Chapter 2 Trading journal #54– 03/26/2019 TJ -$126 “Locked out. Back to basics tomorrow”
Could have been a small loss or win day, except I decided to push max size today to be more exact — max risk, based on the setup A+ or just A
I guess it’s just revealed many mistakes I had, so back to basics tomorrow.
- In general, I think I got too relaxed with my entries. The only way to add on the way down is when the stock is on the move = at the first hour.
- All other trades should be taken as separate trades and should respect stops
- I should take only the best entries on MATA and if/when everything else is aligned meaning no red flags + there is something else to lean on.
- It is ok to not trade.
Just to reiterate for myself I trade MATA’s and if only I like frontside anticipation I might get in with a really small size — not like I’m trying to take an entry. No, the only ones I’m interested in are MATAs
BIOC -$68
#1 Too much risk on the front side.
#2 For add should have hit out right away
#3 Consolidation above MATA = hit out. GTFO. There is nothing to wait.
#4 Into the close should have just hit out — when the offer lifted
Didn’t respect price action here. Wanted to use my max size and got what I got
Tape + action review:
- Too much risk on the frontside — this is a B setup, so I can risk $6-$7 and that’s it. I was risking $20 > hence in and out constantly
- second retest and hold after re-add was a sign to hit out for half
- A trend break on 5 minutes was a sign to get out of the rest.
Not too many things to look for just got this mentality I have to make money and lost money. Too many mistakes here. Take what it gives you, not what you want.
SEEL -$30 B setup since it was not in play
#1 too many ads for this type of the setup
Day N — the only play here was against chat patterns since there was nothing on the tape.
ALDX -$20
The bottom of the range should have just stayed away
CPRX -$11
The same mistake over and over again — DO NOT add when it’s not a wick, but instead there is a whole market structure with higher highs and etc.
NK -$7
#1 Too much risk — didn’t want to hold. Mistake
ATOS +$10
Clear impatience here. Adds in the bottom are only ok if the stock is on the move. And until it works, that’s it.
Read next: Chapter 2 Trading journal #55– 03/27/2019 TJ -$5 “Back to Basics — Part 2”
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