Day 9 - Jan 17, 2019 (Took Jan 16 off - fatigued, thinking it would impact my trading)
14 Tickets
2 Symbols
Green Day
1. LK - Long - 1min - Breakout Pullback (6:34 Did Not Wait for Price discovery rule)
Bought LK as planned - broke through ATH at 49.4 then came back to retest, got long 1/2 size on the pullback - 49.2 as stop below VWAP, with 40c risk. Profit target wasn’t defined should have been 2R. Started taking profit way too early 1/3 at 1R and then another 1/3 at 2R. Watched it come back and hold 50 thinking to go long on the dip - ended up chasing and buying at ATH and broke against me for stop loss on 1/2 position and panic sell on other 1/2.
Good: Was a good entry with defined risk,
Improvement: Need to have a better game plan going into this - would have been a 2R had I sold instead of my last BUY. Should've been a good trade, but I ended up buying the top. NO DEFINED PROFIT TARGET.
2. PINS - Short - 1min - VWAP Trend trade
Watching PINS with a long bias, opened up weak but held the 23.6 daily. Failed bounce through VWAP on falling volume and right back down to the 23.6 level. Looked like it was forming descending triangle on 1min so I shorted as it bounced up into VWAP with stop just above VWAP. Told myself I would add to my short as it breaks down. Broke down, didn’t add, covered instead (fear to give back profits - happened with LK right before the this trade). Took profits as it dropped to my target for 2.5R and continued to take partials on the way down to 4.4R on the hammer.
Good: Really like my entry with defined risk
Improvement: Terrible position sizing, great trade idea and setup, but absolutely terrible sizing. Noted that I would add to my short as it broke through descending triangle, but instead I covered (FEAR - 5 candle looked like potential bottom, hammer)
Today's Review
Happy with my trades today, entries / trade ideas are getting better. But still having troubles with my trade plan and exits. Also notice i am selling too quickly and not always following through with my plan - in part due to confidence and also wanting to take profits to stay green. Think once I get more trades and data I will be able to justify with numbers specific setups and take the risk when i have the edge.
What I did poorly: Inconsistent Position Sizing, need to have a exit strategy
What I did well: Good entries, saw opportunity and got in
What I need to do: Position sizing / going through trading checklist to ensure my targets are clearly defined.