Terrible trade.
Saw potential breakout on daily, anticipated the push towards R1 pivot @ $11.08, which is in the area of past 3 days' high. My goal was to enter in anticipation vs confirmation so I get a point for entering before $11.08. Where I truly thought of entering was the bounce off Mid Pivot $10.88 on the pullback but I was honestly scared of putting on another loser so I waited for a bounce. I'm on a streak of bad trading psychology right now.
Look how ugly that stop out is! Logically I saw the major resistance at $11.06 area but wasn't disciplined enough to sell. I was anticipating the break and blinded by the potential of a big green trade for once. Bad. Had I entered the original $10.88 area I'd have no excuse not to sell for an $0.18 move in this stock. Instead, due to higher entry, I couldn't justify taking the $0.06 move. Then on the way down I had no discipline to take b/e so I waited for a bounce off the MAs around $10.95. I saw that it had downside momentum but STILL held to see support at Mid Pivot $10.89. It got there and STILL no discipline to sell, hoping for any bounce to sell into. Instead it was a nice flush with no green candles and I finally bailed when the tilt got so strong.
This is the problem of trading on tilt and another trade I must learn the hard way. Hopefully this helps someone avoid the same mistake.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2016-12-22 09:57:34 | AKS | buy | $10.960 | long |
2016-12-22 10:57:26 | AKS | sell | $10.800 | 0 |
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