Chapter 2 Trading journal #66 - 04/12/2091 TJ +$25
Day overview:
- I think every day my main theme is “I want to have a boring day with ____ (gradually increased) risk.
- It felt like I needed some time to transition from the demo and integrate the experience I got into live trading.
- Was self-aware of my thoughts. The only moment my heartbeat went higher was when I hit $KTOV $1.40 and it didn’t go lower. Didn’t like this entry. Other than that felt quite confident and even bored sometimes.
- Will increase my risk on Monday to $15 for A+ setups. With my lockout $70 it will allow me to have 5–6 high trades with high probability.
What worked?
- More scalping.
- Watching closely 1–2 stocks. Having on watchlist 2–3 stock — the best choices for a day ( have volume + have setups)
What to work on
- Getting in on the frontside on the way up — should be completely eliminated
- Once again this catch-up + bounce of 20 MA 1 minute -is a powerful exit signal. Should get out on it and never add on the way up.
$KTOV -$12
1st entry. Risk Reward was there and it felt like it can actually drop at this point. Offers started to flip on the way up. got out a little bit higher than wanted.
2nd entry had a wrong thesis. Bids were holding — there was no point in getting even with smaller size and wider stop,
TRNX -$0.36
1 entry. My thesis premarket was that there are big chances of a squeeze. $0.89 was soaking a lot, almost all the prints were below $0.89 and even if they hit $0.89 it would reserve and step down. Got out the moment they started taking $0.89 out, and got fills only 2–3 cents higher. Should have been faster considering that I knew of a squeeze potential.
2nd entry was $1.05 rejected. Was sitting on the offer at $1.03, then started hitting the bids, but they were just flipping down a second before me. Scaled out into the drop, waited for an add, got right in when saw that 0.93 were not lifting — scaled out into the drop. And was waiting till it touches MATA to re-enter — but never got there
3rd entry. After it finally got back above MATA I spotted a seller on the tape. Offers were barely lifting, and even prints were higher on the tape, on level 2 price kept reserving. scaled into full size with 4 entries. When 83 went go, I covered only 1/4 at 81. Since I expected at least a test of low of the day. Should have hit out of the 1/4 -1/2 on the second retest, since it was not going anywhere. And again my last warning to exit was the moment when the price catches up and bounces from 1 min 20 MA.
4th entry. Gave it 2 tries, and thought it gonna flush. In hindsight — I should have not been there twice.
*rewatch tape
FTFT +$12
Had 2 trades coming in the premarket. Long off 1.80 and short off $2.20. I think I will add alarms for this idea. Was busy trading other stocks — didn’t take a short of $2.20
Scaled in below $2 with the stop @ 1.96
VTL +$25
Had 4 trades here.
I should have completely avoided shorting it while it was up-trending.
For the last add should have given it one more try with risk may be against 93 when couldn’t hold above 90 right after 150K was lifted. I just expected more mind games at this point and did not want to be involved in chop.
Read next: Chapter 2 Trading journal #67–04/15/2019 +$23
Read main Chapter 2. “Peter, you have to start putting green days on”
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