Intraday Trading: -$1452. Not the start to the week I wanted, a real slip from the prior week where I had excellent discipline, controlled losses and avoided overtrading. After observing/reviewing todays trading on oil it is clear that I excel on the days when oil has a trend day, and struggle on the days where it's range bound. This is particularly interesting because it makes sense that you would lose money if misidentified if it was a range day or trend day... But this was not the case today...
I had identified it as a range day and was looking to sell rallies (so long as held below $60), and buy dips towards $58.30 (and a minor level $58.60). So basically what ended up happening is getting stopped at the lows and being too reactive to weakness in it, and too reactive to strength in it (instead of fading either, was chasing either). Whereas if I was focused on fading weakness and playing the levels there would have only been two (possibly 3) trades occurred, and they would have been good (most likely successful trades), instead of the low accuracy that I had.
Swing Trades: +$623. Started a new position in CELH, really nice daily chart. Am trying to be quite selective with my swing trades, and I think CELH lines up all my criteria.
I boxed VLTC overnight, and covered some for a couple of reasons (very happy with my lack of recklessness here): (1) My average isn't very good, so a good gap up on fluff could easily crush me, (2) I should be able to shuffle around and micromanage to lock in a little bit on the box, (3) Probability of a morning shuffle seems quite high, this morning prime example, was up quite high pm before selling off and closing my box for slight profit.
I missed covering some VLTC when I was up quite decently, that was silly, and wasn't very well planned. I should have realised that the cautious approach was best because of my average.
Back Account: +$6151. Really solid day. Also notice the accuracy of trades, while most aren't big profits the point is that they were profits, so much better accuracy all round - sign of not overtrading. Interestingly, the one loss (which was also too big) ARRY was avoidable.
Positives for the day:
(1) Sized up in the right place. Adopted the approach, add where any short bias would be negated, which allowed aggressive pyramiding of position.
(2) Managed positions generally well. Even in the pyramid case mentioned above still had some locked in.
Negatives for the day:
(1) Was too much chasing going on... Need more patience to enter the position at low risk spot. This applies to almost all positions (SHAK, ICLD, ARRY, TASR). The ability to get filled at just a little better entry improves risk-reward immensely.
(2) Allowed higher conviction for trade idea to get in the way of price action (ARRY). Had high conviction on the short, but when I traded it, it wasn't setup, the setup was later in the day.
(3) Missed a bunch of easy setups, either through not setting alerts, or from not being quick enough on the sympathy plays etc.
ARRY: Reported an earnings beat, but it was from a one-time item which had already been PR'd in December. Was also a pretty decent size gap considering how the stock moves. So I had a high conviction short idea on this against the premarket highs. Now I never got that original trade idea off, which is okay! It didn't get high enough for me!
But then about 10:45 I thought oh it's rejected from the high and entered short around $7.15, which isn't the greatest risk-reward, and is a chase from the really nice easy short at the highs. Then it started grinding and I cut it at new highs. Point being, chasing ruined my risk-reward, and ruined what would have been a successful trade.
It also stopped me from trading the roll-over high of day rejection later on! Which worked out nicely.
CTSH: A nice callout from the SMB chatroom. Very basic setup, tight consolidation on a stock in play for more than 20 minutes and play the break to generate really good RR.
Covered some asap to cover risk and then let the rest ride into the low $63s. Really good trade!
ICLD: Gap up, hold gap, gear up, float rotation (although pretty decent size float), look for long. Very clearly you can see that my first long should have been around $3.30 but I was a little late to the party and chased at $3.39, I then sold half into the $3.50 pop because I was aware that I had chased so wanted to get any size off (good awareness). I think added back at original entry, because now it looked a lot better! But missed selling into the second pop over $3.50 (although to be fair two high of day fakes is uncommon). It was at this stage that I made the best decision/approach to this trade.
I could see that with the high of day rejection/fakeout that it could be setting up for a possible short, so I looked at it with a short bias and said okay well it shouldn't get over $3.50 again because that would be too many tests of the high, it should peak-out slightly below the $3.50 level, so I doubled my position when it got over $3.50, and while it didn't take off immediately it was clear that there was a bit of a character change.
Sold on the way up with a focus on management like I want to have at the moment.
SHAK: Never really got any size in this trade, although I felt pretty good about the trade itself. Needed a better entry, though, with the spread important to be patient. As can see, had about half an hour to get into trade at a similar price, was no need to rush it. Sold on pause around low $74s, again crossed spread, impatient (although it didn't narrowly miss my offer to be fair).
The key to getting more size would have been once it was clearly holding $72 on the pullback trade.
Only really netted 2R which isn't really good enough.
TASR: Had the idea to short into yesterdays highs which would have worked nicely if had stayed there until the open. Did a great job of stay out of trouble on the short side, before looking into it as it started rejecting. Really good patience!
VLTC: Was up nicely premarket and perhaps I should have unboxed there??? Either way managed to unbox for a tiny profit, which is ideal because it makes the risk reduction free.
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