Chapter 2 Trading journal #43–03/11/2019 +$48 104 tickets, 8K volume
Morning talk:
It feels like I got some rest and feel way better now. This week I will be working on my win ratio and my ultimate goal for this week is to bring it above 55%. Three components for this:
- Entries only above 50% of the range, ideally 75%
- With the right entries, I can have the right stops in place.
- Do not get fooled by randomness. Always trade patterns where there is action on the tape or after this action. No action = no trade.
I don’t feel like I did the best I can today, like would have I taken all these entries if I had size ( at least 1K)? I don’t think so.
While keeping in mind good entries, right stops, and action on the tape. I should not forget about the bigger picture. I have to be more selective to start sizing up a bit at least next week. My max now is 600 shares, but I’m far away from utilizing this potential. Let’s not forget the bigger picture.
$SEEL -$21
It feels like I should have given it a try as long — the last consolidation was really perfect to get in. But in order to do so, I should have had lesser entries on short size.
GE -$2 Need to stay away. Poor selection.
CVS -$2 Need to stay away
ZSAN +$6
APOP +$10
TNXP +$16
$AXGT +$40
#1 the key here was to identify when in the consolidation there will be no big bounce and you can start safely entering on the tops of low highs. This is precisely what I failed to do here.
#2 when a huge bid is being taken out from the 4th try — it might be worth it to join the trade
Read next: Chapter 2 Trading journal #44–03/12/2019 -$47 80 tickets, 6K volume. Anticipation vs Confirmation
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