I say it all the time, but this week I can’t emphasize it enough…
Singles add up.
In the past four days, we’ve gone from peace talks to failed peace talks.
We’ve seen news of MORE peace talks on the way.
We’ve gone from “the Strait of Hormuz will reopen” to the Navy blockading Iran’s ports.
Here’s what you need to know.
All of that is out of my control (and yours).
So, what should you do?
I’m adapting to the market.
That’s the only sane thing a disciplined trader can do.
Starting with this premarket trade…
Speculative Premarket Dip Buy
On Monday, I knew there would be oil and energy stocks in play due to the news.
And because we’ve been watching these plays for the past six weeks, the tickers are all fresh on my mind.
So, I wasn’t surprised to see Sky Quarry Inc. (SKYQ) gap up in premarket trading and run to $20+.
Not wanting to chase, I waited for it to pull back (and for price action that I liked).
My thesis was that SKYQ could squeeze if it got back over $17 per share.
My goal was to make $0.50 to $0.75 a share and cut losses if there was no bounce.
Source: StocksToTrade
SKYQ 2-day, 1-min candle, speculative premarket dip buy, singles add up.
I know it doesn’t look like much (I didn’t even take the meat of the move).
But disciplined, small singles like this add up.
Even though I would have loved to hold into that big squeeze right before the open…
What if I’d gotten cocky and held too long?
There’s nothing worse than doing the “round trip” and having to cut at break-even (or take a loss).
Most traders think the hardest part is making money… It’s not.
The hardest part is KEEPING it.
Top Tips for Trading This Market
We have a CRAZY market again as the peace talks ignited strength, rumors and volatility…
Only for the talks to end with no deal.
Then, the Navy blockaded Iran’s ports.
Remember to just aim for singles in this market (take what you can and don’t get greedy).
Those who bet too big in a chopfest usually regret it.
• Avoid being overly aggressive.
• Avoid being overly patient.
• Keep up with breaking news, as it can swing the market (and the price of oil/energy stocks) FAST.
Singles add up and you CAN grow a small account (and even a big account) by locking in gains along the way.
Stay disciplined.
If you have any questions, email me at SykesDaily@BanyanHill.com.
Cheers,
Tim Sykes
Editor, Tim Sykes Daily
