I’m a day late writing this, but didn’t want to skip it as I think its’ been pretty beneficial for me to get this done. That cold that my wife had caught up to me and I ended up passing out from some medicine a little early, but I’m back.
A friend of mine posted something on this IG story recently that I wanted to follow up on.
Since this is all about trading I wanted to apply it to myself in that regards and I think the thing that hits me is that in order to improve you have to have difficult conversations with yourself. You have to do what David Goggin’s said and create some kind of “accountability mirror” where you talk about your insecurities, dreams, and goals. You need to be able to put everything on the table and be self-aware so that you can hold yourself accountable to reach those levels of improvement that you need.
I personally am not one for conflict, so I try as much as possible to avoid it, but I suppose that could also mean that I might shy away from internal conflict, meaning I don’t always want to face what it is that I have going on, so it’s important for the sake of progress to make sure that I’m staying on top of these things. Calling them out, putting them front and center, and making sure that I’m working on these areas and getting 1% better each day.
This week ended on a nice note and the driver behind that was PATIENCE. Now I didn’t play both sides of the setups like I was talking about yesterday, but I was able to (for the most part) wait for my setup. The reality is that you don’t need to trade 15 names a day. If you get just 1-2 Good setups a day you will be fine and the market seems to continue to provide them on the regular, so why do anything else.
Waiting is the name of the game and I’m working on improving this day by day.
Trades
$CNTX
I had an eye on this one in the premarket and honestly I was a bit disappointed that it seemed to fail so fast, but as you can see I didn’t chase the move, it was either come to where I want it or I’m not touching it. This is a bit of a mind shift that I’ve been working on because if I’m honest FOMO can be VERY real, but honestly it’s always better to wish that you were IN a trade than wish you weren’t in one and as mentioned earlier there are always setups lining up at least a couple of times, so if I miss one some here and there it’s NOT the end of the world (heck I missed two setups today and still came out nice).
Given the setup I think I have to do a better job on the covers. The ema was still being respected, so while I thought the move was fantastic I jumped out a bit too early EVEN though my levels for covers were being touched. What I’m seeing here is that I can definitely do a better job of paying attention to the trend and determining where the price action is in regards to the rend and my targets so I’m not exiting too soon.
$VYNE
Nice trade. This move happened a bit quicker than I was thinking it would, but I was ready for it. I just wish I got my fill a little bit higher towards VWAP. Given the float and the volume forecast I knew I would sit back and wait a bit for it to crack some more and yep that’s what happened. I was hoping for a dip under red to cover all, but you take what the market gives.
Missed Trades
$EFOI
I should’ve been there. I had alerts and everything. I just need to do better. This was a VERY nice move.
$AI
I consider this one a B setup. I had this on watch setup it offered a nice chance to join the trend, but given that I had 2 A+ setups happening and I’m not sure if I would really want to take a 1:1 setup on this given where it based vs the pops.