Chapter 2 Trading journal #75 04/26/2019 — $21

Main Takeaways:

• MATA is more a timing point, whereas the actual trade is defined by whether support or resistance is going to hold or reverse
• There was a lot going on in earnings name and I allowed myself to be lured into the trades where there was no actual setup to accept the offers ( which most of the time do not mean anything)
• I got too attached to the $SNAP trade, and while risk/reward was still there technically, probabilities were not in my favor. the right decision was to keep it as a small loser and move on.

OGEN +$15

#1 Should have taken a starter against 0.6240 level and then add more where I added. Instead, I was waiting for one more push and didn’t get a good spot to add.

RBZ +$12

1st trade. Very clean MATA rejection, the right thing to do was to not get scared and actually hold against MATA. Instead, I was trying to play the death line and had more size at the bottom of the range.

2nd trade was ok. I held against Mata rejection, added in the consolidations, and covered the bottom of the range.

YUMA +$11

Took a starter on the way up — got out.

Waited till I saw more rejection and stalling on the tape. Added at below 40 level — since it was the level from the way up. The channel was holding, so covered 3/4 and was a little late with covering the last 1/4

$INTC 0

1. Is a trade to completely avoid. Got too excited by the opportunity to trade earning name and stepped in front of the offers at the bottom of the range. The last words are the key: bottom of the range.
2. The trendline was holding, but now we got longs trapped — scaled in and got out when saw higher highs held
3. This is the trade where I’m really proud of myself and where I did what I’ve should have done so many times this week. I changed my bias. I realized that the trendline is holding and started going long — covering pops, getting washes, and re-adding longs. At some point, I switched to short but support held and I got long again.
4. Was $2 away from being green, and got short, thinking it will be the same scenario we had before. Pop and then came back to the bottom of the channel. Very Stupid of me. Got a one-last-time squeeze. It’s very logical — if you are a buyer, and you can hit an IOC order for 2M shares in 1 click — perhaps you really want to have these shares, and if so, what would you do to get more liquidity for better prices? Wait till more shorts will jump right back in, hoping to break even and hit the same button again.

NBEV 0

Gave too much room for the add in consolidation at the bottom. The stock did 5M volume at this point but was not trading in an easy way to trade. It was more like pushes either up or down. Should have just skipped this entry.

AMD -$8

Got a short into this consolidation — ok

Afterward was relying too much on MATA. Support was holding 55s, the stock was green on the day — should have gotten long.

MAT -$9

Again the same issue as with $INTC first entry — saw the offer and got in against it. Should have just

SNAP -$43

Was biased here. with no reason. should have just let it be. without me

1. Got short against the offers — covered some, when the offers were being taken out, got long — covered some as well. In general flat here
2. After the rejection candle got back in — added more on the way down — got out of the half — re-added back and then I should have not allowed myself to be stopped out — I should have gotten out below 11s when higher highs were holding.
3. Clear avoid — trendline is holding at this point every position is a mistake.
4. This was an ok but the range was so tiny — I was not able to make it up for the losses, since the range was still holding.
5. Stupid starters — at this point the stock should be a complete avoid for me.

Read next: Chapter 2 Trading journal #76 04/29/2019 +$37

Read main Chapter 2. “Peter, you have to start putting green days on”

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