So today was another good green day. Looks like a retarded play but I took small size again because it was a set-up I have been tracking. I will increase next time and I did not trade this 100% perfectly. Btw I did increase my size from the last time I played this so kudos.
This is the chart of CUR. Beautiful bottom bounce set up and got an entry near support at around 2.19. The mistake I made here was not sell into that strong upward push to around 2.55 as seen on the 1 minute. That was my only regret. Otherwise great play, great day and I will continue to fight.
Yes it is no lie! I am GREEEEEN today. Now this looks like nothing but it is finally a break from my losing streak. I was red on red for many many days in a row. Today there was some light.
Well, this was a set-up I had been tracking. The bottom bounce play continues to prove to be a good set-up.
So why so little gains?
1) I got scared out of OCUL. It’s a little hard to see but I got out just as it tapped VWAP. My real risk point should have been the open according to my studying. This then went up all the way to 6.35 later. It might even go higher.
So why did i take small size? I saw the support level down 50 cents from my entry and was planning to add if it reached support. That did not happen, hence the small size. I could have gone bigger but its only my third time playing this set-up. As I learn and get more confident, I will increase size!
Things I did correctly
1) Waited for the best set-up. I turned down many plays today because it did not fulfil my criterion of being A quality. Most of these ended up washing out just after.
2) I was super weary of the big picture. If the daily chart was crap, I simply did not play it.
3) I stuck to only wanting to play 5 min pull backs and pre-market breaks. None of that came by without other imperfections.
4) I took note of volume and range today. That was the plan
See that fake out at 4.35, I would have played this if the red candle of consolidation in between was not so large relative to the move. This was an example of where the set-up did not meet my criterion and I chose not to play it. Good move there.
Conclusion: I am a happy man today. Learnt truck loads and will improve even more next time.
Alright!! Finally a small win today. Straight up, the win was super small and absolutely nothing to get excited about from a dollar value perspective. What I truly loved about today was that I traded with confidence and traded with a solid plan.
ALDR – This was a bottom bounce set-up I had been studying over the weekend. When I saw this pre-market, I was a man with a plan. I told myself to take super small size because this will be a test run. Get a feel of the set-up I had been studying and execute. I would say I traded this 80% to plan. 20% still room for improvement.
a) I got to trust my plan. I failed to add when the stock hit bottom. It was the plan
b) I would say I got scared out a little bit too early even though the chart was still strong.
There is always next time.
MBRX – This was a momentum play and one I had practiced on my paper trading account. I played this well. Did not get too greedy and took my profits as it came. Solid entry on this as well.
Got to scale up my size in the future for sure. Maybe only after a minimum of 2 weeks of consistency.
AMRN – This was my stupid trade of the day. The setup was not a 100% and it was a more advanced set-up. I tried to short this on the front side of the move and like 10s after I entered, I knocked some sense back into me and pulled out. It was a 15 dollar loss if you include commissions but definitely worth it.
Note to self: I have changed my tagging system. Au Revoir.
Accuracy – 0%
Trades – 2
Ok so today I tried to play the strategy I had been recording over the weekend. I need to learn more about it and look for the right entry points. Stopped out correctly when I had to.
The second time I traded it I saw a fade set-up building up. My mistake was I did not get out even though the chart pattern was showing that it was grinding up and making news highs.
I will live another day.