Intraday Trading: -$215. Possibly a little over trading, but in general range bound action, and thus no big moves to capture. Really good controlling of risk today, so pretty happy. Below $56 triggers a short bias for trend, so there should be some good short trades if that occurs.
Swing Trades: +$375. Still just slowly working. Have bids for covers.
Back Account: -$2755. Not enough conviction in trades today. Was good opportunity, but the only two real conviction trades were SHAK and CLDX. Although there were other setups that I really liked but didn't take.
Three lessons from today (already knew 1 and 2, but good reinforcement, and 3 a new thing):
(1) Conviction trading requires attention to price action (along with everything else on checklist). However, there is a balance between paying attention to price action, and to taking it into account. This is demonstrated on SHAK.
(2) Don't hold a big trade for the entire day. You shouldn't ever be in the position where one single trade can determine your day.
(3) Paralysis by wanting high conviction. With SHAK today I wanted the high conviction setup, but by the time I was confident it was going up it had already completed a nice weak open r/g setup, and moved nearly its ATR.
BLUE: This was the most random trade of all - very bad trade, but got out immediately when I realised. There were two really good trades available on this. First, the weak open r/g (similar company had bad news), then the failed r/g move and short. I did neither of those, and they would both be high conviction, but that's okay!
I tried to join the trend late day. Silly trade overall.
CLDN: Massive gap down. Was looking for bounce. Didn't quite setup and stopped out. Can't see it on freestockcharts because my charts aren't working (but this was premarket). Should have been a starter position, and if it worked added to winner.
CLDX: $25 major level, so as big volume started coming in got long $25.40 and was stopped. Should have waited for $25 or nothing (low was $25.07 and had a nice 40c bounce off there). The reason for waiting for the $25 level is because when you go through the checklist required to make this kind of contrarian trade the time of day is wrong, and it is a biotech, so you need something else favourable to make the trade.
SHAK: Really really nice weak open r/g (support from yesterday) setup but as mentioned I got paralysis by wanting conviction. Would have been an amazing winner if I had traded it that way. Instead got long around 70, stop 69, and narrowly missed sales into pops.
You can see the stuff midday, and then the change of momentum midday (that was the price action not to get too caught up in cause it's midday) but then as it makes the lower highs - that was the price action to pay attention to.
Also stuff up execution of the stop and was out in the low 68s. Stop should have been 70.
WUBA: Wasn't a high conviction setup, kinda realised this halfway through and took profits quickly. As it turns about in the end it ended up going up quite a bit - but that's ok!
Turned into a really nice short on pops after two stuff and a clear change of momentum after a move above the ATR. Should have had the short - but had SHAK to focus on.
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