Another losing day. It is really starting to feel like the summer of last year again, which I thought I never would get back to. I feel like I have regressed as a trader to be honest. I think it is all these bullshit trades. The little patterns I have seen before don't work unless it's a very high moving stock. So no more of those. From now on, unless it is high moving then the little candle patterns won't be traded. I have gotten too much into shorting breakdowns and buying breakouts and should go back to pops and dips like I first was in the beginning but with some of the nuanced experience I have learned. On a stock like NVDA today obviously it worked with shorting breakdowns and such and those are exceptions. Back when I had the ST acct I had to have a somewhat ok entry and I would never chase at all. I need to get back into that frame of mind - no more FOMO and making what should be a short at resistance trade a breakdown trade and chasing it. Also if you end up covering/selling too early don't be too hard on yourself as you never know what will happen.
LIVE: I knew this POS stock would go down but I kept trying bullshit trades on it and getting out for flat every time because it was a bullshit trade. Shorting at pops/vwap in the beginning would have been worth it. It got pumped up by chat rooms and I didn't short it then even though that was the most opportune moment to do it. I didn't have much conviction in it/ wasn't sure where it would top out despite the volume coming in. Honestly I'm not sure whether to chalk things up anymore to "anything can happen" and thus don't be too hard on yourself when you don't go in something because "it could have gone higher" etc. There wasn't too much of a clearly defined level from premkt otherwise I would have been more inclined to try it. Afterwards it had a somewhat decent pattern that I tried but I got out for flat. It would have worked had I didn't put a breakeven stop but my entry was bad and it was low vol so I didn't want to take any chances.
TSLA: Some other bullshit trades with little patterns that don't work. I tried a level 2 absorbing offer trade that I knew it wouldn't work but tried it anyway. Bad. I stopped trading it after I realized the move was done in the morning and it wasn't going to have any followthrough. Lesson: No bullshit trades. Honestly it shouldn't have been on my radar anyway for the most part since it has just been grinding up on the daily. If you caught it at the open it was a nice short but otherwise meh.
DUST: Looking at the GDX running right into resistance and then having a nice pattern for a move lower, I went long DUST on a breakout/after the pattern seemingly confirmed. But all I did was buy a fake breakout and I just got out when it started failing immediately. Not sure what to think about this trade since the pattern usually works but I think it may work in other scenarios better like a low float BS stock vs. GDX which has been breaking out overall on the higher timeframe from its small consolidation.
Other stocks:
NVDA: A complete miss on this but not for being afraid or anything. I really thought that after the Cintron report it would get very crowded short and it wouldn't fade as much as it did at all and might actually reverse but I guess not. I saw the vwap touch and thought about it but figured it was still stuck with a bunch of shorts who are patient and might still squeeze them out. I guess not. Not sure what to learn from this other than sometimes don't doubt the effects of Cintron...
IONS: I had this on watch for a potential 2nd day fade and it setup very nicely with a pop to vwap and then fade with lower highs which offered spots to add. I just didn't get in and I still don't know why. I guess I had low confidence and figured it wouldn't work. Stupid.
Things to remember:
1. Don't doubt a well-timed Cintron report.
2. No bullshit trades - pops and dips.
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