where we packed up, headed out over the bridge and made the migration to Garden, MI. For sure Fayette State Park is one of my favorite historical site seeing places I’ve ever been. Not only is the old Iron town very interesting to check out, the geology of the place is amazing. Its pretty cool to be from Michigan when you realize some of the amazing natural resources there are to tour. Sure Sleeping Bear Dunes, gets all the headlines and is amazing, but with a little driving and research you can discover other very inspirational locations just miles away.
After arriving we checked into the visitor center which had a very detailed and interesting model of the old mining town. My picture stinks because the lights were so low. Lily had a blast trying to find everything on the Scavenger Hunt of the model. There was a list of 25 details you had to locate.
After making the short hike down to the bay, we toured the old mining town. Again hats off to the Michigan DNR, or whoever manages this property. It was immaculately maintained, setup very well with tons of great and educational signage. I would have liked to do a better job with pictures but by this point my phone had been searching for signal so long my battery was dead.
Of course the town was very interesting and educational but by far my favorite part was the escarpment leading into the bay. Very cool to look at and almost surreal.
After getting back to the campsite and venturing down to the lake I was amazed by the limestone formations at the beach. I think the kids for a minute thought it was manmade. Another site I’m glad I’ve seen, pictures do not do it justice.
That was pretty much the summation of the day, ended up with our first mishap of the trip which consumed most of the evening. After venturing out on a wifi scouting trip I realized my fuel was low from the trip over. I had swore the local gas station had diesel, well it didn’t… This resulted in a stressful 30 minute drive to the nearest diesel station while watching my fuel gauge bounce off empty… In the end we made it without running out of fuel, but there were a few times I swore I heard the engine skip, but oh well it added a little spice to the trip even though it ended up being over an hour waste of time and cut into our fishing time.
By the time we got back it was pushing dark so no time to wet a line. Lily, Garrison and I did take in the sunset on the limestone beach. Very beautiful, no pictures since again my phone was dead, but I’ll make a point to get one tonight.
On to the trading for the day. Shorted $EXAS right out of the gate at I think $17.50’s. I need to figure out how to do trade reports in $IBKR’s shitty software, not sure my exits and entries. Then I covered into a wash I’m thinking around $17.25’s? I know my profit, I’m just struggling to remember the actual entry and exits. Either way, per usual I took a small $600ish profit, only to watch it crack hard minutes later… If I accomplish one thing on this camping trip it will be to wander into the woods and reconnect with mother nature and hopefully she will bless me with the gift of some FUCKING PATIENCE!!!
Other than that I shorted $DANG, into earnings, stupid, but small, held it all day and let it grind me. Since I’m a day behind I’ll save story of $DANG for tonight, it worked out Ok for me even though its always a bad idea to hold into earnings.
Glad I only made a couple trades, but this patience thing needs to be fixed, but its good in trading to have a goal. Thats mine right now.
Considering how the market was raging yesterday (while I was on the road) I assumed there would be a lot more on scan. Not that much to get me excited… Decent day yesterday though again nothing to brag about, took close to $600 from $EXAS and traded it pretty well. Only bummer was I tried adding into the crack and at that point $IBKR ran out of shares so I only had 700 or 800 short when I would have liked 2K. But I’m happy with it, considering I made the right choices, sometimes you have shares sometimes you don’t. Am a little bummed I was scared out of trading $LIVE. That was a silly miss.
Well today was kind of a bummer, rainy, windy and cold all day, kind of makes it hard to explore the outdoors in cruddy conditions. Garrison and I still explored Waugoshance point and waded out into Lake Michigan fishing. Didn’t catch anything because the wind and waves were a little to extreme to go out too far. Would for sure be a great place to revisit with a kayak or canoe. We did some research and the fishing is good in the chain of islands, but we didn’t have the best setup or preparation.
We will for sure be back now, it helps to get an idea of what you are up against. We knew going in this would be kind of a scouting mission and our odds of bringing back dinner were pretty slim. The drive in was good for sight seeing as well. Long winding single track through the woods.
There are lots of activities and sites to explore at the State Park, but again the weather put a damper on a lot of them. Lily and I walked around on some of the trails and she put on a wildlife show at the outdoor amphitheater for me. Her imagination never quits working thats for sure.
Looking forward to heading on to the next destination tomorrow, we’ll be crossing into the Upper Peninsula and moving onto some historic areas so should have some cool sight seeing even if the weather continues to be lackluster.
Trading wise today I’ll call a success, though barely. Its tough to get exited about $555 in profits, but when you consider I “worked” 5 hours, that still averages more than $100 an hour. If you want to extrapolate it out in that type of simplistic manner. Of course calling it work can be a stretch as well. Considering I sat in a coffee shop and watch ferries come and go, and sat with my feet up sipping coffee for 5 hours.
But I did follow the plan I laid out in yesterday’s post, pulled back and used 5 minute time frames to pick entries, stuck to trading my main watch list stocks and kept things tight. Only bummer was again on exits, still pushing and being to impatient on exits. $EXAS, I covered for peanuts about an hour before it cracked. Much like $KNDI yesterday, it could have been a huge win with just a little more patience.
But in my self defense the wifi at this Starbucks was pretty mediocre and made it difficult to sit there and wait for $EXAS to break down. I reconnected and saw $350 and got the hell out. Had I not had spotty access I don’t think I would have been that quick to cover. But I may also be making excuses after the fact.
I profited on $GTAT and $DANG, but they ended up being mediocre shorts. BUT, while I normally torture myself over mistakes, I’ll actually pat myself on the back for playing these well. Neither of them wanted to crack so instead of letting them grind back against me, I cut them for piddly profits. And sure enough they both did grind in the afternoon.
I think I hit the solid plays of the day, though I have pretty limited access now, so I’m not really sure what happened this afternoon. I’ll know when I run scans and build watch lists tomorrow.
My “baseline” goal for trading is $500 a day, I hit that, but looking forward to much better results tomorrow. I’ll step up positions sizes a little tomorrow, I did edge a little slowing into adds today and let a lot of trades move without me without adds.
All on short watch, I don’t see anything that interesting pre market except, $ICPT, which is too crazy for me. First three, $HIMX, $GTAT, and $DANG, are probably what I’ll end up trading. The tickers lower in the list are a lot lower volume and I’ll only trade them if it looks like they really want to break down.