Technicals & Fundamentals:
Mrk Cap 14M Float @M IO 6% Short Float -% Short Ratio -
News x2 am
Supports: 4,41 4.60, 4.86, 5
Restistances: 5.14, 5.44, 5.77, 6
Targets: 5.40, 5.80 eod
This was a low float stock with lots of volume on the day with SSR. The company is a recent split with its first green day. I wanted a quick eod play and decided to enter on the VWAP reclaim where I though I had the best r/r. I was risking .15 max below my entries previous green candle. I got in at 5.10 with a target of 5.40 5.60 and hold some for the close. I didn't want to hold this POS overnight. I felt shorts were to eager to get in and it could cause a nice squeeze eod so i tried. 8K filed AH, good i got out to be safe.
My Mood Today and How I Dealt With It:
I was somewhat nervous, but excited to trade at the same time, I worked today but got home at 12:20 to start scanning the markets.
- I kept calm so I could listen to myself and focus on my trade. However, I wasn't home alone and had distractions around me.
- I drank some coffee and started scanning the markets for potential plays.
- I really wanted to focus on being patient today and not overly excited to trade and recognize my emotion throughout the eod.
I had an good entry that shortly after started working for me. I had no reason to sell until I hit my first target and took some profits in the 5.36, i felt i entered too early in the day and also quickly recognized i broke my 2:30 rule so i took 1/4 off my size. I then quickly added because i thought it would start squeezing and got some fomo, i was to impatient and didn't wait for the pull back to confirm it would hold, this was a mistake. I told myself this is to hold until the eod so i wouldn't sell everything too early and give it a chance to run. I then bought another tier in the 5.43 and then another above 5.50, I then sold in the 5.72 and 5.61 before the close,i should've sold when it hit 6 but got greedy and missed the additional 40c..
What I Did Well:
- Read the tape accurately, saw that it quickly pushed above VWAP and recognized a good r/r on a potential squeeze.
- Quickly identified the PR but also the potential dilution in it's SEC filing.
- Didn't hesitate to jump on the momentum on the VWAP reclaim recognizing a higher high approaching PH.
- Didn't give into the urge to get out right away and make money,
- Took profits; didn't hold and hope overnight.
- I was conscious of my emotion and focused on making a good trade.
What I Didn't do Well:
- I didn't meditate in the morning to make myself feel balanced and better focused.
- I didn't read over my notes to prepare
- I didn't wait for the pull back to add, I got fomo and rushed into strength,
- I entered too early and broke my 2:30 rule
- I was watching SDC PINS LJPC and the SPY and should've focused my attention solely on INPX once in the trade.
How I Will Improve:
- I am going to make a timer to make sure I meditate early in the morning
- I'm going to create a list of my biggest trading mistakes and direct all my focus on fixing whichever one is most detrimental currently instead of trying to fix everything at once. This will need to be done before my next trade.
Biggest weakness(es)/fault(s) on this trade?:
- I felt fomo and didn't wait for the pull back to add more size.
How I will improve upon these:
- I'm going to do some self work to make sure i have no hesitation knowing how much size i should have on a trade compared to my risk level, I need to wait for confirmation the momentum will continue and don't add unnecessary risk.
How I'm Going to do More of What Worked:
- I m going to continue to scan the markets everyday after work for late day plays. I will continue to take profits along the way and take what the market gives me. Don't hold these POS overnight, it started diluting AH.
Biggest Lesson(s) Learned:
- I have to be quick, It was good to see that the stock started working for me shortly after my entry. This gave me no reason to sell and i started thinking of adding but only until the the close. This showed me that I should never over stay my welcome after my target has been hit on a plan. If i held it would've dropped quick back to 5 on me AH. Once i was in this trade I should've focused solely on this trade and not other stock that weren't really in play.
What Else I Saw/Almost Traded Real-Time:
- I was watching this stock once I was in the trade but I was also watching SDC and the SPY. I think i got way too distracted with other things once I was in this trade. I should've focused on only one once i was into the trade. I will work on this tomorrow and not watch too many stocks at once and once i'm in a trade focus solely on that one trade.
I have a slight edge, therefore I will place little importance on the outcome of the next trade(s). The market is composed of a high degree of randomness and uncertainty. I am not in a battle with the market, the market is not against me - I am merely in a battle against myself whilst trying to navigate the markets
You need to log into your Tradervue account to leave a comment. If you don't have one,
it takes just a few seconds to sign up, and it's free!
You can write your trade notes and comments using markdown syntax for links, images, etc. Some quick examples to get you started:
For other options, see Markdown syntax documentation.
Note that normal HTML tags are not supported in Tradervue.