STI Trade on Feb 7, 2019 09:35 from MarcoG: Tradervue User Stock Trades.

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MarcoG

 

Today happened what the same thing of yesterday. A wild price action able to lose a whole dollar within seconds. I have waited for the first 5 min candle to be formed and price started to peak testing for 3 times the level of resistance. This gave me confidence to start to trade. But I have done the same mistake I did yesterday, my entry was too high thus my stop had be inevitably big. I can't close a position without giving the price the space and time to test levels. But as well a dollar against it's ridiculous.
I have to set down a RULE on this. If I enter before 09:40 I have to trade half size and quit at failure of the very first level of support. In this case would have been below 65.80. Now with an entry up to 66.21 I needed to give at least -0.41$ against me pretending to be fast and precise to stop it at the very first retest of the level. I couldn't give it time and space to retest the level, I had to quit it and that's it. For this reason I have to enter later once levels are set down. I will never find the best set up but waiting for consolidation could only benefit me in the long run. Otherwise I have to execute fast the exit with no retest, just out, but then back in with no hesitation once price actions gives a clear direction. In February I have set new records in relation to wins and losers. I have never got repeated wins of around 3:1 pnl before. As well I have never got a single loss of whole dollar against before! The wins 60% of the times occurred after the losses. I have now to use the same energy and will I use to get me out of the shit to don't make mistakes wait and enter as a sniper!!!

I have to admit that since I have set up hot buttons it is way too easy to enter and exit from a trade. This I am realizing is leading me in over clicking. It is 3 days I have set hot buttons and the last 3 days I have 15 executions average. I have also added 2 times to my positions. Practice I have worked soo hard to get rid of. I will with patience slow down and give myself the time needed to get to the goal of being applying my definitive set of rules! I don't have to be afraid to add or to enter again in a trade if It is responding to my strategy and set up. What is wrong in the last days sincerely I think is trading the very first minutes at the opening. All the rest was used by me wrongly in the past but I can adapt and adjust the practice to my use!!
If I see the chart and my entries I can't deny that I like to see how I am reading the charts lately. I am taking action when needed but I have to trade each position as a sole and independent trade not affected by the overall scenario, such as red day or red trade!! If I enter in a position I have to keep believing in my actions. Today I have shorted it really precisely and I would have deserved a great trade out of it. But I have affected my decision taking by the fact of being red!!! The third take on my first short is wrong. I should have given the price the space I give to every trade I take. If so the trade could stay opened up to my target that was indeed 63$
As I did yesterday I have then followed price action and indeed I have started a wonderful short that has been compromised by the fact of being already red in the day!!
I have shorted at 65.080 and from there the price arrived all the way to 62.57 but due to my psychological affectation to the trade I have closed it. It is way too difficult to keep trading when you are having a bad day. I mean I could have taken back the mistake from the wrong entry and finish the day green. Perhaps those kind of situations have to happen for me finally find the correct way to let green trades go!!
Last considerations are toward SPY. Was clear that today was not going to be a green day and I told myself perhaps I should trade stocks on the downside. I ended up covering my loss with a short. All the stocks upgappers didn't perform. $IRBT, $BBT$. $MTCH is the only one that gave 4$ spike but 3.25$ of it was pre-market levels. Just 0.85$ was above pre-market high. As well the down gappers reacted upwards. $GRUB, $TNPR, $NXPI.


Execution detail:

Date/time Symbol Side Price Position
2019-02-07 09:35:36 STI buy $66.210 long
2019-02-07 09:38:06 STI sell $65.410 long
2019-02-07 09:40:55 STI sell $65.150 0


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