MGM Trade on Aug 10, 2020 11:12 from WuManChu: Tradervue User Stock Trades.

Idea, Entry, and Risk:

*Idea: Failed Follow Through vs P/M highs
*Entry: (Delayed) 21.70s, wanted 22.00s
*Risk: 1:2.5 (22.20 vs 20.40)

Catalyst and News:

and positive earnings, doesn't seem strong enough to offset historical fails.

Fundamentals:

1 cent above estimate earnings on revenue, but down the last two quarters. Resorts still a likely hit in the US despite easing restrictions overall.

Technicals:

Highs of previous run vs 24s, higher highs beforehand in previous years, Progressively lower highs throughout the day.

Summation:

Missed my preferred entry because I was dumb enough to step away from the computer when it happened. Came back and still saw sell sentiment, got in on a pop up and sized slightly as it progressed.

Gave it all back, but kept an eye on the sentiment and felt that it wasn't going to extend particularly far. Turned from a winner to a loser to a winner to a loser to a scratch.

Takeaways:

Stop chasing a move you've missed. It's gone. Find something else.
As you asked yourself throughout the day, is your edge still there, or is it time to move on? Given your limitations, can you reasonably say that you are better staying in than exiting, even with PDT?
Did you mistake your edge of patience for refusal to see the consolidation and your decaying edge every moment?
Was waiting for the EOD scratch patience or stubbornness?