Fighting the trend day again!!!
4/6: Overview: Again fighting the trend day. Lot of looser, One big winner covered up most of the losses. I did not take single long trade when it was strong trend day!!
Volume bar finviz showing more strength. Make this observation everyday.
Tendency I am noticing is that after big winner, I tend to place more trades in next short period time. This is called dopamine drive. Avoding this to develop 12 trading tasks and habits to inculcate this strong belief.
Belief I need to develop: After big winner, don't take trade for good amount of time.
I think focus on 1-3 trades max a day and then forget about everything. I was up well til midday but gave away most of it.
Better preparation than previous day: Ideas for the day.
/ES: 2581
Dominant thesis: may go down to 2520, 2500, 2480, 2440, or
Alternative: up to 2600 to 2620 to 2700.
Short USO. RTY
Long GOLD, ? GDJX.
Day began with mediation, prep, exercise and plan for the day.
Focus and concentration. I did not switch off the chatroom ( debatable, but I guess I need to learn more, so prefer doing so ).
USO made new low at 10:43am. Wait for bounce back and short it. Did not f/u on that. Looking back at the end of the day chart, it was not easy to trade on 5 min chart.
GLD Hoolding good at 10:45. touched 20 SMA at 11.30, that was good time to buy it. Went up well.
PSG stopped out but got early 10 mins early and moved short closer. Otherwise good trade.
SPG was good trade, monitored 5 min chart and was able to hold for good profit.
11:am: My weakness is holding too many position. but did well today with just 2 trades at a time. As I get good at, increase one or two. Need to learn how to look at different things efficiently.
11:18 Shorted GILD but stop order, should have been limit order. Learn it accurately. Position size was only 100 shares, that is excellent.
12:27. Took 30 min break, light eating and stretching and some famiy interaction. Shorted ES based on target 2620 and tick divergence. Thought Shorted COF at high but placed a buy order!! Realized after few min and quickly reversed the position.
3: 00 Took an hour break, much needed. Shower, watering plants. Listened to some Linda Rathschke trading habits youtube video.
Market uptrend and will sell half last one hour. Bought 2 puts and sold IWM. High Prob and low risk idea. But short squeeze was so effective. Puts provided the risk but short IWM did not put the stop, so lost good amt. Idea was good but execution was poor. In the hind sight, I should have aggressively shorted last few minutes, when I know for sure, it will go down. Learing so much.
Next time, wait for price confirmation before placing. Overall Good learning day thought lost some dollors.