I keep doing this, buying high of day, expecting or hoping for a breakout over highs. Did it twice here. Two taps are for losers, much less one tap Michelle! Where did the stock come from? It ran up $1 I did not reduce my position size on my second entry which is poor process. Respected my stops but they were probably too far away or my position size too big.
Maybe I can start scaring into these trades instead of entering with my full position. No setup on the daily chart. Traded on the 1 min chart.
I AM NOT LONGER DAY TRADING ANY STOCKS THAT DON'T HAVE A SETUP ON THE DAILY CHART!
I have to remember that a break over resistance is not a 'breakout'. A breakout comes after multiple taps at a price level (which I though was happening with my 2nd entry but clearly I need more info on when this actually works).
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2016-07-19 10:03:35 | VMW | buy | $68.330 | long |
2016-07-19 10:05:59 | VMW | sell | $67.990 | 0 |
2016-07-19 10:47:13 | VMW | buy | $68.460 | long |
2016-07-19 10:58:14 | VMW | sell | $68.290 | 0 |
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