Sometimes you just have a feel in the morning about how the day is going to go and well today was that for me. Oddly enough it wasn’t because there weren’t any setups because TOMZ and CYAD both offered nice plays, but my handling of everything I touched today was just off.
Todays notes are sponsored by TLC featuring the hit single “Don’t go chasing waterfalls”.
I spoke a bunch last night about having patience fro the right entries and today I go and exude some piss poor execution on GOOD reads. Literally everything that I was red on today did what I expected it to do, but I just punked myself out of good opps. I think I’m going to have come come up with some kind of mantra that I repeat to myself before I take na entry to make sure that I’m following my rules for entry. The ideal solution would be to automate it fully, but that’s going to be some months down the line as I’m still trying to work out the data.
On the plus side proper risk management kept my day to a 1.4% hit on my account which is well within reason thanks to my stops I have in place with my broker, but once you see my charts….man…painful. I could care less about being red honestly, but my executions…..they will haunt me this weekend, but I will make those nightmares ultimately drive my weekend study to prepare for next week.
I also let myself get influenced into playing a name (not anyone else’s fault but MINE) that I wasn’t interested in. It’s not even that the chart was wrong, but given how I trade I want to be in the MEAT of the move and not just the second half as I’ll highlight below, which means that if name isn’t in my trade plan by 9:!5am it’s NOT going to get traded. This is a new rule that I am enforcing from this day on. I don’t care what else comes up (unless it’s a strat that I’m ready for, I’m not touching it).
I wish I had more to sum it all up, but the bottom of the line is I didn’t follow my rules and I got what I deserved. Oh well…NEXT.
TRADES
$CYAD
This rising wdge type of chart is always an interesting one for me. I had a good read on it after my first stop out, but I still managed to goof it up.The first entry was nothing but a case in hindsight (I really need to get around to program these tradingview charts to be color-coded to help visually enforce my trade rules. The second entry was too early. I had the risk level actually set right using the 1Day and intraday price action, however where I messed up was that I chased some adds, which forced me to move my stops and I got wicked out. Had I not screwed with my trade and moved my stops I would’ve been green on this.
Not to self….once you have a trade STICK to it. All these unnecessary chasing for me just throws off my mojo. There’s nothing wrong with an add in the RIGHT spot.
$F
Frustrating for sure. I honestly had no plan to trade this while making my plans and ended up logging in and seeing someone mention it and like what I saw. The setup wasn’t bad at all, but I want to be a part of the meat of the move, not just the second half. I Had a good read on it as many have been watching this one with the market, but guess what got me….chasing the entry instead of waiting for my signal. If I had waited for my signal I would’ve been able to ride this to the 18.90 dip that I was expecting to see it go, but instead I had my risk set vs a level that I thought would hold before the chart told me and I ended up stopping out early twice only to watch it do exactly what I wanted and some. Talk about frustrating….sheesh
$LGVN
I wasn’t all that interseted in this name off the open. The volume profile was stronger than I liked and I even told someone that I had like 0.5% interest in it. I believe that I only played this down here because I missed the setup at the 25.50 reset level, which I let lead to some minor fomo and ultimately I was late to the party with a chase entry . If you look at the EOD chart….sheesh man. TONS of opportunity if you are just PATIENT and you ACT.
One quick note on this one is that I definitely forgot how low of a float it was and how THIN the tape can be. I will do a better job of keeping that in mind to avoid those big swings.
MISSED TRADES
$TOMZ
I wanted to see this one push to 2.27, but it never got there. I was hoping for a pop and never got it..just watched it fade right into where I wanted (1.70s) without me.
This weekend I’ll be digging into these single pop names a bit more and see if I can find some criteria for entry.
$LGVN
As mentioned earlier I was looking at the 25.50 retest and I didn’t take it only to watch it do some major work without me. I will say that the volume criteria wasn’t exactly waht I would want to see on this setup, but nonetheless the setup was there .