Well well well…..what should have been a green day recap is unfortunately a red day recap.
I actually started off the day nice and green and unfortunately I let FOMO get the best of me on $HTZ and I jumped back in, which was fine, but I didn’t respect my target zone and thus we have this grand red day appearance. The good news s that this wasn’t another $PPSI hit, but it’s an unnecessary loss that I could have COMPLETELY minimized.
I guess along this journey there are just some lessons that you can’t just watch a youtube video, but you need to get screen time. I also think that this speaks a bit to how I will approach playing certain setups. Overall I know there needs to be some kind of an edge, however an edge isn’t always the same intraday. Just because you have a big picture idea for a trade doesn’t mean that you can just jump in and trade anywhere…and that’s the part that can’t just be taught via a video (at least not to me..lol).
SGBX
Such a great setup. I originally was getting frustrated because I idn’t catch the premarket move, but looking back at this there was PLENTY of trade left, which speaks to the comments I’ve been having the last couple days about not missing a move. It’s ok to position yourself in premarket if the opportunity, BUT for me I can’t be sized up and also just because you miss a wild range in the premarket doesn’t mean that you won’t have good range after the open. Now with that being said $DPW today is an example of a ticket that just gave up the ghost and there was really no edge after the open, but nonetheless You can wait for a good setup with some defined risk and have a nice stress free trade. #KWYO
HTZ
Boy boy boy…so many mixed feelings on this one. I started in premarket and saw that the price action was still going, so I sized down, which is something that I wanted to work on, and that was good because it gave me the ability to size up into the para off the open as you can see. I sized into it expecting it to fail and it went sideways, so I mentioned in the chat that I was getting out due to the sideways action…took some profit and was green on both $SGBX and $HTZ. Thennnnn I made the cardinal mistake of watching the name fade some more with me a couple of minutes after i got out and I thought….well if it moves back into the resistance of 1.89 then I’ll jump in…and I did..then I sized down..then sized back up…sheesh. The re-entry wasn’t bad because I had a plan, but my execution when that plan didn’t work out was the bad part. Not to mention the same sideways action that got me out of the trade the first time returned and was happening after I re-entered. I started to think about the potential $$$ return and that clouded my judgement for sure, so instead of taking the price action for what it was I tried to justify reasons for me to stay in the trade. At the end of the day I cut it before it got ugly and ended up giving back a portion of yesterdays profit. In the grand scheme of things only giving up partial profits from the day before is excellent, however I SHOULD HAVE BEEN GREEN.
After seeing this I think I’m going to have a new rule for myself that says once you’re out of a trade it has to be a A+++ entry to get back in. IF I’m trading around a core that’s different, but if I’m completely out of the move it has to set up beautifully for me to get back in…because ultimately I got out for a reason.
Needless to say this is definitely a learning moment. I’m proud that I didn’t get all crazy and get destroyed, but I’m not happy that I took an unnecessary hit. This game doesn’t care about what you think or how you feel, so I HAVE to care about my entries.
I’ll be back on Monday, and I’ll be sure to be reset and refocused. T4AC is this weekend, so I’m pretty geeked up to be able to learn and gain some knoweldge from some goats to apply to my trading moving forward.