The set-up: Morning Break Out.
After few min Market is open. I see SPY having hard time getting accepted opening price level. Other of my stock in play was also too BULLISH at the opening. Only 1 stock is V trading sideway.
Once SPY accepting Opening price level. I was only thinking V would make the same move as SPY but actually is not. I enter a LONG position but V DOES NOT accepted opening price 206 (only spy).
My Strategy is relative strength and weakness. I SHOULD ALREADY NOTICE 11 PM where V still sideway, there IS NO STRENGTH with the market. I, again forcing my trade when boredom and prefer to be right. I hit the bid as soon as the trade no longer valid and take a 16% Loss.
What I did Right:
1) I was patient while market is open to identify the market and A+ Setup
2) I did patient and see many of my stock in play was going to the moon with the market but did not pull back or offer and good R/R so I did not enter at ALL
What I did Wrong:
1) I did patient but stupid enough to see V are already VISA and find a reason to enter the trade (forcing myself to trade)
Where I could improve:
1) If I already see sideway of market and my stock in Play. I should just pass AND DO NOT FIND A REASON TO ENTER THE TRADE IF did not see the momentum or my A+ SETUP
Trade grade: Failed
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2022-11-11 10:26:54 | 18 NOV 22 210 CALL | buy | $1.500 | long |
2022-11-11 10:26:55 | 18 NOV 22 210 CALL | buy | $1.500 | long |
2022-11-11 10:36:00 | 18 NOV 22 210 CALL | sell | $1.270 | 0 |
2022-11-11 11:12:17 | 18 NOV 22 200 PUT | buy | $1.650 | long |
2022-11-11 11:17:40 | 18 NOV 22 200 PUT | sell | $1.640 | 0 |
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