GOOGL beautiful. I'm trying to hold winners longer by giving it every possible chance to work, given the set of rules that I've developed.
I didn't enter well. The daily setup is not yet a breakout, so there is no reason to chase it. In addition, the market gapping massively up on CPI, so I should expect it to need to chill, do price discovery at the open. There was no reason to jump into this.
When it finally got to 119.97, my initial target area for pl(30%!) and for stock price, I squeezed the stop on half. What a relief! Even though you could say I could have given it more of a chance to work, everything(mkt, other stocks) was pushing resistance and I didn't want to give up anything once it reached my target. Anyway, that's why I leave some on. Second target was based on the daily upslope tl. GOOGL went through it easily, but I didn't want to give back that leg. After the first hiccup, I took it off.
Back to entries. In this example, if I used the thought that the open required price discovery and based on this not yet breaking I had time to wait, I could have entered differently. Would I have entered lower? Not necessarily. Maybe the alternate entry was 9:45 after the flush/recovery. I may have gotten in a few cents lower. I also would have had more certainty about my stop level.
In my real trade, my initial stop was, by eyeball, "wide stop" below the premkt low. I only didn't get hit by luck. After that bounce and reach new high in the 9:45-10:15 timeframe, why didn't I raise my stop? Greed, I think? Overconfidence that my move would happen = luck? At the time I was thinking that today is Wednesday, and I do need to start being mindful of the TIME that I'm losing on the trade. Thursdays and Fridays I can't give that kind of room unless I'm really near being in the money (and even then, don't be a jerk).
So that's the emphasis on entries. A "best" entry will give me profits better/faster. How can I work on better entries?... ugh.?
As I write, 40 min after I closed, GOOGL is making new highs again. In retrospect, maybe I could have weathered the pb, but it would have been into the midday session and not a sure thing. Would have costs me a lot of psychological capital. No regrets on either of my exits. Maybe future planning I would take 40%/40%/let 20% trail. Or 45/45/10 if possible
