Chapter 2 Trading journal #71–04/22/2019 -$22

Day overview:

• Was calm the whole day, but did a strategic mistake with MBRX, described below. From some point of view, this is the same mistake I did with UXIN. Avoiding this kind of mistake is my biggest priority now.
• Identifying ranges, scaling in, and scalping are the new parts of my trading — that really helps me a lot. I need to keep working on these tools as well.
• Keep working on sizing. (MBRX, FIBO — mistakes)

To wrap it up, keep doing what I do, but AVOID mistakes (MBRX, UXIN)

MBRX -$47

Was in the money 80% of the time, was covering only 25% -50% since pullbacks were shallow and I expected at least a test of the current horizontal support — wherever it was trading.

#1 The first mistake was that I allowed myself to lose so much money on the front side. This is not in my playbook, I should have just waited for the confirmed backside. Tomorrow I will be working on it.

#2 Shallow pullbacks were a tell to cover scalps 100%

#3 Each stop out was a tell — to stop bleeding out. Every loss was providing me with a piece of information, but I was not able to hear it. I will be working on it tomorrow.

#4 I made this point about the volume in my morning plan. if it is more than 8M this might not be a short. Why did not I go long at $1.45 — when I knew already this is a front side, and shorts were fucked all the time. I was not emotional at all at this point, I just didn’t factor in my morning thoughts. I have really disappointed myself here.

FBIO -$12

MBIO started to drop. the bids at 78 35K were gone, so I thought this can go lower. The sizing was off here. It was still a front side and I lost 2 times more than I was supposed to.

UXIN -$1

For me, it was a B MATA setup. Above VWAP, above 100 and 200MAs. My thesis was It could work — so it was appropriate to put a risk on this trade since the risk was tight and it could have flushed 10–12 cents in 1 move easily.

I also planned to go long if bids will show up. They did, but the stock didn’t get much continuation. Technically for me, this MATA long was more comfortable, since other things were lining up with the long thesis, including the stock was green on the day.

PRPO +$5

AKRX +$33

This was my homework — something I outlined on the weekend I was working on today.

I identified the range correctly and was scaling in properly against the top of this range.

The moment it stopped working got out for a break even.

Re attacked into the close.

Read next: Chapter 2 Trading journal #72–04/23/2019 -$25

Read main Chapter 2. “Peter, you have to start putting green days on”

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