Shared by
oly_BOWS
Two trades, both disasters.
MGM was on my list and when it shot up on the open I was keen to get in. It looked like it was flagging and too string to pull back so I jumped in inside the flag. I am supposed to avoid intraday flag patterns (I average $40) but was too anxious to trade. Loss 1
Entry 17.51
Stop 17.41
Target 17.71
Stopped out.
Then I kept it on watch because it still looked strong to me. I entered as it bounced sharply around the 9ema. This was also stupid as the pullback is not at all clean. The thing is a mess. It was moving fast and I chased it without adjusting my size. Again, it went against me.
Entry: 17.48 (17.43 intended)
Stop: 17.33 (chased to 17.31)
Target: 17.63
Ugly
lessons -
do not play flags until I am having profitable trading again
take clean pullbacks, not sloppy ones
remember I want to improve by cutting off losing trades, not by scaling up without the skills to back it up
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2013-08-19 09:59:01 | MGM | buy | $17.510 | long |
| 2013-08-19 10:09:41 | MGM | sell | $17.410 | 0 |
| 2013-08-19 10:11:41 | MGM | buy | $17.480 | long |
| 2013-08-19 10:25:54 | MGM | sell | $17.310 | 0 |
Comments
markmandy54_BOWS
Looked so good on the daily. Kunals advice on "stick to the tight patterns" has really helped me. I keep forcing myself to pass on the slop. Worse case scenario a -.10 stop should have been max on this pattern.
oly_BOWS
Yeah 2nd trade I chased it both on entry and exit. I shouldn't have done, but really I was forcing this trade both times. I think I am also trying too hard to find stuff because I know I only have 2-3 hours to play. I have to learn patience.
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in this market stick to the tighest of patterns. . this a higher float type of stock also so you want see it go on those 20% runs. see its candles for the most part are all 20-30 cents its a slow mvoer. swingtrade stock not that good for daytradiing so that morning spike was probably the whole load for this stock!