Thirteenth: Unwarranted Detour

Summary

-$0.68 a share

 Today was a horrible day for me, but I kept my cool by not over trading and more importantly, I did not allow the trade to affect my overall day. The original mistake stemmed from me being bored and trading when I didn't have to. When this happened, all my rules seemed to have flown out the window. It goes to show that the market can rip anyone apart regardless of how much experience they have. I cannot let this trade affect me.

There is no point in being angry because that is just a waste of energy and time worrying. The trade already took place and I need to review what I did wrong and continue onto the next trade.

Ticker: REPH

I started in because I was bored and did not allow resistance to properly test. I assumed $14.00 would be top and played the front size of the move for no good reason. When $14.25 looked weak, I added because I thought that was the top. I was wrong. The real top was @ $14.60 which was obvious because it was prior resistance. I was stupid and could not take it anymore when it started making higher highs in consolidation.

Note: I made a stupid move by playing the front size and not allowing the chart to test resistances properly. I rushed the play and also played something I was unfamiliar with. This was stupid.

Ticker: DHT

I did not allow resistance to test properly and break. I failed to notice the failed follow through after the morning washout. I did not sell when there was an obvious red volume flag. I just stopped out. I need to be able to read charts better if I am to survive the market.

Note: I am just happy that I did not over trade and racked up commissions. This day could have been worse.

Please let me know if you have any comments or opinions. I would like to know if you have spotted any mistakes in my logic.