They were as picture perfect as any trade could be
The market still continued the trend up so right after it stopped me out for a full 5 ticks I decided not to take any shorts because we didn’t have a convincing break to the downside. Sure enough the market ran back to the upside and I was ready for another trade up.
T4 caught me by surprise
I had my order waiting for this trade and the market moved so quickly to the downside that I wasn’t able to cancel the order. I was stopped out quickly for another 5 ticks and then T5 set up at 1218.25 (Two arrows directly to the right where 1218.25 is written). With the strength that the market had down I knew we were going to get a nice run so I decided to hold the trade for 3 pts. Could have held for more but I prefer getting out and back in.
I’m a scalper at heart
Label T5 is actually T6 and this ladies and gentlemen is something that you should NEVER DO. It was a mistake but luckily the stock market gods saved me. I entered the market with a preset 2 pt target and the news (surprise) came out early again. The market hit my target and I was out with a 2pt gain and the market forgot to take it’s Xanax as it flew to the upside. I could have been stopped out for a few points with that spike. Thank you stock market gods.
Day Trading Chart 2 above shows some of the losses that I had for the day. T7 I wasn’t completely comfortable with due to the consolidation. Since the market has so much strength to the upside I decided to go for it and this time the god’s returned the favor with not only one loss, it gave me three losses in a row.
Three losses in a row is very rare
T8 was an exceptional trade that just didn’t work out and T9 was an aggressive trade long. Sometimes I do get overaggressive but that’s part of day trading and it generally works out in my favor. T10 was magical, take a look at the box labelled orig target. This is the area that I was looking for but I forgot to cancel my preset 5 pt target and I was out at 1219.50.
I took T11 with a lot of strength down which didn’t work out and I took an aggressive T12 to the upside for 2 points. This is when the market dynamic started to change as it started to respect the trend line areas of support and resistance instead of our areas. I took two more trades, T14 and T15, that were both losses. I probably would not have taken T14 anyway but looking after the fact T15 is a trade that I could have reasoned not to take.
Either way I decided to wait until the market showed me it was going somewhere
At T16, the market made a new low and a lower high at the previous pivot high. You can see the yellow trend line was lining up directly with the outer band and with the strong run down I decided to pull the trigger. Good thing too because this is when the market started moving nicely.
T16 – T19 were picture perfect trades.
Day Trading Results for Today
- 21 total trades available
- 11 out of 19 winners
- Lost 8 trades
- 2 trades missed – no fills
- 3 trades were questionable
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