Shared by
ValeriuMoraru
Initial Comment:
This was my first attempt to get short at 77.55c but i wuss out pulled and then chaise it... In my second trade i explain what happen better.
Proper Prep:
On Friday and Thursday i watched trade and on the weekend i reanalyze the tape to understand better the pattern that is makings, what type of orders are going into the tape and what ECN are using. So i was ready to trade it on Monday i think. The only thing that i need next time is less WUSS...
Hard Work:
I so the 50c was really weak so i knew that i had to be quick to get short so i put my order in at 55c short than i pulled and then i so it dropping the 50c area then the 40c and i couldn't focus and remain logical anymore so i short it on the bid at 36c... When i realize what i just made i start searching for a place to cover if it didn't work out. (So i didn't even develop a full plan because of my stupid reaction)
Patience:
I wasn't patient, because i chaise it like an idiot and the market played me like a fool.
Detailed Plan:
I had no plan, and when i did it was after i got into the trade and that is not a plan. So i just had to get out and recognize my defeat.
Discipline:
I was disciplined at least on my stop loss. So i give me that. But this trade it could had bean avoided. I think this FOMO trades have to do with this my morning problems....
Contribution:
NON
Reviewing:
It was simply a bad trade that i didn't recognize sun enough but at least i had the decency to cover it and not play with fire.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2019-03-04 09:48:07 | SQ | sell | $77.360 | short |
| 2019-03-04 09:48:35 | SQ | buy | $77.510 | 0 |
Comments
ValeriuMoraru
Hello,
Thanks a lot for your comment. Yes i use the VWAP indicator (for some reason is not showing up in TraderVue), however i don't like to base my trades only on one factor or emphasize the entry based on indicators because they are very easy to break lagging (most of the time) and miss lead you, from what i experienced (i'm a beginner so don't quote me on that i might be wrong, i'm really open to suggestions) i watch a lot the price action the corresponding future, support-resistance and then i watch VWAP and the other indicators, i find out that this work best for me (for now). To reply to your second question i also realize that the support now had become resistance so that's why i was ready to get short again, but i was also watching the tape and so that at 40c 50c and 60c it slowed down significantly and that really confirmed me what i was thinking.
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Hello, I really like your trade. Do you have VWAP as an indicator? I see the 20 SMA. I find that pattern as a rejection of Vwap. An institutional trader bought below Vwap but never above it. The price didn't break Vwap. I am curious, do you see how the price feels support around 9:32 at $77.5? Then the price breaks taht $77.5 level at 9:34. The price drops quickly after that. Here is what is so cool the price then tests that old support as resistance. As it does at 9:48. Great trade! you really did great! I see that pattern a lot when a support level is broken, you can plan an entry near that old support level. But this time, if and when the price tests that old support as resistance, you can go short. Because the buyers at that price level are gone. Nice one!