Another losing day today although it was small. Two breakeven trades, one trade that chopped me up but the way I traded it was my fault and there were a few ideas that would have worked.
NFLX: I was short biased thinking it cold pullback since the move seemed overdone. There were some scalps at the open since it had some range but what I did was predict where the top was instead of reacting to it telling me. So I shorted wen I thought it made a new high by a few cents. It was a random short. Lesson: Don't predict, react and don't pick tops like that. It ended up going a lot higher and it got to a certain point so I put a stop in case it went higher but it never triggered by a few cents and I got my breakeven limit filled so it was a breakeven trade. After that I thought about shorting it but didn't which was good and then I had the idea that a lot of people might be shorting it so it might go higher despite the huge move. That would have worked as it did go a bit higher and it formed an ABCD. I should have taken this trade but the thing is the risk:reward wasn't worth it to me. Overall it was good I didn't just panic and ended up making a trade that would have been a bad loss into a breakeven one.
TWLO: I was looking for a bounce in the morning but I didn't see a good spot except for the washout. It ended up coming off and it actually looked good for a short but I never took it. It did washout a bit. But that ended up emptying the trade and it just went straight up after that. I tried a short scalp but got out for flat. It was flagging later on and I wanted a dip to get in for a breakout but there was no dip and it just went higher. I thought about buying the breakout but just decided against it. It went $1 while I was looking for it to go to $50 but it just pulled back and I thought about getting in on the dip again but it broke the uptrend so I didn't want to bother unless it had some higher lows.
CTRV: Another day of shorting this and taking a loss on it. I should have traded it better but instead I got chopped up a bit in it although it wasn't so bad. Not much else to say on it other than give things enough room so you don't get chopped up and don't have your bias get in the way of what is actually going on in the chart.
Other ideas I had included HAS long which worked great but I had no conviction in it. I have to get back into longing things. PTCT short was also good and it had a good pattern but I wasn't paying too much attention.
Things to work on:
1. Get back into longing things and finding those patterns.
2. React, don't predict.
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