1.23.19 - Simply wanted to create a position to swing into Friday's market.
Lack of PDT make swinging extremely hard. There are opportunities but without an escape route, it is not wise to attempt swinging heavy sizes.
Even if this generates $5, it'll be cushion into the next week to maintain the account balance where it is.
Not much else went on activity wise today. SPY looks to be under heavy resistance on the daily chart with prices failing to reach the 200MA and is now retesting support slightly above the 20MA and 50MA.
SPY can potentially decline to 20MA and retest 258.xx area.
Keep on watch!
What a bozo move this turned out to be. Adding 1 share at 47.50 was fine (although still wrong) as it resulted in a total of 2 shares at 49.50. Adding beyond that was being overly greedy, giving in to FOMO, knowing I was extremely tired from the day before and not thinking clearly. This rushed low quality trade resulted in a huge loss.
Studying the visual placements of my buy orders, it was obvious from the start I was chasing a trade. Even stated in my journal, I shouldn't of traded today. I could of faired much better tomorrow following BTX or APHA or anything else really. TVIX opportunity already passed once I got in. My rules also suggest not to get in on the end of a bar. It's better for me historically if I got in at the MA(Moving Average) of the timeline I am following to have a more constant measure for position sizes. If I size up according to MAs on the 1 hour chart, I should have another hour before placing another order or so unless stock is going parabolic
=( I just wanted to make up for the lost profits in ACB (not actual losses, just less unrealized gain) and now because of my sloppy trading, I am down 250$ on the day.
Max stop is spose to be 30-40 while stopping for the week and reviewing lessons should be if I lost 100$ on the week. I should slap myself twice for today's error.
Lesson Reminded - Do NOT CHASE, RESPECT STOPS! Get in on the way UP not AFTER a breakout.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2019-01-23 14:27:00 | TVIX | buy | $51.500 | long |
2019-01-29 10:53:00 | TVIX | buy | $47.500 | long |
2019-01-29 11:05:00 | TVIX | buy | $48.500 | long |
2019-01-29 11:05:00 | TVIX | buy | $48.500 | long |
2019-01-29 11:24:00 | TVIX | buy | $47.500 | long |
2019-01-29 12:14:00 | TVIX | sell | $45.670 | long |
2019-01-29 14:48:00 | TVIX | buy | $47.000 | long |
2019-01-29 15:38:00 | TVIX | buy | $46.820 | long |
2019-01-30 09:08:00 | TVIX | sell | $45.700 | long |
2019-01-30 09:13:00 | TVIX | sell | $45.700 | long |
2019-01-30 10:45:00 | TVIX | sell | $46.020 | long |
2019-01-30 11:40:00 | TVIX | sell | $45.590 | 0 |
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