What a terrible sell-off for a lot of these meme stocks, such as amc, clv and wish as well, if you look at the charts today, a lot of them just selling off with no bounces whatsoever. If you take a look at the clov after it made the new all-time highs a couple days ago and uh, you know it popped at the open to almost thirty dollars. Twenty nine dollars at the open uh was it yesterday, um at the open to 29th and just sold off and with no bounces whatsoever from 28 all the way down to 22s and uh. You know actually closed around 17.

and today we're seeing the same thing. We had a small pop with some pr and just so sold off um today down to 15 dollars. I was watching this today, but i didn't play this because it was just looking extremely heavy. If you look at this, you know popped at the open and just went uh green to red, so it went red for two consecutive days and if you have a look at a daily chart um, you know this thing you know is selling off back to this Gap fail area around the 14 and potentially 13.

I didn't play this one today, but there were just literally no bounces whatsoever. It was so weak and uh because of this clov being the one that's leading wish and cl and e a lot of the other meme stocks are selling off as well. This kind of sell-off is exactly what i call no bounds city, i'm actually ending the day. Red as well with a loss - and this is going to be my first losing day in june - so let's get into the trades right now um this one is a losing trade on fuel sale um.

This one had a big gap down from 11 down to 20s. I was trying to play the reversal thinking that they are gon na. You can see the double bottom triple bottomed around 980s once it reclaimed v-wap. I was thinking that we might get a reversal from tens all the way to 1050s and 1060s, potentially like a slow trend up, but unfortunately it pulled with the market.

I had some pretty decent entry and that's why i was trying to let it work um. I decided to starter ten dollars. I added to my full size on 10 18s. Looking at thinking that we can go back to highs 1050s and gap fill but um.

You can see once i got in um it spiked to a little bit too 10 20s and just got slammed right back down with the market, and i got stopped up for a loss lost about. I think 20 cents a share on this one. So, first loser on the day. Now, second stock is ocgn, they have news and you can see the stock sold out from nine thirties down to five dollars.

Uh pre-market, very, very heavy, sell-off, um down to five dollars and it starts bouncing at the open. This one was is down with the negative news with their covert 19 vaccine um. That's why i was thinking that this thing can pop at the open. You know top out around 750s 8 and sell off um to the lows which it did, but i just got in a little bit too early, so i started in around the 750s.

I even added a little bit 740 and around here i started adding around 770s and even some more here. The risk on this trade is the breakout above eight, but this thing just hovered around for so long um. So i actually cut this first trade on the short side for a loss around 758 and 760., so i lost about 20 cents a share on this. I did re-enter it in the second trade.

I did make some money back, but overall this is still a losing trade. It just kind of did like a slow grind up and just like a slow fade, you can see it eventually worked out, but there was no way i was just gon na hold it for the entire morning for like 50 cents um, you can see once this Thing broke down the 750s. I got back in short shortly, some more here 745, so that gave me an average of 753 and then i was out around 722 and 730. So you know pretty much like a small loss on the street, with the first trade being a losing one.

Second, trades green, but you know it's still a little bit. Frustrating i've been stuck in the street for so long and to only come out ahead with like a couple cents. Another stock i traded is mdly um. This one turned out to be an all day.

Fader. You can see this thing gapped up to. I guess pre-market around 14 from a prior day's close of six dollars. I couldn't find any news on the stock, so i would, i would just think, oh, why is it just up with no news and if you look at daily charts, you know lots of failed spikes to the high 12, 13 and 14 and that's kind of the Pre-Market highs area at the open, it did have a small pop.

I got some shorts locates, they were very expensive, so i didn't have a lot um. I got in starter around 1250s around here. This is immediately slammed right back down to vwab and i was waiting to see if they're gon na pop above 212 and i'll add into that, but it just was so weak. So i covered some here and re-entered here around 1120s and covered into the flushes around 10, 70s, 10, 40s and just dragged down lower.

I only have a partial position at this point and then i had a re-hit here, 1040s and also out at 970s, and you can see the stock just ended up fading, even lower down to 920s eight dollars and below um. I think the the thing that kind of sketched me out is that it's a very low float stock uh, but it's up on no news, so i'm just kind of scared i'll get trapped, uh for a short squeeze. So that's why i got out relatively early, but still a decent faith on this. Basically, from 1240s, 11s 10 40s down to um 970s was the best cover, but i did get out most of it around the 1040s 1070s.

On this short trade. The final one is amc on the long side um, so i was trying to buy and see up here um in the morning when i see that it's hovering around red to green, i was hoping that would consolidate and squeeze up higher for a secondary move, but Unfortunately, that just didn't happen, so i got in around 49 80s and you can see it had some small spikes to 50 50 um. You know it just, but just never retested the high of the day to 50 ones. So i got stopped out for a loss on the first trade, around 49.40 40 cents loss and it's a good stop.

This is why you have to follow your stops because, after that, this stock just tanked from previous day, closed 49 dollars all the way down to 46 and 40 dollars. So follow your stops. It sucks to lose 40 cents, but imagine losing 6 a share on this stock. So don't do that.

So i'm very happy about the stop out a lot of times. Some of the best trades are the ones that you cut for a small loss and to see the stock continue tanking lower. So this is what we call good risk management. You have to follow your stops.

Otherwise, you would not survive in this game and over here again i got in long for a small scalp uh, 47, 30s, and so that you know like 50 cents. The stock was very weak, so i didn't want to outstay my welcome. So that's why i got out for a small scalp and you can see the stock tanked from 48 dollars down to 43.. This is where i reload again thinking that okay, we might get a bounce move.

Uh 43 added 43 60s sold some into 44 50s and i was actually trying to add thinking that i added here thinking. We might go all the way back to 46 dollars the wab level uh, but no it didn't happen. It was so weak. So i just got stopped out so smelling on this and small loss on the react and you can see the stock just tanked lower from 43 small weak bounds to 44 down to 40 dollars.

Today and i was seeing the the bigger bounce on amc, we'll see what happens today, ssr has been triggered for a couple of days. Uh we'll see whether it goes uh, but you can see on imc chart. You know it sold off all the way down to 40.. I was looking at a chart and thinking i can actually go below down to 37s and 35s, but um not today, but uh.

But if you are kind of going long on these kind of downtrending and selling off heavy stocks, you have to have stops um. Otherwise, because otherwise it can get pulled down for like eight dollars, um a share and that's not fun, even if you're just trading 100 shares that would be like 800. So don't do that. Please follow your stops and never add into a loser.

So, like i said, we're seeing a lot of no bounce city, so please just be careful out there and follow your risk management and your stops. Don't just average down average down into a loser a lot of times. That's how traders blow up. Thank you guys for watching and i'll see you guys next time.

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