Wasn’t my best day for day trading as i was going short in all 3 of these stocks on a bullish day in the market. I was right on all 3 of these stocks to go short but got greedy and didn’t cover my positions quick enough to capitalize on the profits while going short in a bullish market day. I was expecting more weakness in the airline sector as oil was up today and Airlines have rallied so much. So lets take a look at the Day Trades today.
Day Trading stock Pick #1 - YGE
YGE i have actually been interested in a long position yet found a day trading short opportunity early in the morning as price had gapped up. When price broke down the gap support at $6/share i went short at 5.95 and was looking to cover around 5.70… Price dipped to 5.80 yet never fell below that mark. I was forced to cover this position at 6.01 for a small loss
technical analysis:

Day Trading Stock Pick #2 - LCC
I’ve been looking to go short in some airline stocks for the past week or so yet just waiting for the right opportunity. These stocks have had a huge amount of buying pressure yet eventually will have profits taken. I went short in LCC this morning at 7.11 and the position was looking excellent dropping to 6.70/share placing me in a decent winning position. Price then consolidated the rest of the session forcing me to get stopped out of my position at 7.31.
technical analysis

Day Trading Stock Pick #3 - RJET
Same situation here in RJET, went short in the morning and position was looking awesome with no real support until $10/share. The problem with shorting on a bull day in the market is the possibility of short squeezes. The problem is that i was looking at these stocks in a day trading form with the risk/reward of a swing trade. The potential reward is much larger than the risk here as we could be short here with minimal amount of upside risk and a lot of downside potential. Unfortuntely i was looking for continued weakness into the close on airlines but the market continued to rally hardcore into the close giving airlines a strong boost off there intraday selloff bottoms. I covered at 11.55 for a small gain.
technical analysis

All in all today was a decent day… Didn’t lose too much and cut my losses. Could of have a great day tho as i was profitable in all 3 of these positions at one point. All trades had great rewards than risks. Unfortunately the risks had to be cut short as the rewards didn’t work in our favor today… But my mind was in the right place… You need to have attractive risk/reward ratios for every trade you make. Although they don’t always work out.. You cut your losses short and move on. Theres always another day in the stock market. The question is did you survive to make it there, or did you hold onto your stocks as they ate up all your money.