Shared by
KeithL_BOWS
bad setup, i thought it was going to BO, but could not break thru that price level resistence. OK.. soooo...why the hell can i see it soooooo clearly now, but cant during the day.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-04-02 11:28:50 | SCTY | buy | $64.330 | long |
| 2014-04-02 11:50:06 | SCTY | sell | $63.970 | 0 |
Comments
KeithL_BOWS
Thanks Jonathan. This one had me all backwards right from the beginning. I had on my list for a FTBO, so i was prepared for a long. Then it had a nice run up in premarket, but then it got under MA's and was trapped...or at least thats what i thought. My thought process was completely backwards from the get go on this one, and i couldn't see the forest through the trees.....
Another problem was that this stock is not available to short on TOS, so i mentally justfied why i could long it. Its amazing how we can talk ourselves into bad things soooo easily...
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Take your time during the day to analyze what is going on. Go through a "mental check list" of some sort i.e. daily set up, intraday set up, where are highs/lows/MA's, does it respect anything.
So for this one, the daily is more of a bear flag IMO so i would be short biased, and it shows weakness from the beginning, it made a lower high and couldn't break above 64.5 and VWAP and if did b/o, you would have to wait for it to consolidate under that level and not catch it on the 3rd green candle (i've been doing that as well lol something we both need to change) as it will be too tired to break out with conviction where you got it.
Obviously, like you said, hindsight makes it very easy lol but if you take your time to analyze everything, you might be able to not get into a few trades and save yourself from overtrading. Hope this helps a bit!