Trading Recap 11/9/16

Wednesday I was up. I did some stupid trades at the open because "I just wanted to get in" and I saw others making trades and making money so I didn't want to be left out. I have to realize I have to do my own thing and forget what others may be doing. The only good trade I made was later on when I could analyze the situation. That is where my strength is. I also looked at the 1min chart too often and was taken out of trades or entered trades that I wouldn't have done had I used a bigger timeframe chart.

HTZ: My plan on this was to short if it got under premarket support and peaked. I saw it stuffed on the 1min with big volume near the lows so I shorted it there but that ended up being a low instead and while I let it test out vwap it just came back up and I got out. I shorted what ended up being the low for the day. Had I used another timeframe I would have at least waited for the $26 pop to get in. It still wouldn't have worked but perhaps I would have gotten a better entry. While the trade wouldn't have worked, it was one of those that it was worth a shot and wouldn't have minded taking the loss.

UVXY: Basically used the 1min to try something that didn't work and then never got back in despite having the right idea all along. Also just because a stock looks like it reclaims doesn't mean it really did unless proven otherwise as mentioned before.

CXW: I didn't bother with this in the morning but when it had a nice setup of higher lows I went long on a dip to support even though it had perked through vwap before. I realized that anything could happen and was overall more bullish than anything else. I sold half when it went up $1 quickly then when I got another big push which signaled the top I sold the rest. While the trade was still iffy and under vwap I wasn't sure if I had the right idea but it goes to show of course that thesis/big picture > minute price action.

Things to work on:
1. Thesis > big picture > minute price action
2. Don't try the 1min bullshit for the most part. Yeah it works sometimes but overall it's not worth it.
3. With the fade at the open pattern, just take it despite it looking like it made a bottom in premkt.
4. DON'T CARE WHAT OTHERS ARE DOING. FOCUS ON YOU.