I have been trying to think about what went wrong today. I chose my setups. I was patient with my entries. I paid attention to support/resistance levels. I did not chase. Yet, I ended up down 1.25% today. I quit the day early and went to the gym to clear my mind. This is what I came up with.
- Just because I choose the right setups, does not mean that they will go in my direction
- Position sizing, position sizing. My positions are too large for my present consistency level
- I am getting greedy, and not taking profits as soon as the market makes them available
- A break of the high of day is not a garantee
First trade was ROYL. Nice continuation gap, waited for the retracement and entered on break of HOD. It quickly retraced, and I sold at the bottom. I had a specific number in mind for my risk ($.20), which was just above the open price. Double position. I was too gun shy to re-enter the trade on the nice flag that formed once it retraced, just before it B/O
STX was my second trade. Found support @ $16.00, and entered triangle in anticipation of B/O. Did not take any profit, and exited the trade at B/E when it was apparent that the volume was not supporting further upside
SHZ was a bounce play. It was finding bounce support @ $6.20. Entered @ $6.21 but there was no momentum/volume in the move that came. Exited @ 6.18
AAU - entry @ 4.81 with $0.10 risk. Did not take profit on the immediate spike, stopped out. GREEDY
BLTI is the only profitable trade today. Broke the HOD, took some profit quickly and stopped out above entry.
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