Saturday, November 26, 2016

IWM and TLT breakout and breakdown 30 minutes



Two 30 Minute trades - as with both trades I stick with and trade the trend of the early trading and daily chart. Daily chart on the left (with moving averages) and 30 minute chart on the right....and one big screw up with IWM.
TLT - Short, entered low of first candle, stop at the high and rode for a 1.50R nice winner

IWM - Long at 30 minute high and goal was the next pivot. Here is where I screwed up. Friday was a half day of trading, markets closed at 1PM eastern time and I totally forgot. I entered the trade, along with my exit and stop positions, then left and went about my day. I usually do this with my last trade (gym or work) and will monitored throughout the day. So around 10:30ish west coast time I look at my phone to check the quote and see for a half hour the stock hasnt moved..Im like WT?...yup totally forgot the markets closed and yes stuck in the trade over the weekend.

Entry was 133.90 and stop was 133.63. How I will work it Monday is if premarket is trading above my entry will ride it out and shoot for 134.24 exit and place stop at my entry. If the price is trading below entry will just exit and eat the loss.




* You don't have to trade everyday. If the conditions don't feel right or if you're unsure of the current days trading environment then PASS on the trade. Missed money is better than lost money.  Day trading and the stock market is not a "war" that you must win at all cost. Trading should be fun, wait for only the good setups. Follow your rules, stick to your stops, and know that everyday the market presents a new chess board.

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I DO NOT MAKE RECOMMENDATIONS TO BUY OR SELL SECURITIES - I JUST POST TRADES I MAKE OR FIT THE RULES OF MY TRADING PLAN ON A DAILY BASIS. DO YOUR OWN DUE DILIGENCE - YOU ARE RESPONSIBLE FOR YOUR TRADES, INVESTMENTS, AND DECISIONS! ALL CHARTS COURTESY OF TRADESTATION, SCHWAb & TD AMERITRADE