Monday, December 12, 2022

penalty box

I'm in the penalty box this week after tilt on NFLX Friday for max loss. It's been a long time since I tilted, but I should never assume I'm immune. I am trading 1/10 my usual size this week, but already I've broken a rule on QCOM by yanking my intended initial stop. Maybe I need to paper trade tomorrow.

What I did right today, though, was trading "best setups". Not that they played out for me, but...

RIVN 
Setup - Gap below level
Entry - Strong open down
Management - initial stop above signal bar. Stopped partial on 2 bar reversal, took smaller target and tighter stop when I got the chance.












QCOM - for a short, but it was inexplicably stronger than the market. Is this one of the stocks people love to buy when it's hit? Or did wells fargo downgrade it so they could start buying?
Setup - Gap below level
Entry - I hesitated over really strong opening move, but wanted to short reversal down below vwap. 
Management - Initial stop 117.93, above mini range. Yanked that, then really tested my luck as market ran down without QCOM. Then WTF did I give it so much room? "Logically" because my gap and go is supposed to go. So I gave it room. But I gave it even too much more room.


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