Trading Recap 10/6/15

I took my first trade in a while. I got the top tick syndrome again where the trade was correct but I essentially top ticked out of the trade due to emotion. Even beyond all of that though, it felt good to trade. My entry was good and I just went in when the trade met my criteria. Due to my low confidence and fear of a stock breaking out and spiking quickly before I could cover, I got out right at HODs. Even though I lost money, I have a new hunger inside me and passion to trade. I wish it didn't come when my account is at $560 but whatever. I don't have any expectations of making this work although it is possible, although I would have to get lucky. But small and steady can do it. Losses like today reduce my chances significantly. I essentially only have two more trades left on this account. Then I will stop and save more money to try again. But just entering the trade instead of waiting for confirmation and attacking when I saw an opportunity felt good. I will be trading as much as possible even in school and will be doing nightly watchlists even for days other than Tuesday/Thursday when I normally trade.

White arrow is entry followed by exit.

MU: I had this on watch for an 18 test and fail since it was quite extended over the past two days. I saw 18 had stuffed and when it started to head lower I went in at 17.9. The trade worked right away but came back and I thought it might have been a higher low for continuation. My risk was 18 over and under and with HOD stop. It started spiking a bit towards HOD and I figured I was wrong so I stopped out at 18.06, two cents from HOD. From there it was lower highs where I could have added in and waited for the drop. So right idea but poor execution on the stop. I will have to accept the risk fully instead of taking it off if I think it will go higher but it really doesn't. Premature stopping out is a terrible thing in cases like this.

ZINC: I saw this having volume and trending nicely. Once it formed a wedge I wanted to go long on a breakout. Unfortunately it sort of just spiked up and I had to go so I didn't want to chase it but it held and grinded up the rest of the day.

CTRV: I was looking for a 4.30 test and fail for the true backside of the move. It stuffed at the open and I wanted to go short but hesitated. That would have been a nice scalp at least. The SSR turned on and it came back to 4.30 for a retest but it failed and hovered the rest of the day. One thing to note is the big volume candle that marked a short term bottom.

XNPT: What a miss. I was looking for a pop to short or failed follow through. It was an extremely easy failed follow through play on the base break and it was off everyone's radar so an easy fade for sure. Have to keep this in mind going forward. I discounted it right away when I thought there were better plays.

EXAS: A case of everyone wanting the bounce = crowded long so short it for an easy play. I didn't know what to do with this so I put it on the backburner but I didn't realize it would be crowded and fade like this. Not many on my twitter feed were talking about so it was hard to get any indication on sentiment. Failed follow through would have worked although it had large range.

Lessons:

1. Give the trade the full room it needs and don't top tick it.
2. Don't discount anything. There's opportunity everyday.