PL
I needed to stop overtrading and impluse trading so have created a pre trade check list. Its a work in progress and only takes a few minutes to fill out for each stock. So far it has stopped me trading in a few stocks that I would have normally entered and this has been good.
I use a rating system and give 1 point for each positive item and then look to the charts to see if the price, volume and levels are setting up for an entry.
For shorts I will use a -1 for each strong point
It stopped me trading F today as it was weak in most timeframes and not much to drive today apart from loyal investors.
AAPL was an impluse trade on the open and I should not have taken it at the level I entered. The expected level or price that I should have found support and did was around 40 cents below and it stopped there and then moved up nicely.
The insight for the day is that I need to trade levels supported by price and volume not get excited and see good in every micro pause in price
COH
Good trade, set up on the five minute chart at the open high and volume dropped away. There was a clean move down. I got out way to early and missed about double on what I got as I was annoyed at my AAPL trade and wanted to chip away at getting the money back.
MRK
This stalled at the mid pre market range and spent 10 minutes in a tight range. Volume picked up and the spread opened with bids chasing this up so entered. Got out when it stalled at a level and after the first red bar
NOV
Looking for a short and it didnt work. It did test the high and closed off this level so will be looking to short this tomorrow it shows weakness
AAPL
Got excited and traded this at the wrong level. Needed to wait for it to test a prior low
Lesson for next time
No comments:
Post a Comment