Wednesday Wrapup (12/30) - $200 loss

Today started out a bit more volatile, but that didn't last long.  Just two trades today both losers. 

Should be noted that I skipped the opening gap fade setup.  After the overnight action, I thought today had the chance of being a trend day.  Turns out that was an easy fade opportunity and would've made about $500 on 2 lots with at worst 2-3 ticks of heat.  Just goes to show you've got to take every trade.

At 9:50 I took a pullback setup which is not normally part of my arsenal.  Price had pulled back after the opening gap was filled and I sold the first break lower on the 1000 tick chart.  My plan was to scale out quickly as with my countertrend setups, but I wasn't fast enough.  My first tgt was hit, but immediately afterwards the market reversed and stopped me out on the balance.  Was up as much as $250, before losing $75 on this trade. Again not one of my core setups so I was definitely reaching for this one.  Guess I was just excited about the opening volatility.

Second trade of the day came just before noon on a short pullback setup.  Was definitely a valid setup, but I got raked over the coals before exiting for a $125 loss.  After entry, upward momentum accelerated and at the peak I was stuck in a 2 pt drawdown.  But I remained patient and looked to exit at the first pullback.  After a drawdown of as much as $600, I ultimately exited for a much smaller loss of $125.  Very pleased with how I handled this one.  Not sure I could've done anything differently.

Again all of today's gains were missed when I didn't fade the opening gap.  After that filled, we were stuck in a 2-3 pt trading range the rest of the day.