Thursday Wrapup (1/21) - $938 loss

8:30AM
No pre-market trades thus far.  Slept in late this morning after watching my beloved Wolfpack lay it to the Dukies.  Didn't miss much from the looks of things.

Had a clear countertrend setup after the GS earnings release, but didn't take the trade because the risk:reward ratio didn't make sense.  I usually like to enter these CT trades with a 1 pt risk at most.  Would've needed 2-2.5 pts on this trade, so I passed.

Let's get this day off to a good start.  Don't force things - take only what the market is willing to give. And above else, manage risk.

12:00PM
Lots of trades this morning, 6 total so far.  First 3 were losers and I dug myself an early $450 hole.  Came back strong with the next 3 generating $563, and was up $112.  And my last trade was a $313 loser.

That last trade was a pullback setup off the 3 min chart.  Felt the entry was solid, but the trade went against me from the start and I had no desire to stay on for the ride.  After a quick 2.5 pt drawdown, I got out onthe first mini pullback.  Should also note that I only traded 1/2 size with this trade. because the risk was a bit greater than my norm setup.  Good idea!

Even though my results thus far are in the red, I've managed risk very well.  Case in point, I took a long CT at 10:30AM where we had a clear vol spike on the 3 min chart.  Had I not kept a tight stop, I would've lost a boat load as price continued its steep descent.  And I've also stayed away from trying to catch a falling knife. 

Sure I'm down, but the good news is that I'm only a trade away from profitability.  Let's see what the afternoon session brings.


4:00PM
Clearly way too much trading after noon.  All total there were 10 trades, 8 of which were shorts, taken over this 4 hr period.  There were CTs and pullbacks taken and it didn't matter on the setup or direction as only 3 of the 10 were profitable. 

As I look back at the trades I placed I was clearly caught up in the euphoria. But honestly out of all the trades I placed today, maybe just 1 or 2 were questionable entries.   The trouble is the market is changing and I remain a step slow after being lulled to sleep over the past few months with volatility at low levels. And still finding myself a bit gunshy after the last week or so of trading.

I know I'll snap out of this funk soon enough.  Just need to concentrate harder and manage my risk.