Trading Recap 5/27/15

Today was an interesting day. My first trade made me go below $500 and I thought I was screwed and that was it but then when I was under $500 I saw that my bp was still 6:1 and not restricted. I figured that it would disallow margin by tomorrow when the equity in the account updates. That gave me until the end of the day to get back to over $500. And that is what I did by taking pretty much the exact trade again that made me lose in the first place. So including commissions I am about breakeven/slightly positive.

White arrows are entries followed by exits.

GBSN: I shorted around 10:00AM at $4.4 for what I thought was the lower highs after the 9:45-10AM spike. I knew that based on the chart history that this has a tendency to fade at least a little to a lot and so I figured there wouldn't be much risk. If I was playing normal size, that would be the case but since I went full bp I had to cover right away when it spiked. I actually shorted right before it spiked so that was probably the quickest trade ever for me. To me, it looked like a set of lower highs but I guess if you look at a 2min or more timeframe it was a flag but the 9:45 typical spike along with the chart's history and lower highs on the 1 min gave me confidence in the trade. Nevertheless, after I covered and was below $500 in account equity I knew I had to get back to above $500 before the day's end. So, like I said in the intro I took the same trad pretty much but a little later. I saw the HOD consolidation and when it broke that to the downside, I knew that chart pattern from before and that gave me confidence to go in again. I shorted around $4.4 again and unfortunately didn't hold for the entire day because I thought it could go up, but I also needed a decent win so I played it safe.

Things to work on:

1. Just be aware that anything can happen and while something may appear to be a lower high or higher low etc, it can spike or flush at any moment. 

2. Consult other timeframes for additional evidence.