Quick review of the 3 stocks I was monitoring today. Good setups but little follow through to my exit goals.
- fang - daily bar fade setup - nice short setup off resistance - was looking for an exit past the previous day low which is also support - always good to take some off at a support level - I didn't and the stock turned around and stopped out at entry.
- yndx - went long on the bounce of resistance gap fade - ran out of gas small loss.
- rgnx - Gap fade off resistance - started to sell off and then took the small loss
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.