Awash's Journal
- Thread starter Awash
- Start date
Be careful with trades like #2 long and #3 long today, where you are basically picking the bottom. After a few months I realized those kinds of things were killing me. The one exception for me is when it occurs at a prior resistance level (say, from a day or two ago).
Got off course today!!!
Trade#1 â Tested a premarket signal at the open but it didnât work out. Will complete avoid next time! My stop was pretty wide for that early setup.
*Long 1137.25 - 9:32 EST Stop: 1134.25 Target: undetermined
*Stop 1134.25 - 9:41 EST [ P/L: - 3 ]
Trade#2 â thought the market would continue down but my support level held up. Reset my stop once price moved in my favor and it quickly got tagged.
*Short 1134.75 - 9:58 EST Stop: 1136.00 Target: 1132
*Stop 1134.50 - 10:11 EST [ P/L: + 0.25 ]
Trade#3 â Went long off a good divergence signal, price moved in my favor but I failed to reset my stop to B/E or one tick in my favor. Price returned below my entry level but I decided to hold this position as S1 was still intact. Decided to add on the next trade. I failed myself on this trade because I exited prematurely, this time I was focusing on my bid/ask screen. Bad idea!
*Long 1135.25 - 10:47 EST Stop: 1132 Target: 1137.25
*Exit 1134.75 - 10:56 EST [ P/L: - 0.50 ]
Trade#4 â Added near S1 as it held up but I didnât properly manage this trade. I failed myself on this trade because I exited prematurely, this time I was focusing on my bid/ask screen. Bad idea!
*Long 1134.25 - 10:32 EST Stop: 1132 Target: 1137.25
*Exit 1134.75 - 10:56 EST [ P/L: + 0.50 ]
Trade#5 â The market spiked up but I was trying to press the short side. Price moved in my favor, however I didnât reset my stop and it quickly reversed higher. In hindsight, this wasnât the best trade because Iâve seen this formation a few times in the past months, a climb, followed by a multi-hour range. In short, these formations seem to generally continue the trend.
*Short 1140.75 - 13:32 EST Stop: 1142.75 Target: 1137.50
*Stop 1142.75 - 13:52 EST [ P/L: - 2 ]
Trade#6 â Dumb trade to keep shorting the fast moving uptrend!
*Short 1145.75 - 14:24 EST Stop: 1147.00 Target: undetermined
*Stop 1147.00 - 14:27 EST [ P/L: - 1.25 ]
Trade#1 â Tested a premarket signal at the open but it didnât work out. Will complete avoid next time! My stop was pretty wide for that early setup.
*Long 1137.25 - 9:32 EST Stop: 1134.25 Target: undetermined
*Stop 1134.25 - 9:41 EST [ P/L: - 3 ]
Trade#2 â thought the market would continue down but my support level held up. Reset my stop once price moved in my favor and it quickly got tagged.
*Short 1134.75 - 9:58 EST Stop: 1136.00 Target: 1132
*Stop 1134.50 - 10:11 EST [ P/L: + 0.25 ]
Trade#3 â Went long off a good divergence signal, price moved in my favor but I failed to reset my stop to B/E or one tick in my favor. Price returned below my entry level but I decided to hold this position as S1 was still intact. Decided to add on the next trade. I failed myself on this trade because I exited prematurely, this time I was focusing on my bid/ask screen. Bad idea!
*Long 1135.25 - 10:47 EST Stop: 1132 Target: 1137.25
*Exit 1134.75 - 10:56 EST [ P/L: - 0.50 ]
Trade#4 â Added near S1 as it held up but I didnât properly manage this trade. I failed myself on this trade because I exited prematurely, this time I was focusing on my bid/ask screen. Bad idea!
*Long 1134.25 - 10:32 EST Stop: 1132 Target: 1137.25
*Exit 1134.75 - 10:56 EST [ P/L: + 0.50 ]
Trade#5 â The market spiked up but I was trying to press the short side. Price moved in my favor, however I didnât reset my stop and it quickly reversed higher. In hindsight, this wasnât the best trade because Iâve seen this formation a few times in the past months, a climb, followed by a multi-hour range. In short, these formations seem to generally continue the trend.
*Short 1140.75 - 13:32 EST Stop: 1142.75 Target: 1137.50
*Stop 1142.75 - 13:52 EST [ P/L: - 2 ]
Trade#6 â Dumb trade to keep shorting the fast moving uptrend!
*Short 1145.75 - 14:24 EST Stop: 1147.00 Target: undetermined
*Stop 1147.00 - 14:27 EST [ P/L: - 1.25 ]
Awash, with regard to these two entries, as it turned out, you couldn't ask for better entries. I would suggest, use them as a model, and come up with a simple exit rule that would have let them run. Then apply this exit rule to the rest of your trades, see how it goes, make modifications from there. etc. etc.
In other words, you said "I exited prematurely". I say, you need something in your toolbox to follow that would allow for a big gain, otherwise you can always expect to exit prematurely.
peterfigliozzi,
Thanks, I was off today! Early on, I was paper trading to prepare myself for live trading in the afternoon but ended up breaking all the rules (watching my bid/ask screen). I guess I was a bit nervous! Yesterday I was incredibly patient but couldn't maintain that discipline today. Thanks again for the advice.