Friday 11/15/2019
I had a well-being score of 6.5/10 this morning. An interesting day. 7 trades (2 live and 5 SIM) and all stop outs. Definitely not a confidence boosting day.
I took 2 live trades this morning with NVDA and BABA.
My watchlist today was: AAPL, BABA, NVDA, ROKU, AMAT and JD.
BABA gapped almost 1% up though only 100k PM volume. After the open I waited for the big print. After well over a minute I gave up and moved on to NVDA. Of course as luck would have it the print arrived just after and T/S and the 2nd 1min candle gave a good long setup. I would have only gotten to my first partial (1.5R), but on a Friday I would have called it a day. On the positive side I did get to trade other stocks instead of the same BABA every day.
NVDA open strong on the first candle and pulled back all the way to the 200MA-1min. The price found resistance and bounce back I went long. My target was all the way to $215 which was a level in after hours trading the day before. It is a long way, but I had no other level. Since R/Rs that are too big don’t seem to work at the open for me I took a large stop all the way to $210 which was the bottom of the candle wick.
I set my limit order at 1.5R and the price did move higher quickly. It got to about 1.3R and T/S was showing some bullish prints so I tried not to partial early. But the price retraced and I exited at B/E.
Then I went back to BABA which was setting up for a 5min ORB. I went long a little before the 5min mark. I made a hotkey mistake, but I recovered quickly. My target was the 185.65 tech level with a stop at the daily level of 184.24 which also happens to be VWAP. Ten seconds after I went long large bearish prints hit which means I should get out of the position, but I held. I was stopped out shortly after for a full -1R loss. It is not a rule to bail on a trade when I get that signal, but it would be nice that I get strong enough mentally that I can start doing that. Maybe I will try and reduce my share size but not completely leave the trade on that signal in the future.
The bearish prints I ignored.
Then I took 5 SIM trades and got stopped out on all of them. The DIS trade looked like an a really good wedge on a 15 min ORBD. But that even failed.
What I did good today: Didn’t break any rules today.
What I am grateful from today? Trading new stocks.
What do I need to improve on: Exit trades early when you see a T/S signal or at least reduce your risk.