What started as a nice day with a couple of nice trades ended up with me being red on the day. Thanks to the new system the red day isn’t anything that I’m upset about because you put on risk knowing full and well that you might lose it. I’m setup in a way that a daily loss is only 1% of my account, so in the grand scheme of things it’s really nothing, but the frustration of not executing 100% is what gets me.
I wish I had some great tropes today, but I’m going to wrap this little piece up quickly so I can get into some charts and study some more tonight. I’m still having great reads on names, so the name of the game now is fine tuning. As James Clear said:
If you master continuous improvement and get 1% better each day for one year, you’ll end up 37 times better by the time you’re done.
James Clear
TRADES
$CFVI
Tough one to swallow here. I started off with a nice read off the bounce.I was actually THIIIIS close to pulling the trigger at 15.40, but I didn’t want to rush like I had been talking about the last couple of entries, so I let it setup and it STILL provided a great trade.
I was looking to work the pops in the afternoon and had my levels set. I tried once at the 12.84 supply zone and had a tight stop, which I’m glad about because I noticed that it started to ramp up on low volume, and those low volume moves are usually the ones that catch shorts off guard, so I knew I wanted to see it push back into a key area (like 13.30), but she kept going and this is where I got chopped up at. (Sidenote, I’m not sure WHY I didn’t take that long when it was so clear to me that it was going to push, this is a MISSED trade for me…sigh).
I was literally just a couple of minutes/candles away from a fantastic entry, but I let my head get in front of my exception. I actually waited for the re-test, but my issue was not letting that rest CONFIRM and this led to me getting top ticked on the push and then it came back in like Sting coming from the rafters at a 90’s WCW wrestling event.
Lastly I think it’s important to note that on higher priced (over say $10) names your risk can’t be TOOO tight. The % of a move just isn’t the same and I NEED to allow for this. A level is more like a ZONE on these names and now that I think about it, this is the same thing that got me on F on Friday. It wasn’t the play, it was the stops being too tight on a higher priced name. I need to give more credence to the demand ZONES.
$ACET
Nothing really to write home about here. I think I had a couple of adds that I shouldn’t have, but overall Risk was kept in check. My plan was to lock in at 11.60’s, and I stuck to that plan. I tried a few times after it seemed like it was ready, but the price action just wasn’t there, so I let my stops keep me out of trouble.
I wish there was more to talk about here, but I never felt like I was trapped or rushed. I think I probably could’ve done a better job on the initial entry and waited for the 13.50 to come back to avoid some unnecessary chop there.
I
MISSED TRADES
$CFVI
I missed the long setup on the low volume grind. from 12.80 to 13.50+. I knew it was coming and didn’t play it long, instead tried to short before it t was done with the confirmation.
$ISIG
I missed this long setup over HOD retest. The volume picked up and it never looked back and given the float it was going to make some moves, which I could’ve capitalized on.