On the first BP trade, I traded 2IBs at the base of the ORH. That did not work out (and I need to keep observing this pattern to understand better why this did not work. So far I can only see the red bar prior to my entry as the cause for it). The second entry was a revenge trade, in which I did not even wait until the bar finished forming. That was a quick loss and a type of trade I need to eliminate 100% from my trading.
In 2008 I took a handful of these trades and I thought I had that under control, but obviously not.
DIG was a C&H pattern that looked really nice with the handle almost looking like an ascending triangle (higher highs and higher lows). After my buy stop order was hit, price moved my way, but the market started reverting at 2pm (as it regularly does) and buyers could not stop the selling pressure.
ENDP was an inverted C&H that looked neat, but the $24 PP held as support. My entry was too aggressive and I should have waited for a break of the PP and a retest.
Overall a -2.5 R day :-(
9 comments:
One of the toughest things for me to deal with in trading is having a bad day and forgetting that most of the days prior to it were pretty good...as yours have been.
I think at some level we feel like we have to win every day even though we know conceptually that that isn't the case.
Tomorrow is coming and you'll get another chance to hone your skills and more than likely you'll catch some winners.
Focus on the positives...
-AT
Thanks AT. I was thinking about that: the need/desire to win every time and the inability to "accept" that one makes mistakes.
Let's go windsuit flying and forget about all this! ;-)
(Like that would be easier than trading ...)
Cheers,
Sorry I posted this under the wrong trade...
For your BP trade, have a look at Jamie's (WSW) response to my question on his RIMM trade on December 19th.
I asked him why he did not enter on a break of the 9th bar.
I found the post, your question, and Jamie's answer, and it is very useful.
Thank you greytrader!
Happy New Year! Thanks for posting these charts because I was looking at those same charts today too.
And thanks to GreyTrader for bringing up Jamie's RIMM trade.
Happy New Year ClosetDaytrader!
I am glad this is also useful to others. Hopefully we can learn from each others mistakes.
Best,
Just remember not every trade is going to work. You've done your job in acknowledging the mistake in the revenge trade and I'm sure you will not do that again. Yesterday was extremely choppy as well. Also, go back to your WL and look for the entries you missed. That always makes my outlook brighter.
Thanks 00nr7!
... and welcome back!
Hell yeah Anarco! I'm up for the windsuit flying thing!
...although I don't know how many times you get to "learn from your mistakes" in that sport!
-AT
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