Monday, June 5, 2023

Hacked up on a day I should have passed

 No surprise that when I trade on a day with zero great setups that I get hacked up (at best!). I'm lucky I didn't get totally smacked down. 

Only "obvious" setup was PANW, gapping up on news Friday of being added to SP500. It didn't move me at the open and I passed (beneficially, bc it trded way down)

AMD and NVDA both had my eye for breakdowns. AMD barely/questionably triggered. I like how I waited for an entry, though maybe I should have waited for vwap break. When it "should have" fallen apart and didn't, I scaled out of 25% for the tiniest gain. Then it did indeed go against me hard. Got out for not-bad % loss, but was big $ loss on big-ish position. 

Then I reversed AMD long, and I can only say I got lucky to get out green on the long, bc I went to a pretty big drawdown in the interim. 

Story ends where it started, I would have been better off just completely passing on the trade this morning.  No great setups, no trading. Why isn't that extremely obvious. 


AMD short setup: Volume gap below trendline, looking for failure into gap.
Entry: I thought it was a failure off the second high of day. I think this was a decent entry, though it failed.
Management: Yank partial on the first stall. Gave the rest too much room and bad exit on xlarge position. 

AMD long setup: Failure to fail
Entry: Overeager entry after my short stopped. 
Management: Trim on first stall .Gave it too much room and took a loss on next partial. Was lucky to get the next surge so took some off on the stall again, but still held more which I tightened up on when I had green.

Psychology: medium.
I could have saved myself a lot of grief and prevented losses by sitting out today. Given that I did trade, I held to my stops and was aware of shifting momentum. 
But I shouldn't expect my techniques to work on nms, and therefore, it is futile for me to trade nms.

Popular Posts