Chapter 1 Trading journal #19 - 02/04/2019 +$54

Trading review:

• Today I was trying to apply several concepts and the main one was not to risk all my buying power ( instead my risk should be proportional to all of my trades)
• I was also placing my stops — where they should be, not where I wanted them to be. And the most important part — my sizing was in place. I did not add unless I was fine with the new assumed risk.
• I should keep thinking in probabilities and using proper stops in place.

This way of thinking > ok, if there is meat on the bone> What’s the setup? > what’s my risk could be? > is what prevented me from being crewed over again and again. I should never think from the position of my max shares or whatever. My risk per trade and setup = that what dictates my size.

$TTNP -$4 “1st minute short” + missed “HOD rejection / Lower high”

• Entry 1 “1st minute short” — Exit “on the first drop”
• Entry 2 “Low high” — Exit as soon as Setup invalidates = half size since there was no important daily level. Should have stayed away.
• Entry 3 “ “ Low high + HOD rejection” Important level was in place! Should have shorted 1/2 size on the front side + Should have Re Added 1/2 size on the bounce. ( that’s a good way to scale in)

$BLRX +$6.23 — Morning Pop

Good setup:

• The drop was not huge — only a couple of cents
• Entry 1 Short the pop + The proper way here was to cover half and then re-add half with the stop above HOD
• Should have stayed with it!

$AMTX +$13.19 — Morning Pop

• Entry 1: Short the pop with stop above HOD. Re-add on the pop (stop above HOD)

$CHEK +$20 HOD rejection

• Entry 1 was wrong here — the stock reclaimed open price + the offering price $2.58 ( I should have known that) — So it was not near any important levels — should have stayed away
• Entry 2 was on rejection — held with good patience — covered into washes.

$ZYNE — 1$ — Missed Lower high setup. Traded “ Resistance” setup.

• Entry 1 — was too early here — should have waited for actual Rejection from the resistance level
• Entry 2 — Was fine with scaling in. But the way it held below VWAP and then reclaimed — should have gotten out for break even here.
• Entry 3 — too early — there was no rejection
• Entry 4 — Went long here. Not the best idea but fine since there was a buyer.
• Entry 5 — Got stop in place for the moment when the buyer will be taken out. Accidentally! But need to do more!

$MNGA +$17 “Low high”

• Got short SSR stock with a really tight stop.

The main problem here was that I used my stop improperly and got out.

Read next: Chapter 1 Trading journal #20–05/25/2019 -$37 My entries suck

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