Daily Report Card 4/29
0/25 what the actual hell.
Only 1 compliance mistake today and it cost me only an extra -12$ everything else was death by paper cuts. I clearly was not trading the right stocks today. All I had to do was find something to long and I would win.
Cruise/Airlines/Banks didnt setup the way I wanted to see them so I couldnt find a way in to any of them. Boesing turned out to be a good long but not until I had lost both long and short on it, so missed the move there. Other stocks I had planned just didnt trigger for me so I got a few reversals and divergence trades and still couldnt catch a win.
Still didnt hit my max daily Risk so I guess if anything today I managed risk well.
SPY
Its wednesday so we had a few numbers come out before the open causing to rip into the bell. After seeing an all day sell of yesterday we completely forgot about it and decided to have an all day buy up not stopping for anything. The 1st lower low was made 4 hours into the day. Stupid strong.
At the bell I had a lot I was looking at. I wanted a ROKU short. Missed it. Wanted ZS short. Caught it. Except it was hard to borrow so when I clicked the entry, it told me to F off and find some shares. Missed it too. So now when I went to trade BA im not 100% focused.
BA
Earnings and a large gap up. Previously broke down from the triangle, now failed and trapped a lot of shorts so I looked long.
138.50 was a key pmkt level I thought would be important but after it broke from other numbers releases I should have abandoned that one. 137.30 was the HTF level I should have been much more focused on so there is a mistake there.
To start we dipped lower bought back up and I got long on a new HOD. I scalped it and I think thats a mistake. I took the HOD long into more pmkt resistance that we just saw got denied twice. The LT is fine everything is pointing up, but the scalp is forced. Didnt get any follow through despite SPY rising so I bailed on the trade once we lost vwap. Started thinking short again.
SPY started falling so did BA slowly and we lost that 137.30 so I figured we could have more downside since we were weak. I got short and got a nice add as it kepy working. I waited for the 135 break to take some off as we tapped it a couple times but ultimately that failed on me too and I exited the short for a tiny loss.
The long is still here but I failed to realize this. With market being super strong I should have recognized this is still in play for either way. It had some A+ price action for that long. Miss.
ZS
Very nice trendline was in play multple times with 5 taps. With yesterdays big engulfing candle lower thought it had more downside on a trendline break.
At the open it lost yest LOD and went right to last weeks low/breakdown point. Pulled up to vwap / yest low and stalled for a moment. Once it dipped under I got a small starter short, was only a 7star trade so no need for big size. Came up, stopped me out alongside SPY.
MRSN
MRSN just a great looking biotech triangle. Looking for more pops on it. At the open it ripped higher came right back under 10 and started basing out just under it and vwap. Once it finally made a move above the range I went for the scalp and the LT thinking t would start following the strength as it got so tight. Nope. Just a loss.
FLGT
Reversal trade after big spike up. Breakeven. Couldnt dump for me.
Took a few divergence trades on SPY with some very clear internals signs telling me SPY was overbought and oversold for the moment. Both shook me out before making a more significant move.
FNV
A+ reversal trade that I bailed at at the worst moment. Had the trade .50 cents in my favor just shy of my PT, came back to breakeven and L2 didnt look favorable so I took it off before it got worse. Well if I had waited to see some trades down there and then judge I would have held and caught the move, but I didnt so left with a breakeven. 10/10 reversal trades I take do not do this. As annoying as it is to look it, it was meant to be I think. Hindsight obviously shouldve left it alone to see if it wouldve gone negative but I think being 0/23 before this trade really shot my confidence of doing that and taking another loss.
Biggest problem today was leaving stocks alone to look at something else. When BA made its move and great looking setups I was looking at MRSN a lesser setup. I skipped all the cruiseliner trades because I thought I was already too late. All the trades I took were fine. The BA scalp to start the day I should have skipped but the other ones were just losses I was meant to take. Its too bad really I manage risk well on all of them but simply couldnt be in the right stocks at the right time. This is an issue ive had before where I stop watching the most important stocks of the day because some other setup has appeared.
When I start charting tomorrow and have my list of stocks I want to trade, I will note which ones are my best and ones I cannot miss and I will watch throughout the day. BA and cruise lines were the ones to not miss today.
Only 1 compliance mistake today and it cost me only an extra -12$ everything else was death by paper cuts. I clearly was not trading the right stocks today. All I had to do was find something to long and I would win.
Cruise/Airlines/Banks didnt setup the way I wanted to see them so I couldnt find a way in to any of them. Boesing turned out to be a good long but not until I had lost both long and short on it, so missed the move there. Other stocks I had planned just didnt trigger for me so I got a few reversals and divergence trades and still couldnt catch a win.
Still didnt hit my max daily Risk so I guess if anything today I managed risk well.
SPY
Its wednesday so we had a few numbers come out before the open causing to rip into the bell. After seeing an all day sell of yesterday we completely forgot about it and decided to have an all day buy up not stopping for anything. The 1st lower low was made 4 hours into the day. Stupid strong.
At the bell I had a lot I was looking at. I wanted a ROKU short. Missed it. Wanted ZS short. Caught it. Except it was hard to borrow so when I clicked the entry, it told me to F off and find some shares. Missed it too. So now when I went to trade BA im not 100% focused.
BA
Earnings and a large gap up. Previously broke down from the triangle, now failed and trapped a lot of shorts so I looked long.
138.50 was a key pmkt level I thought would be important but after it broke from other numbers releases I should have abandoned that one. 137.30 was the HTF level I should have been much more focused on so there is a mistake there.
To start we dipped lower bought back up and I got long on a new HOD. I scalped it and I think thats a mistake. I took the HOD long into more pmkt resistance that we just saw got denied twice. The LT is fine everything is pointing up, but the scalp is forced. Didnt get any follow through despite SPY rising so I bailed on the trade once we lost vwap. Started thinking short again.
SPY started falling so did BA slowly and we lost that 137.30 so I figured we could have more downside since we were weak. I got short and got a nice add as it kepy working. I waited for the 135 break to take some off as we tapped it a couple times but ultimately that failed on me too and I exited the short for a tiny loss.
The long is still here but I failed to realize this. With market being super strong I should have recognized this is still in play for either way. It had some A+ price action for that long. Miss.
ZS
Very nice trendline was in play multple times with 5 taps. With yesterdays big engulfing candle lower thought it had more downside on a trendline break.
At the open it lost yest LOD and went right to last weeks low/breakdown point. Pulled up to vwap / yest low and stalled for a moment. Once it dipped under I got a small starter short, was only a 7star trade so no need for big size. Came up, stopped me out alongside SPY.
MRSN
MRSN just a great looking biotech triangle. Looking for more pops on it. At the open it ripped higher came right back under 10 and started basing out just under it and vwap. Once it finally made a move above the range I went for the scalp and the LT thinking t would start following the strength as it got so tight. Nope. Just a loss.
FLGT
Reversal trade after big spike up. Breakeven. Couldnt dump for me.
Took a few divergence trades on SPY with some very clear internals signs telling me SPY was overbought and oversold for the moment. Both shook me out before making a more significant move.
FNV
Biggest problem today was leaving stocks alone to look at something else. When BA made its move and great looking setups I was looking at MRSN a lesser setup. I skipped all the cruiseliner trades because I thought I was already too late. All the trades I took were fine. The BA scalp to start the day I should have skipped but the other ones were just losses I was meant to take. Its too bad really I manage risk well on all of them but simply couldnt be in the right stocks at the right time. This is an issue ive had before where I stop watching the most important stocks of the day because some other setup has appeared.
When I start charting tomorrow and have my list of stocks I want to trade, I will note which ones are my best and ones I cannot miss and I will watch throughout the day. BA and cruise lines were the ones to not miss today.
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