Chapter 2 Trading journal #118–06/27/2019 +$157
Daily report card (day 1/20)
- Stock selection (A/B) I stuck to A stocks (day 1 in play), with B stocks I was always aware
- Setups I traded l. Stuck to them. No experiments.
- Entries Quality (A,B,C, M (a mistake if short HL or ascending bids) allowed me to have Mistake and C entries in MGI. It was day N, no hot news. I should have concentrated only on A entries. ATOS, mediocre entries, and too much risk
- No HL or (ascending bids short, while stock still makes higher highs). Did not work out well in this department, was trying to nail MGI. And shorts have higher lows 3 times.
- Exits on trend break + HL ok
- Emotional State. was aware of myself, and avoided FOMO before or after the move. I was able to catch it with MGI and just let it go instead of putting more risk when the risk/reward was unfavorable. The key is to stay neutral and not allow other things or people to have an impact on it. Every day I come in and I have remembered not one thing. There is no need to get excited or whatever, I’m here to place the risk that I allocate for today. Neutrality = only one thought, how and where can I allocate my today’s risk? No excitement.
One thing I could have done better.
If my premarket thesis for the stocks I trade at the open is working, after I got the first drop, my next thought should be, thesis is working how can I triple up on the first bounce?
*2-step price action pattern. A) stock keeps putting HL, but couldn't make HH B) makes LL, and LH (time to get full size) — if A was in place
ACST +$123
B stock ( day 2) A entries
WKHS +$45
B stock — day n, more technical pattern A entries ( as close to level as possible)
JILL +$38
B stock, as not my niche A entries in relation to the levels I was risking off.
On the drop below VWAP should have covered more not only a quarter. Maybe 2 or 3/4 as for me this was a scalp in and out. Maybe everything would have been really ok. 10 cents move on 600 shares is better than what I got.
The intraday scalp of the tape. Was risking 0.5R
SEEL +$3
A stock, B, and C entries. Fucked up the trade here. Should have been IN right at the open, right after the wick and consolidation. Take a starter on top, add more on the way down, and more on the bounce
MGI -$1
Gave back all my profits.
After I got the first drop, my thinking should have been. I got a cushion, how can risk all of it plus a little bit more and get bigger on the first bounce?
This was a B stock ( no real news catalyst) so me being aggressive at the bottom of the range was not smart.
Also, I knew this stock loves to come back all the way up.
So missed an opportunity here.
CETX -$8
ATOS -$49
A stock. Day 1. But my entry sucked. Bids were holding, this was a fucking volatile stock, I should not have had more than 0,5 R at risk. A) the stop can not be tight, but no other alternative> higher chances to get stopped out B) the real entry was on the rejection, the one I watched but didn’t take
The second entry was just bullshit. It was no longer a spike, I could have just avoided losing an extra $
Read next: Chapter 2 Trading journal #119 -06/28/2019 -$159
Read main Chapter 2 “Peter, you have to start putting green days on”
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