Monday Wrapup (11/16) - $600 loss

Took a short pullback off the 5 min chart around 12:30.  Traded with Entered at 1106.5 with a 3.5 pt stop. Added 3 lots at 1107.5 per my rules (I can add once), and watched as the trade continued higher.  Ultimately I got stopped out for a $1450 loss.  Sitting down $1600 on the day now.  Honestly not sure I would've done much different with this trade.  Maybe gave it too much time to work, but otherwise followed my rules.

What a start to the week.  Let's see if we can salvage the day.

First long of the day (LOL) came @ 1:30EST on a nice pullback setup.  Started position with 6 lots and added another 3 once risk was better defined.  Scaled out 1/3 for 1pt, another 1/3 for 2 pts and last 1/3 was closed early as momentum waned.  Gained $700 on this trade and am now down $900 on the day.  Let's see if we can continue to fight our way back.

Just missed a nice countertrade trade off a false breakout.  Sometimes if you don't enter these on a stop order, you never have a chance.  I prefer limit orders to minimize slippage, but I'm also prone to missing trades everything now and then.  This one was good for at least 2 pts.

Last trade of the day was a short around 3:20 on the first tradeable pullback following the breakdown from the intraday highs.  Initially sold 6 lots and covered 2, and later added 3 and covered 1, both covers for 1 pt profit.  Ultimately gave the remaining 6 lots too much room to run thinking that lower lows were around the corner.  Well that clearly didn't work out as we re-traced the fall over the final 30 mins.

As it stands right now I'm still short 6 lots at an avg price of 1106 w/ a stop loss at 1109.  I know I said before that I wouldn't take a trade home overnight, but this setup is still technically valid and I do have a stoploss and targets in place.  So this time is different.  I'm not relying on hope, bu rather sticking to my setups.

As it stands right now I'm down $1100 on the day w/ a $400 open loss.  Sure the day could've been much worse, but it's no way to start the week.  Fortunately this is a loss I can easily recover from.