I am sure whoever has read my blog before knows that I stay away from trading $LVS, its the whackest stock ever, it will fake you out and do everything possible to take your money! So I stay away from any stock that is guilty of this crime, #1 on my list is $LVS. BUT but...I gave $LVS an exception today...why? Because my friend was over, first of all today was supposed to be my day off from trading. I had whack duties like , I was doing my taxes and getting my papers ready...this dude comes over at like 12:30 PM and I'm like wow...epic fail.
This dude never ever ever seen a live trade, so it was late, it was 12:30 PM and around this time can be the slowest time in the market but honestly not today...today the markets FELL and they fell nasty, especially after 12. Again, I lost $20 demonstrating to Hitesh how trading works and why I was never really afraid of trading $LVS, I told him this is why I am trading it, I am willing to risk .30 cents for every share and I expect this to happen, his lame ass watched and examined. I also put him control of the ship for about 5 minutes while I ran upstairs and changed my clothes...all he did was watch and wait for my order to be filled, it didn't get filled, I warned HIM do NOT touch anything else.
The fact that I did not wake up to trade today also meant I had no trading plan, I was flipped through a few symbols that I was familiar with and $LVS was the only stock that has a legit setup. If you look at the chart on the left, you will see $LVS fell HARD in the morning, but it did pull back and then it started consolidating, and this is where I saw the opportunity. Again I didn't get much time to actually study its behaviours, I knew it was $LVS and $LVS has a bad rep in my books but the setup was there. I told Hitesh, I was like "look dog, when this stock cracks 53.51 its a wrap, its gonna break down and possibly his 53.20 ish zone, so I put in a order for 50.51 and it got filled, but there was soooooooooooooo much support around the 53.50 area that it honestly took $LVS almost 1 HOUR to crack through the floor, and this is honestly a warning sign. If the STOCK does NOT do what you want it to do, then look at exiting the trade, it is not worth to stick around and wait for your stop to get hit and be down a significant amount. And that is exactly what $LVS did, it just whacked off in that 53.50 zone for about an hour, bounced around but never really broke through with force. So long story short, $LVS and I are still on bad terms, Hitesh Sharma got an understanding of what to stay away from if he ever decides to trade. P.S. I totally did not prepare for this trade.
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Below are my Trade Tickets:
The last order at 15:32:31 got filled while my ass was at work, again that was a security measure that in case $LVS did not reach my target of 53.25 the system would automatically get me out at 53.60 and I would only have to suffer a -$10 loss and that is exactly what happened because $LVS is a wild hooch like that.
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