Geez, that nice opening gap was tempting to fade, but last Monday's gap and go was fresh in my mind. Plus I know the gap fill odds aren't nearly as favorable on Monday as other days of the week.
First trade of the day was a countertrend scalp short. Tight stop loss and looking for 1 to 1.5 pts tops. Exited early for a marginal gain when support held.
Took a second countertrend scalp shortly after about 9:55. Again exited early for maybe a 2 tick gain. Didn't want to chance it with 10AM econ news right around the corner. Up $100 on the day with these first two trades.
Ugg, finally had one of my countertrends bite! Took a $150 loss on this third one. Now down $50 on the day. Quit fighting the trend unless there's good reason! This last trade was very marginal. Wasn't accompanied with any sort of volume spike, etc. which usally translate into high probability pattern. Worse, my gut told me as soon as I entered the trade that I shouldn't have been in it and didn't exit in time. I've got to learn to exit at the market even with some tick slippage, rather than getting cute with limit orders. Positive takeway: I stuck to my stoploss!
Finally nailed a countertrend entry around 11AM. Liked the setup so much I traded with double size. Price tried to breakout to new highs but quickly reversed. Slight volume spike on 3 min chart. Took entry off 1000 tick chart after prev bar's low was breached. Stop set 3 ticks away (cannot get much tighter than that!). Took 1/3 off for 3 ticks, and another lot @ 6 ticks. Decided to be a bit more aggressive on the last 3 lots and let them ride too long. Ended up getting stopped out for a $50 loss on the trade. Piss poor trade management at it's best. Down $150 on the day now.
Can easily recover this loss and then some in the afternoon session.
Emotions Traders Don't Talk About
1 week ago
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