8:24am: So pretty obvious what killed me last week - straying from the nail and bail... And then some tilt instead of controlling size of trades, keeping things small and focused.
Focus for today. Take profits quickly off the open. Relax, take a bit of time off. Come back with refreshed mindset to take opportunities calmly and controlled with small size. Even if am down off the open there's no reason to push things - will either work or not, no big deal.
Am extremely determined to continue the positive momentum from last week. Felt that right at the end of the week with two consecutive good (good in terms of trading and PnL) days I made some good steps in the right direction.
9:26: Got some good ideas for the open. Want to focus on good execution, and taking low risk to ensure that don't dig too much of a hole if I end up fighting the moves for a while.
9:38: Hit a pretty chunky stop on NUGT. Somewhat annoying, but also extremely perplexing. NUGT is showing extreme relative strength to gold. Would have been better working off prior days high, which I am now doing.
Very important not to jump back in immediately, and instead to reassess and revisit.
9:57: Was a really good cover on HOT on the trade not working to lock in profit. Took another chunky stop on NUGT which is a real pain. Strange movements today, so will wait for clean fader setup or over-extension to short. Either way need to be a lot more patient for the next trade.
10:04: Think the mistake on NUGT was similar to usual one I make trying to anticipate the lower high. Keeping the size off (being say 100 shares versus the full size 200) would have kept me from being stopped out where I did.
10:25: Somewhat annoyed because I missed the trend hold on VRX, AND took a chunky stop on MNK - where I probably should have been sizing down on short based on VRX action.
From here I have a full size position in NUGT. If I get stopped on that will be at max drawdown, but like the trade and happy to sit on it for a while.
To sum up: Have taken a lot of trades at max size. I did scale then entries over time, but not really enough time.
10:32: Took some VRX long as a binary trade. Until the momentum fails I think this goes straight up. Given current tilt need to be careful because chasing a binary trade can get me in trouble, as a result adjusted size to half size.
11:49: Haven't met target for day, but trying to chill and not force anything. Have enough positions on that if they work I will meet target for the day. So trying to be super selective with other trades like I usually would.
11:54: NUGT gearing up along with gold so going to take it off.
11:55: I wrote that and paused for about a minute and NUGT rocketed up $1.. That's very frustrating... Gold again range bound, so expecting almost identical behaviour to Friday. Will look to re-establish short near the highs by shorting into strength.
12:28: Long VRX, short MNK, and extremely short biased on ENDP. VRX at resistance but buyers strong and it reclaimed vwap....
Fast money negatives all round couldn't send VRX lower, but looking at VRX I'm being reminded of when I was trying t oget long ADBE above 95.00 the other day when I should have been shorting. I have a stop in, so either way not too worried and easily could be paralysis by over-analysis.
12:32: Took off VRX. Really happy with this analysis, it is by far the better approach. Just a shame it took so long to reach it. Managed to close the long for a small loss and trying to flip short. May have taken me a while, but really happy with progress on that thought process. Now need to look for the fader type setup to short lower, or short near the resistance.
12:35: Gold turning lower, is still at a slightly better price than where I exited the short so can't complain too much. Want to wait for lower high and be picky on price, and keep flexibility on the trade to ensure it's easy enough to execute on. Gold pretty range bound so no reason to chase.
12:42: I took a bit of AAPL long into the event because the stop-loss is so defined. However I actually expect AAPL to sell-off as a result of the event after a rally first. Usually this rally can make it difficult to short, so would be nice to have some locked in profit if possible. Otherwise will short against high of the day post 1pm-1:30pm.
1:13: Had to hit out VRX and MNK. Should really have covered up MNK a little bit when it wasn't breaking. Am starting to feel the tilt come in a little bit, so trying to be mindful of this and focus on executing trade correctly.
1:17: Was a really good stop on both MNK and VRX. Could have been a bit quicker on MNK and then would have had a chance to flip long, but did manage to flip VRX long so all good!
1:46: Have been chopped around a bit on VRX because I haven't taken a wider view on position and focused on providing liquidity. Typical midday trap!
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