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

On the open Trade of the tape only the first move ( approximately 5 minutes) > afterward this all firstly chart setups

Add patterns to the library: Flag break, Failed Flag break ( breakout support is not confirmed)(WKHS Friday), MATA HELD + Level reclaim = TRAP (Thursday)

Avoid thin stocks, avoid not your setups (INSY) — could have been green today

on Monday — concentrate on lesser stocks! The goal is to have trading according to the rules to add more risk on Tuesday. Concentrate on the short side. Need to put green on the screen.

Watch my video, watch MoneyG video

What to work on:

1. Frontside V(olatile) entry rule is ok to trade only after the previous breakout level was broken. STOP TAKING ENTRIES IN ANTICIPATION.
2. 3 setups I have to concentrate on: Tape entry during first move/first 5 minutes; frontside entry on V; entry in the range against the right level. That’s it.
3. In terms of risk management and capital preservation, I should not be losing more than 1R at the open right away. Gets me.
4. On every chart, I need to start to identify traps while reviewing what’s up.
5. Stop trading not my setups. I lost money today. Because of this. Precisely. My goal is to size up. This can not be done if I keep doing randoM shit now. Review 3 setups and trade religiously only them next week.
6. Also, go over paper charts while doing a weekly review.
7. Go visually over all V entries after the support was broken
8. Go over flag brake and flag failed patterns
9. Start learning new setup for thin names. Trap and reclaim!

ENT +$36

IFRX +$26

#1 knew that support will be tested. Should have not stopped out there for the last quarter.

#2 switched bias to short, the stock was in the 50% high day of the range. If I’m long I should have been ok with the stock stopping me out below the latest wick. And I should be ok with losing an entry by not taking it. This bias switch is something that will cost me a lot of money in the long run.

#3 flag break. Why not long???

WKHS -$3

# 1 after the flag broke out it should retest the break-out area and find a bid there. Here this was not the case. Second, add to the long was a mistake

#2 No setup. Why add more paper cuts and commissions?

LJPC -$14

Thin stock. Think how it can trap. Both 1 and 2 were traps

3 no setup there. Trending up!

SENS -$22

#1 first entry can be off the tape — only for the first move! Afterward. The only trades are only of the charts.

#2, 3,4 — there were no setups! Frontside V(olatile) entry rule is ok to trade only after the previous breakout level was broken

INSY -$31

There was no setup there. No setup at all!

RWLK -$42

# 1 wrong stop. Do not take a trade if not ok to give it the risk

#2 there was a trap! Not a short anymore! Shorts are fucked!

Read next: Chapter 2 Trading journal #105–06/10/2019 +$9

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

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