Chapter 2 Trading journal #103–06/06/2019 +$196

Trading Overview:

Got lucky into the close and basically got some setups that worked in my favor.

The biggest things I want to work on are my $WKHS and $CFRX trades. Traded them like shit. Have to find a way to avoid being fucked in stocks like this. Will be working on this tonight.

What to work on:

1. Do not short flag brake on the long side WKHS > watch for breakout level retest
2. Frontside entries are V entries! Stop other shit. CFRX
3. Pay more attention to MATAs at the morning session. 1 min 20MA — an aggressive indicator of how deep stocks can really drop. They hold below it. Big time.

My main goal is to have clean trading (no mistakes) and then efficiency (holding infinite morning drops)

Tomorrow I need to concentrate on taking proper setups with the right risk. Wait more.

Review the $CFRX “proper” thought process in the weekly review.

IFRX +$64

Need to avoid this kind of setups. Just broke out and tested support, This was not an entry.

CLDR +$63

#1 Need to remember to use only the Server side stop for this setup, to minimize slippage + The stock is favored up, I should have been less willing to trade here — there was no real setup there except tape and offers.

#2 double bottom + trend break = Time to cover and see what’s up

INSY +$44

Missed entry here.

VTVT +$43

YRIV +$30

WKHS -$16

#1 It’s ok to have 1 stop out in this area. But I got fucking destroyed. This was happening because they will wipe out the offers and drop 5 cents — I hit the bid> they wipe out the offers and stop me out. Next time I will need to recognize this pattern and wait for the entries, it’s better to miss than trade it.

#2 Do not short flag brake on the long side

#3 Use the proper levels

CFRX -$31

#1st stop is ok.

#2 breakout line retested and holding = look to GTFO

#3 no Setup there at all. WTF was this???

How to think here.

Ok, the level was taken out, ok the HOD stuffed — but the breakout level held > watch out for flag break.

Take an entry on my V setup. That’s it.

Tape only edge is gone after 9:40

Read next: Chapter 2 Trading journal #104 -06/07/2019 -$50

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

— — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —

Resources

1. Connect with me on Twitter, Linkedin, or hit me up on Telegram
2. Table of contents — everything posted up to date.
3. Subscribe below to get new post notifications.