Monday April 8th, 2019
Sleep: 7.5 hours. Mood: ok, ready to trade.
First trade was a MA trend trade in BA. it did an engulfing crack and i waited for a good entry but i ended up chasing it after a selloff on the 1min chart. should have waited about 30 more seconds. not a terrible entry though. unfortunately, it turned out to not be a trending stock so i got stopped out when it spiked above VWAP. not a full R loss but pretty close, glad i got out.
GOOD: waited for a pullback to go short.
RFI: chased the entry a little bit
MOOD: not happy with getting stopped out so many times in a row
CONSISTENT: yes i respected my stop level.
Last trade of the day was worse. i was hoping MU was going to break over $43 so i took 100 shares. this was a bonehead move, it stalled at the 200 MA on the 15min chart and then couldn't close above the 200 MA on the 5min chart and didn't make a new 5min high so i have no idea why i got in on the long side. another trade where i'm not thinking critically about the price action and just taking a position hoping it goes my way. Per my rules, only one trade allowed a day until i get a 2R winner. if i get stopped out on my trade tomorrow, i'll go back to SIM until i get a 2R winner. no sense in losing money if i can't get in tune with the markets.
GOOD: got out at stop loss
RFI: no setup, PA didn't call for a long.
MOOD: ok, I got what i deserved on that one.
CONSISTENT: yes, bad plan to begin with but i'm still respecting my stops.
What i did good today: Respected my stop loss level and got out of my trades.
What i did bad today: The trade in MU was really bad.
What can i do better tomorrow: Have to start picking better trades. I need to wait for signals then find a good entry.
Other comments for tomorrow: Per my rules only one trade allowed until a trade that hits my profit target.