Chapter 1 Trading journal #32 - 02/22/2019 +$11

Completely exhausted, after days like this, I’m not sure how soon I will be able to size up. Felt shaky by the end of the day, and lost the ability even to use the right hotkeys (hence some losses from here)

I think what might help with the re-evaluation is clicking through different timeframes just to get a better perspective. 5 min is ok, but what about 10–15–20–25–30? This should be a regular procedure!

Positive:

• I started to work on keeping my bias open and I really like it. It’s not easy, and I got mentally exhausted, but it feels like this can be really rewarding.
• My goal for the next week is the same. Keep your size small, do the right thing.
• As a rule of thumb, how to define bottom? Look where the candle has opened, you just can not short at the bottom of it. Wait.

$ZSAN +$25

• Entry 1 — had some hopes for a long — bids were stepping up. Covered on top of the range, when the spot was unclear. Flaw#1 — I should have re-shorted right on top.
• Entry 2 — I go this short accidentally, still, my stop was below my entry. Covered into the wash
• Entry 3 — at this point the stock is below Morning support, below the opening range. Mistake #1 — The first entry should have been against this support. The second add should have been against the latest top +2 cents for a wick ( start to hold above the add — cover everything and re-evaluate)

The most important part is constantly re-evaluating where the stock is after every move after you exit. Or re-evaluate if what stock is doing is ok something you want to see.

$TRCH +$18

Stepped in front of the offers. Got filled on the offer, and no on was hitting the offer ( so didn’t even have to hit it to get out)

$PCG +$8

• Entry 1 was fine — but my risk should have been above the latest top. Mistake #1 here
• Entry 2 was ok
• Entry 3 — I decided to go long and got shaken out. It was an entry into resistance. There were no supporting bids. A poor idea in general. Mistake #2 here

$KHC +$1

• Entry 1 — Never never short the bottoms when a stock is volatile. Levels at the bottom are meaningless
• Entry 2 — was a long off the bottom. ok
• Entry 3 was long ( although I got shaken out) I re-attacked it again. Since the thesis did not change. Good.

Missed opportunity here was, why didn’t I cover everything on top? Usually, the second push is the one to either cover or short. Or the one - if holds at this level that shows that the stock can go high. I missed this opportunity. And then I missed one more opportunity below 20 EMA to short. The good was that I at least covered.

The last trade was not right. I saw resistance on the tape and stepped in front and got filled immediately, my first actions should have been ok, let me out on the bid — but I overstayed and added back. Price was clearly not rejecting anymore, and as opposed to my idea this 78 cents was not a level. So — the only action to take here is — Get The Fuck Out (GTFO!).

$ROKU -$9 — Stay away from the trades you know are outside of your playbook

• A really small loss here. To be honest I knew I have to have 30–40 cents stop here. I didn’t want to. Got shaken out,
• Once again stay again from the trades away of your playbook.

$ACHV -$14

• Mistake — did not use the right stop
• The mistake didn’t wait enough to re-short right after it lost 50 cents. Too early.
• The mistake didn’t cover the second bid holding
• The mistake didn’t re-short against the level stock was holding.

To sum it up — I did one thing right here vs 4 mistakes.

$UNIT +$14

Basically, this was a pullback on 5 min chart, I saw it. Had only the tape on my side.

In general, this is not the best decision. You have to have levels + tape. or trend + tape. The tape itself a lot of times is not enough.

Read next: Chapter 1 Trading journal #33–02/25/2019 +$40 Winning is coming harder than losing

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