Watchlist: LIFE MEE BBL WLP RCL YHOO RS
Market Structure: Choppy-Open/Short Bias (what Dr. Brett calls a “Range Day” ~ Light volume (1.0 ATR and 2% gap at 9:45am with slightly more gap downs). Essentially, shorting pops and bounces would of been effective this morning, except with LIFE right now which is the only stock on the list breaking out, though there may be an afternoon top fade at $46.50 but if there is any type of market rally overall I bet this stock sky rockets due to strength right now.
I considered the following shorts this morning:
RS @ $35.40 & @ $34.80 (now at $33.76)
MEE @ $24.50 (now at $24.12)
BBL @ $49.90 (now at $49.50)
WLP@ $51.90 (now at $51.50)
RCL @ $15.00 (now at $14.52)
SHOULDA’s COULDA’s don’t count, and are a waste of time……
However, a behavior pattern around my big blow out days are often hesi-trading at open, missing typically the more dramatic AM moves. Then I chase price or enter questionable set-ups. I refrained today from continuing that pattern.
There is nothing to fear if I have a stop order in.
The thing I should be afraid of is when I make impulse trades without a stop or a reason for entering!
Time to flip this script – be bold when I’m tight (stop order in) and right (set up aligned with market structure on a “pull-back”), refrain with chases and guesses.
Bold when tight and right, refrain when chasing and guessing.
