Market:****
- So with a false breakdown yesterday and common back up this morning we are back in range ---> Failed moves tend to lead to bigger moves
- I mean yes we could easily test the cop of this range, or just come right back down
- In STT bear market testing Daily 8 EMA so I would so higher chance of, getting rejected and we sell off today, but since in chop zone cannot just guess
- IWM closest to upside range so lets see
- Levels:
- SPY back above 405 short term bulls in control
- Above 402 bulls look better but still not clear
- B/W 2/24 Low and 402, not much direction but favor shorts
- Below 2/24 Low (393.64) ST Bear Trend Continues
- Below 390, Bigger Picture bulls lost
- Again since in chop, look for names in play, be less greedy, cautiously bullish after yesterday really put bears in trouble, but we are open in tricky spot ---> Could support longs, just not off the open
- Bolstic speaks at noon so be aware of this moving the market
$AI
- Software Tech/ Beat EPS, Beat Rev, Guides Q Higher, Guides Year Higher/ ATR 2.25, AV 14m, SI 25% (liquid and could squeeze)/ Broke Daily Wedge, Not Real Daily Level 25, 1ATR Extended - nothing for this name, momo name, very strong catalyst, targets $26 (0.5 ATR), 26.75, 28
- Missed first attempt, had to cover risk though
- Knew I had gut feeling which was right
- Then began to form an inside 5 and was watching
- Kept pulling in and I was tempted to bid in small but did not
- 70 cents risk was taking with extension to the 8 EMA so did not love
- Took anyways, would have been twice as big if 8 EMA caught up
- Got my stop in and 1:1 kick in
- Thought my risk covered and was watching for $26 breakout
- evntually broke out up decently, then sellers stepped in and whacked it back down, and then the next paragrapgh explains when all hell broke loose for me lol
What Happened:****
- Struggled to break 26 and eventually got push away, pissed I could not sell more
- Very very Realistically could walk away no profit, but I have to follow rules
- 8 EMA caught up to my stop which I like
- Would love an ignition bar break of $26 to move my stop
- Whacked down from $26, P/L flipped upside down and I started to freak out out
- I did not realize though that I was long 200 shares
- There was a green dot on my chart signaling another buy and I completely did not notice
- On the break of $26 I was feeling good ready to move my stop up, then got whacked down hard as sellers came in
- My P/L went from up decent to down decent, and I freaked out
- I was like "WTF, I should be going bigger green to smaller green since I already got my risk covered"
- As I was freaking out more and more I was typing into the VTF for help, I tried calling colin, it was all a mess
- I just did not understand what was happening
- Then when I realized I had bought another instead of selling, I was not like alright i just have to hit out
- So I down ticked the 300 shares I now had and it bought more
- I must have really hit the wrong key again, and now my heart was really racing
- So now Im long 600 shares and stock was pulling back
- I took a deep breathe, and realized i can just offer out the rest
- I did not give two shits if this went in my favor I was in way too much and if this went against me I could have potentially been locked out for the day
- I did this and managed to get out for a manageable loss
- This really hurt to now go into the weekend with this this could have been a decent winner and instead a loss
- But I will say this lost could have been 3-4 worse
- It happened its in the past, and I know in all I can do is laugh
- If I let this destroy my day I have lost
- To fix this first thing I did was in my orders window I switched the column that says "side" to to the right side of the symbol so I will immediately know upon entering my orders, and fills what side of the market I will be o
Just a learning lesson.
Good setup and trade plan, it would've been pretty decent.
Nice job recognizing the stress and just getting out instead of trying to turn it around. Smart move.