Quick review of the 4 stocks I was monitoring this AM off the gap list. two trades but most importantly traded smart.
- Shpg - VWAP fade nice winner
- lulu - didn't see a solid entry - no trade
- rspp - missed a nice winner - couldn't find an entry - was looking at entry on bar 3 with wider stop above the 2 pivot areas pre-market with trend down - trade ran away from me before I could enter
- ggp - Daily Bar trade - gap fade play into resistance for a follow through the pre-market lows - small stop out
Stock Trading Plan: http://www.howidaytrade.com/stock-day-trading-plan.html
E-Mini Trading Plan: http://www.howidaytrade.com/e-mini-trading-plan.html
* 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.