Well I am back to trading even though I should have definitely traded before I went on that vacation since there was plenty of opportunity. Anyway, today I took the first trade I had taken in a while... and it was a small loss. Kind of sucks that out of all the times before vacation I would have nailed stuff but didn't trade it but now I trade something and I fuck it up. Notice in that sentence that I said I fucked it up because that is what happened. I. fucked. up. "It just didn't work" is bullshit. I had my stop as you'll see and I got scared out where had I stayed in and respected my stop I could have had a slight gain to breakeven at least. The thing is is that I would have definitely nailed it where I should have shorted it (after it peaked at resistance again and failed to b/o. But I was too scared so I waited and got a worse entry. I told myself I have to get the best entries and then I would be a success. I didn't do that today (although if I adhered to my stop and not stopped out when it tested over/under then I would have been ok). There were definitely some emotions going on but I just need to learn to say "fuck it" and do it when I know it is the right time and not wait for some "confirmation". I know that when I was looking at it and was thinking of shorting I was thinking about my risk and how it might have been too much etc etc... more thoughts going on in my head overanalyzing it and next thing you know it just flushes and I was right all along. I favorited a tweet today that said overanalyzing gets you nowhere in this game and it is true. You have to go for it and trade well. Anyway, that is my rambling before I detail the trade I took.
EXEL: I saw this gapped and no one was watching it so I thought it would be an easy fade on some meh news. I originally was going to short right near the open for failed follow through but good thing I didn't since it just ripped up afterwards. It went to the premarket highs and that was the top. I first wanted to get short around the 6.15 area since that was the resistance and it peaked to the premkt resistance before having the 6.15s become resistance again. I waited for 6 to appear to peak since that was the support and after that fell I shorted with a not so hot entry with risk on 6 over/under. What sort of spooked me out was the volume spike at 10:06 which I originally thought was a stuff and that I would be good after that but it just went up towards 6 so I thought it would climb back up so I covered for a small loss. I didn't top tick it but I was close because 6 was still the resistance and it looked like another good short pattern (the same one in the 6.15s) but I didn't short that unfortunately. It faded from there and I would have covered probably after the small base broke near the lows. Another thing to consider is that I didn't have the best confidence since I didn't really know if the news was a big deal or not (although more than likely it isn't).
Things to work on:
1. Stop overanalyzing everything.
2. Always take personal responsibility for the trades I take.
3. Adhere to the stop or else don't waste your time. If you do stop out but the trade sets up again, take it even if "your account is too small".
4. There is no such thing as confirmation. Trade when the setup and proper entry present themselves.
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