Chapter 1 Trading journal - #13 01/23/2019 +$22
Patience + Entries on the pops (90% of the time) + Scaling in = mantra of the day
Lessons Learned:
- Patience = entry on the pops to the important levels. Scaling in at this zone = lower risk
- Morning picks should be number 1 watched for entries and for trades around the core. Since they are the ones with conviction
- Again, do not CHASE
- Take only your setups, especially longs!
- For mean day reversals = wait for signals on 3/5/15 chart +volume + resistance level
New short SETUP: range trade. Scalp full size inside the channel
$STAF Clearly a missed opportunity here.
The biggest problem here was that I missed the entry completely. I got only 1/4 of the size and got out. This was day 2 setup, not much volume premarket — none basically + staff into 200 MA on 5 minute chart ( as we saw so many times ) + Y Support is a resistance today = Should have watched this entry way better.
$SNGX Was fine trade here — but I really sucked with the entries, once again — because I need to be more patient with the entries and not afraid to hit the bid. Once I’m in the stock, which is my morning pick — I have to be able to milk it.
LL:
- Stay with morning picks as much as possible.
- Do not be afraid to hit the bid
This was not your super squeezer setup — so why the hell long?
Neither it was a bounce long.
LL: For longs — take only squeezers ( high volume, higher high) or bounce trades if you are sure ( otherwise do not go long)
$BOXL Know when there is a range trade setup — got in, got out full size on each move. That’s how you can take advantage of it.
- Overall, was patient here — finished green on the stock
- For mean day reversals — keep waiting for these signals on 3, 5, and 15 min + resistance to align in one place and then go in!
$ALT Not much of an edge here.
- Basically, the thesis was that’s a pump out of nowhere, let’s fucking short it.
- With size, I need to stay away from it.
$BLNK Was patient here. waited for daily resistance + rejection on a higher time frame.
- Screwed up a bit with entries later on.
- I need to be more diligent with entries.
Read next: Chapter 1 Trading journal #14–01/24/2019 -$1
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