SPWH – One of the best trades I have made in a while. Risk management was great. I did not get my full size as it ran a little at my buy point but i did not chase. I recognized this stock was a grinder and did not get shaken out when I was red on it for a while. Got 12 cents on it and that was decent for a Momo play. It was a good trade overall. Was a little bummed out that I did not get my full size. Also a tad or two longer I possibly could have gotten 22 cents on it instead. Well thats always tricky to smack the top.
FRTA – Had range and volume, now it just lacked a clean set-up. Waited and waited and it came along. 9 cents of risk there and managed to sneak 12 cents out of it with an entry with a little slippage. Glad about this trade.
Nites and good morning westies! Je suis calme today.
So HDSN worked out great. Was happy with this sucker. Also took profits when necessary.
On the other set-up – The Reversals
Reversal set-ups were strange today. There were few great reversal set ups that I just did not have the guts to trade. Something deep in my gut told me these were not good trades. They did work out in the end but I missed em. All is well though as this slowly just adds more confidence to my strategy. I will do better next week with this.
At least I am greeeeen! Wohoo
Terribly slow day, just didn’t work!
Trades : 2
In the green today. 2 mistakes. Second trade ‘OCLR’ the risk-reward wasn’t too great. Ideally I would not have taken it. Having taken it, I got out too early even though the chart did not really show any technical sign of weakness. I got scared out. Still learning this one.
Today is a little bit special. I have not finished trading but I am already writing my report. I just wanted to vent a little bit of frustration here. I have never traded a 5 min scalp set-up on a 5 min chart. I usually gauge them on a 1 min. However, I have always intended too. Whenever I wanted to I have missed my entries. I remember that beautiful one on ZN a couple of weeks ago. SO! Thats what I did below.
Now you can see my clear risk line and my entry line. I stooped out before the fair graph support. Why did I do that? Honestly I do not know. I was conflicted between two rules:
a) Up or out
b) Do not stop out too early.
Call it emotions but the market recently has been a bore. Anything that runs up just gets struck down. So that’s how i reacted. Plus it’s my first time on a 5 min. That matters because range is usually bigger and waiting times are longer for your play to work. I am clearly still a work in progress. Lost about 7 cents on this sucker with a P&L of -36. Not too atrocious i would say. Plus I need to stop letting one trade change my viewpoint. I have heard a ton of professional traders screaming to use a large enough sample size to judge the viability of your strategy. I guess this one trade does not mean much but it surely leaves some sort of impression.
Today was simple and straight forward. Was prudent on my set-ups again.
Simply put, 1 worked and 1 did not. Both were the same 5 min scalp set-up.
Things I did good:
- Stops were tight
- Stuck to my rules
- Did not overtrade
Things I could have done better:
- OPHT – I should have taken note of range. This stock has terrible range and maybe should not have played this
- TANH – My only regret is not stopping out earlier. It did pop up first before going red. Should have stopped out the moment I hit a loss
Overall: I will live and continue to kick some candy ass tomorrow.