I spent of bunch of hours yesterday (Sunday) going through old charts and looking for some edge on entries. I’m pretty comfortable with my ability to identify levels, so the next thing is to improve my entries. In comparing my executions with those who are leagues ahead of me that share their charts it’s always been evident that while I might make money on a play they make more because they have better executions. These traders are playing the same names as me, but they have better entries with greater range at the right time. These little refinements when looked at in the grand scheme add up to $$$$, so there’s no time like the preset to improve. I spent several hours just going over my identified levels, areas of entry, and then looking at when patience makes sense and when it doesn’t. In doing so I think I found something that is very promising for the way that I trade, so the goal is to keep working this “system” and if it really cuts the cheese (lol) then I will look to automate some of it in tradingview for alerts I’m slowly starting to really refine my process and I’m liking where things are headed. There’s still much work to be done and as you’ll see in ASLN I could use some work on when to work less.
One of the big things that keeps standing out to me is that you really can do much more if you are patient and have a plan. Given how I traded to day my R/R was something wild like 1:8. I’m really not leaving a lot of room for these things to go
against me and having a very precise entry/exit is key to it all. It’s very easy to get caught up in the “I know this is it”, but in reality you just need to let the ticker show you that this is “it”.
I’d much rather burn some commissions and take little nicks here and there instead of getting absolutely smashed in the mouth as I’ve experienced before, so I’m harnessing the emotional impact of that blow to improve my executions.
I had a good read here on ASLN and played it close to the vest on my initial entries. I originally had a target of 8.06 as an entry and well this one was sick. I would have stood to doubled my profits if I just let the position continue to work instead of being aggressive around my core position. A part of me is happy I was locking in and another part of me just wants to hit it with a little more size and then just let it fade off.
I’m not sure what the answer is, but I’ll be for sure going back over this one in replay mode in DAS to see how I can solidify my profit taking whne thens are really just working
I let a good one slip through my fingers here…The tape was definitely heavy and looked like it wanted to go, but it ended up changing, so I covered ( nice read )then it pushed to the level that I had and proceeded to fail from there. I knew I wasn’t at the ideal entry level, so I wasn’t looking to let this one work and potentially run on me a point or two, not to mention one of the kiddos was yelling for some assistance in the bathroom, so I had to get out.
A key thing that I missed is that key level of 32.28 retested and failed and I should have been getting involved again for my thesis. What I’ll be looking to do moving forward is setting an alert near those key levels.
WE had some interesting premarket action here and SSR was on, so I figured theyu would would play some games on it in the first 15-30 minutes or so and well that’s what we got. The price action s definitely interesting so I wasn’t looking to marry the move, just take some and keep it moving. I started in some with about half size and then i Didn’t like the push, so I sized out completely and then when it started to look heavy at that key level I tried to add some more and darn SSR only filled me with 13 shares…..unreal…lol, so I chased some down with the main goal just working the channel and covered near the 15.30 support. Got close to those levels, so I covered it up as the price action was a little odd and well….i came back later in the day to see that the price action definitely told a story and they went on to bend some overly convicted shorts for sure.
Happy with my reads and the way that I didn’t try to use regular size on the chase, and just took it for what it was and not getting chopped up.