Chapter 2 Trading journal #50–03/20/2019 +$75, 99 Tickets, 7.6K “Gave back too much”
What to work on:
- I have to be way more selective with my longs. Once again. Volume is the big tell.
- Work on proper stops. Especially if there is a fake tape.
STAF -$10
The best thing I did with this stock was when I recognized there is nothing going on and left it for a small loss. I need to completely eliminate stocks like this from my trading. Was not worth the mental capital spent on it.
$TYHT +$12
- I’ve seen this before and it happened today. That’s something I need to teach myself to be more diligent with. That’s how dumps are starting when long. Rip — take out the offer (HFT called it ) and dump! Again I need to be more selective about when and where I go long.
$MTFB +$14
#1 do not long Really weak stocks just because this is a pullback. Stupid. Need to be way more selective with my longs — the stock has to have volume
#2 Good that I got out of the add at 10:37
#3 Big mistake into the close. The tape was a complete fake. Should have had less size and stop based on the chart. not a tape.
SOLO +$58
Completely disappointed myself into the close.
#1 When a big offer chasing down the big (like here at 4,13 and lower up to 4.05 — at some point shorts will cover and take it out. That’s the moment where I want to start taking it out too. not even want it, that’s where I have to hit this offer too, otherwise, I won’t get a good price for my covers.
#2 Was long into the close @4.44 and for NO reason, flipped position to short. The idea was still in play. The trendline was holding. Out of the longs I took today. This one is the really valid one. Fucked it up.
#3 When I flipped position short> I shorted the fucking bottom, and even if I did this stupid thing, I should have been hitting out right away. instead, I added. Against 25 K ( was really so much to add against?)
#4 To make it even worse — when I saw the rejection of 64 my and get in 62 my stop should have been above 71 to give it some room. The same play was happening here in TYHT. One of the other traders on the desk explained how it works. People take out the offer, but there is no consistent buyer ( otherwise, the tight consolidation will hold); people realize that there is no buyer, and they start getting out of their positions.
Read next: Chapter 2 Trading journal #51–03/21/2019 +$70, 74 Tickets, 7K volume
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