I only took one trade today again, which was LL. This could have been a huge gain for me but I sold when it looked weak and never got back in when it decided to grind higher for most of the day. LL was still on my watchlist for a potential washout to get long into with higher lows. The washout didn't happen and I was actually thinking of scalping some short for failed momo but didn't. What happened next was it formed an ABCD pattern and I was thinking of buying the dips before buying above the break due to the SSR being on but I decided to wait. I put in stop buy above the base and it triggered and I then bought a higher low for a decently sized position. My plan was to sell on the first lower high which happened right around my add and considering the size I had on margin and not wanting to take a partial due to commissions, I just took it off. It then flushed right to my initial entry and I thought I made a smart choice but it promptly came right back up, which is a pattern I should have noticed as I mentioned it yesterday where if it flushes below support but then holds again that is usually a good long opportunity. I was too emotional, I think, to try again after previously thinking this could have been a big win for me.
You can see the initial failed momo that I wanted to short for a scalp. Then the subsequent ABCD and the first two arrows are entries where the third is my exit.
Things to work on:
1. Lower emotions as much as possible.
2. Have to get better at reentering trade either long or short and not just being done with it after I exit or stop out. Not only on this trade but on OREX as well for the short. I didn't short the top but there were plenty of opportunities to short pops along the way down, especially after confirmed trend break.
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