Another Revenge trading same as my second trade of the day. Once i saw that sucker broke the previous low shook me out and tanked and broke the previous low, I jumped the gun without any thinking because that spot was hourly support, The only good thing was that i set stop loss at break even. it popped back and hit my stop for break even
Lesson:
After taking loss, No trade for at least 15 Min.
That was a good trade and a good execution. I shorted into break of 5 min support and it tanked immediately. The problem with this trade was my profit taking. At some point i was in $20.00 profit but i didn't take it although i knew the stock was at hourly support, sucker hold there, i sold half of my position into the push for $8.00 profit, set stop near my entry for break even. Jus like my first trade sucker wicked my out and immediately tanked to the lows.
Lesson:
1-Always take profit and sell majority of the position when you see price is holding at or near support. aka Ema s. don't be greedy.
2- When you're in Red, your first goal should be to take yourself back to break even. Don't think about profit and don't be greedy bitch.
-/ES put at supply. Confirmations: 1) At wedge; 2) In major supply zone; 3) 15 min supply created; 4) good R:R
- ES A pure stoopid trade. I saw an inverse H and S with a FAILED rally in demand. However, I didn't notice that 5 min demand created! Yes you saw the inverse H and S, however, is it safe to play puts in demand? Maybe it's a pullback to a smaller demand, for example, here in 5 min demand? Never play puts in demand or calls in supply UNLESS you get confirmations in supply or in demand. Lets say we move further down in demand OR invalidate demand etc.
- Pullback to 5 and 3HR demand with a good R: R and a base out in demand.