Monday, March 19, 2018

Morning Gap Trade Reviews

Quick review of the 3 stocks I was monitoring this AM off the gap list.  My plan was all shorts and with market tanking should of been a great start to the week - wrong. Just missed some nice trades and 2 stupid trade's - made a little day trading but brutal Monday as Ive got to stick to the script.

Added mga for a swing trade but jumped at JBL for a gap/go swing while ignoring my rule of don't take breakouts when the market is tanking which compounded the tough Monday with a loss on the trade.  As they say only the game can teach you the game, follow the damn rules and don't be a dick for a tick - which occurred with OLED. Losses and missed money happen but a loss due to stupidity is the ultimate punishment. 
  1. HRTX: Liked the fade but didn't get a setup so passed
  2. FB: took at the open  -sold half then stop to entry and just taken out missing a larger winner. Is what it is. 
  3. OLED: took 5 minute low - just missed first scale out spot -my plan called for trailing the stop above the VWAP - I tried to save a little and placed it right before, taken out and rolled over - don't be a dick for tick!!!!!!


TRADING PLANS 



* 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.

4 comments:

Anonymous said...

Hi, I'm sorry to hear that you had a tough day. It's just one day tomorrow, we get a fresh start. Your blog is great and offers great guidance to many like myself.

How I Day Trade said...

Hi - Thank you :) - Documenting my mistakes publicly helps to keep me accountable, better disciplined, and help it to sink in not to repeat mistake - keeping this blog as real as possible.

Anonymous said...

Hi, when you short the 5min bar, do you short the low or the closing price of the bar? Thanks

How I Day Trade said...

If shorting a Wider Red Bar I may try and get in early near the low of the bar before it breaks - with a tighter bar I will short at the low or a few cents under so I dont get whipped out if pops back up before breaking the low.

Disclaimer

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