Friday 7/05/2019
I had a well-being score of 6/10 this morning. My nerves were not good. Still on SIM only.
About 5 minutes before the open my daughter seemed to be yelling in distress. It sounded serious enough that I left my platform to have a look. Yep it was bug. She has quite a strong phobia about them. I told her my hopes of having an insect biologist in the family is fading fast, which she responded by jumping into my arms in fear. It was interesting that I did pause before killing the bug. I am finding it harder and harder to kill insects since I have been reading more books on Buddhism. Then my daughter asked to be put down. So I said to her, ”OK, you are short and poor.” She definitely did not find it as funny as me and yelled, “no, I mean on the ground!” As usual time flies fast when spending time with her, so when I headed back to my platform the market already open. I panicked to see NFLX setup just as I expected and was moving by my planned entry point. So I immediately took the trade. I shouldn’t have. I was not mentally ready, I didn’t even have a chance to turn on my screen recorder yet. So I managed the trade poorly. I should have just taken a breather and let the trade go by.
I took 3 SIM trades today. One with NFLX, one with MU, and one with FB.
NFLX had a really strong premarket low level that it tested over and over for 45 minutes. So my scenario was, if NFLX dropped at the open and bounced off the 377.82 daily level I would go long when it broke the 378.25 strong premarket level. Though there are some levels above it, if it broke the 379.50 level it may run since the levels above it are sparse. As I discussed above I was late to my platform and took the trade a little late and was not mentally prepared. I did take two partials at the two levels (daily level and 200MA), though both were close to my entry. Then the lack of mental preparedness kicked in and decided to add to my position when it retraced to VWAP. But, I didn’t check the ask so I added based on price. There was no retrace it was just a fluctuation inside the spread. So I added at the same price as my partial. NFLX never broke the 200MA and retraced. When the BID touched my B/E I exited. Too bad about trying to add. I made a small winner into a loser.
I saw MU setting up really well, but at the time I wanted to enter I was still in my NFLX trade. I have an one trade at a time rule and also a rule of not closing a trade to start another one. So I missed the entrance when MU was forming a bullish 2min hammer and crossed VWAP, the 50MA and a daily level all at approximately the same time. After I was out of NFLX I did see MU pull back to the 31.18 level and I went long. My target was the high of premarket but honestly my S/O was ill-defined. But I was planning on stopping out a few cents below the bottom of the wick of the current candle. Though my partials were at levels (HOTD and high of premarket), they were still taken more from nerves. Then I stopped out just before I hit B/E. If I waited for B/E I would have reached my target. Nerves and sloppiness.
My last trade of the day was with FB. Honestly, I wanted to stop after my second trade. I was positive for the day and still had not recovered from being late to the open. But, the setup on FB looked too good to ignore. My win% on 5min ORBs have been bad. The main reason is I take the trade when one of the time frames look good and the other one adequate. But, I don’t wait for a trade that both 1min and 5min time frames look good. But that is what I had on FB this morning. If I look at either time frame it looks like a good trade. The 1min showed weakness, then a pull back, then indecision and the downward movement again. The 5min chart has shown weakness for the last hour and the 5min candle was bearish and not extended. So I shorted on the break of the 5min candle body. My target was the 195 level with stop out at the high of the previous candle. My nerves really showed by taking a ton of partials. I exited when it looked like it may reverse.
What I did good today: Best trading day in the last 7. Also, an extremely good day for a Friday.
How did I challenge myself today? Was late to the open, which caused a lot of nervousness, but still traded adequately enough to be green.
What I did bad today: Traded sloppy.
What can I do better tomorrow: Unsure yet if I will be on SIM on Monday. I traded sloppy this week, but that was the original reason why I went live several months ago. I always traded sloppy on SIM. So do I stay on SIM until the sloppiness goes away or go back to live before the sloppy bad habits are formed. I will have to review my trades and decide this weekend.