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

Made mistakes today. Yesterday and Today I made mistakes that do not allow me to be green on the day.

What to work on:

1. Scalp + Cover more if the range is holding (VWAP or trendline) , hence still a front side. Avoid the mistake of not covering when the important level is holding.

1. No bounce trades. They are outside of my playbook now. Concentrate on MATA + overextension scalps.
2. Once again back to homework. After the move is done — let a range to form and get in only on the top of the range. Avoid taking an entry in the middle of the range.
3. On every trade keep asking myself. What is the bigger context? Are we still holding the important lines > this is just a scalp. Or are the levels broken and re-adds will be appropriate??

TROV +$25

ATOS +$17

1st trade — The trend line was broken, below MATA. But VWAP was holding — Should have covered everything on the second test of VWAP

2nd trade — Made a mistake here, should have stuck with my original stop against 76s. There was no reason to press it hard since the VWAP was still holding the line and technically this was not a backside.

3rd trade- Finally VWAP got broken, A+ setup for me. 8 out of 10 stocks will go down way lower in this type of scenario. Placed max risk on this trade — 1/3 of my lockout. Had to get out after the V-reversal. Made a mistake here when didn’t get out when 1minute ema caught up with the price

4th trade. Identified the range, and covered the bottom.

MBRX -$12

AKTX -$55

2 big mistakes here

#1 — getting long when it is an official backside

#2 — getting short in the middle bottom of the range. I didn’t trust stock enough to be in it from the top of the range, but I wanted to be in enough to hit the bid — What stupidity. In hindsight, all the (2) should have been avoid.

Read next: Chapter 2 Trading journal #73–04/24/2019 +$9

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

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