Wednesday 5/08/2019
I had a well-being score of 5/10 this morning. Very groggy. My watch said I woke up, by alarm, from deep sleep. This is unusual for me. My nerves were OK.
Took two live trades with AAPL. I haven’t traded this bad since February. Very disappointed with myself.
AMD was my primary focus, but today was the first day I got my new DAS layout working. So there is no primary stock anymore. I can actively focus on two separate stocks without flipping my Montage. I am hoping this was not the cause. If I still trade bad the rest of the week I will switch back my layout.
AMD was almost setting up but not quite. Then AAPL was setting up, or so I thought, with a mini ABCD. So for the setup I wait if there is a bounce at the same level and enter the trade after the bounce when the price is moving in my direction. So I made my first mistake, instead of using the bounce as an entry point, I was concerned about the $230 level just above it and waited for it to break the $203 to go long. I still have a R/R ~2 using the $203.5 as my target. But since I was watching AMD I didn’t watch the price action on AAPL. So I couldn’t confirm the $203 was actually a respected level. I found out after watching the video that it was not respected and should have followed the usual plan and go long at the bounce. Any way I waited for the break of $203 and went long. There was a big price acceleration on the break and I got a bad fill. This caused my R/R to become R/R~1. The rule, which I never follow, is to get out of the trade. But what I usually do now, if the price is going in my direction, is take some off that the original S/O level is back to -1R. That is what I did and got stopped out.
This is what it looked like when I took the trade:
1min Chart
AAPL then bounced off the high of PM ($202.7). Now I know that the $203 is not a level, so I went long again at the break of the 202.87 level with S/O at the 202.7. Again my fill was really bad and only got a slightly better entry than last time. Again I have a R/R~1. Did I learn my lesson and get out? Of course not. I did the same thing again and sold some, so my original S/O is back to -1R. And again I got S/O.
The feeling to revenge trade and FOMO, since AMD and AAPL were both setting up even better a couple minutes later, was really high. But I stayed at my 2 trade limit.
After my trading session, when I was watching the video tape I realized how bad my mistake was. I never looked at the 5min chart since premarket. There was no setup. The 200MA vetoed both trades. Then I remembered why I chose AMD as my primary focus. During the premarket I noticed that AAPL had to many levels above the current price to be able to trade it long today, versus AMD had more opportunity. I totally forgot this, even though only 10min had past, and I took AAPL long….twice!!
Score card for today: Trade 1: 30% Trade2: 32% Very disappointed with myself. I was hoping to stay above 80% for all trades this month.
What I did good today: Stopped myself at the 2 trade limit. Took my S/Os as planned.
How did I challenge myself today? Traded with a new layout.
What I did bad today: I felt like I regressed 3 months with my trading today.
What can I do better tomorrow: Yeeks!! Look at your 5min chart!! I have been trading SIM/Live for a year now, that is ridiculous. Also, got to just bail on my trades with bad entries. If I did that today I would have ended the day +0.7R. Which is really good for a sloppy trading day.