extended market

 Market is extended. Lessons for an extended market: pre-empting doesn't work, because there's not enough energy left for buying. Beware of breakout of extended runups. 

This week I was red. Lots of frustration, 2 weeks in a row. Next week I will paper trade. I'm off for whatever reason and I need to stop the slide. The following week I will need to trade half-size. 

Frustrating!!

look left... more!

MRNA, wow! The one I didn't trade. TBH, would I have gotten the whole ride? How can I find, trade, and stick with mega winners like this?

CVS paid, but was not without some worries. In the second minute, it spiked and reversed. Didn't get a chance to enter my target order. Had a few minutes of stress as this consolidated but the market was moving down. Was able to enter an improved stop and get my pltgt. I hoped above 100 it would launch again, but not here for another pb. Took my $ and ran.

SBUX was, in retrospect, nms. Took a small size there, not to ruin my CVS gains. The gap setup seemed ok, but looking again... more to the left... it gapped into a level. I should have passed. Also, I tried to get cute picking it off the 1 min bottom, and I think I did that ok. I waited, watched lvl2, but it was doomed from the setup. When it quickly failed, I gave it wayyy too much room and got lucky to get out green. 

LESSON: This is an example of toxic gains.

best setup focus

 UBER nice gap up today. Base isn't so clean, but the gap cleared several levels and all eyes on it. Market has been really strong for ~2 weeks, today a pullback day but not dramatic. 

UBER had a hard time lifting. I waited more than my usual. I'm not interested in any more losses in my account💔! I need to stop below the igniting/triggering bar. This may give more losses (if smaller), but I'm tired of the bigger losses. I'd rather take more scrapes and less gashes. Trading has been demoralizing lately. Need my game back!

First try was a loss. Of course in retrospect if I had a lower stop below the 9:40 hammer I could have stayed in, but that's not the bar I was trading against and it's only clear in retrospect. On a strong trade, it should not give up the igniting bar. I looked around for other ideas for the next trade, but UBER still looked like it could set up again. Second trade was green, but still left me with a $4 loss on the day.

I like how I was picky with picks. I like how I waited. I like how I watched the market. I even like how I tried again. I like how I managed the trades. I hate having losers.

Looking back across my other premarket picks, I wouldn't have done any better.

Which chart to post... as I was annotating, it took a big spike (fomo!) and then a hard clunk (not fomo!).