I made 2 trades and ended up with profit and the plan is to keep trading with small size until I get a run of 6 of 10 days in profit and a success rate of 60% in profitable trades. At that point I will increase avg size of each trade.
I will still take advantage of any high conviction setups that can be traded with a tight stop until them but respect a stop loss of max $50.00 on any one trade
I looked at a lot of stocks today with running constant scans during the trading hours. Only a few make it to the check list and this again saved me from over trading. When I am comfortable with the format of this list I will put together a checklist for entering trades as well.
PL
HOT
Looked to short this as there was no real driver for the increased price and it seemed to be just hype. It did hold up and I made two trades. I cut the first one when it did not move as quick as I wanted only to watch it drop a little.
I missed the next opportunity and then took the one after. It was looking to strong so exited for a small profit
KBR
A really good trade with a nice entry. Price was in a tight band on the 5 minute chart and it moved easily off this. I took half off when I left the screens and cut the rest soon after returning. There was a nice higher hold and a good move into the close.
I will watch this one tomorrow as it is very strong
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