Sunday, April 30, 2017

EXAS part deux



1st buy was b/o of pre-market high. I gave it too long to break 31 and should've sold just under.

2nd buy was a 20cent risk to go back to HOD 30-40cents.  A 1-2 Risk/Reward ratio except the fact that I had to go to a promotion ceremony/assignment briefing.  This cements that I shouldn't leave a trade open.  I justified that It would be a hold til end of day/I'll be back by power hour.  I missed the opportunity to exit my trade whilei I was gone and I came back as it was dancing around the Vwap at breakeven point.  Instead of being able to fully re-assess the pattern, I rationalized that I will be turning this into a o/n swing just like my AMD mistake.  The day trade should've been exited out at breakeven or next support at 3.20-3.30 area but once it fell down to where it opened on the day at 3.20 I changed the exit level again down to just break below 30--set a stop loss and logged off/went to sleep. Arbitrary number since a stronger support/prev. afternoon support was at 29.5-29.6.  I checked back in when I woke up at night to see it hit my stop loss.

Pros:
1st buy was good entry, was slow on exiting once 31 was facing resistance. Best to miss out than to give back.

2nd buy was good but how it was managed was horrible and a repeat of my AMD daytrade-turned-to-swing trade mistake.  I got tunnel visioned when I got back and it was hovering at VWAP.  Looking back at it at hindsight, I couldn't see the descending triangle that formed and wasn't able to get out of the trade.

******************* +1 Day after *******************
Ugh... I called yesterday that my stoploss just below 30 was an arbitrary number and the strong support was at 29.5-29.6.  I took the morning off but this is what happened.  There's a huge dissonance between how I traded using TradingTickers/IU vs what I've learned from Warrior Trading and it's night and day on.  I'll post more on this later but it's troubling me for now till I find a way to find a compromise between both strategies.



** NEW SYSTEM Proposal **
Every 10/15/30/60mins or intervals during a longer trade, I should re-assess my position as if I have no position.  Learning the WT Scalping way is making me forget how to assess where strong support/resistance levels are.

** Will edit this when I have more time

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