My main goal today was to get in more trades in that 1 or 2. I accomplished that, but I fell into my old trap of “loading” up on positions in anticipation of a move (market tankage in the AM). This didn’t work out again. My main lessons:
1) I trade better when I react to price action rather than anticipate.
2) Range/choppy days are different than trending one-way market days.
3) I think I should have a time stop as well as a price stop.
| # | % Wins | Gross | Net |
| 5 | 40% | $0.24 | $0.165 |
You may have noticed I took out the following rules / behavior chain on my track record chart for sim trading. Since I’m focusing on gappers now, I’m experimenting with a bunch of new rules and haven’t written them down yet (and modify them frequently). So I can’t track really how I’m following them.
COF +.41 LONG – Best trade of a day, long at break of $16 in the midpoint of opening range on an ORL bounce set up.
BKC -.02 LONG – Difficult trade entered a little late on another ORL bounce, but didn’t get in when it crossed $19 but .30 cents later. BKC did choppily go up to almost $20, but I was stopped out.
UAUA -.08 SHORT – Thought this was going to be a ORH fade, but it broke out big time and I was stopped out. I was not trading when this happened but this would of been a good one to flip had I had my trading platform open (had moved on to work tasks). Chart below – I suspect that this breakout was caused by news or sector related forces.
RJF -.11 SHORT – Overall market and tick tanked mid early morning. I thought stock would break $15, but this was strong support and I was stopped out as RJF went up a buck and half from my initial entry.
CHU +.04 SHORT – Gapped up was looking for an ORH fade. When my two other shorts did not work out when I opened up my software at lunch I exited for a small profit.
PS: I also have decided I need to go to bed earlier so I am more refeshed in the mornings for trading. So no more late night posts to the blog and will have to watch the Daily Show on DVR the next day. I’m hoping I will have more energy and focus in the AM to increase my performance as a trader.
