Twentieth: Failed Read

Summary

I stupidly sold 50 stocks when I had 60. This was a $25 mistake that I don't want to do again. I need to look over at my position to determine my total position before entering it.

The market continues to surprise me and prove me wrong everyday. A reason for my misfortune is due to some fundamental mistakes that I have been committing. It is today that I realized these mistakes fully and how it affected my judgement on some charts. 

Mistakes

1. Assuming that is chart is done for the day based on daily.

2. Placing incorrect trade specifications.

3. Using only one chart for determining when to enter.

I need to correct these mistakes if I actually want to make profit. If I don't, I will just fail.

  Ticker: PBMD

Although my initial opinion for this chart was long, I quickly shifted views after it broke down during the one minute chart. I should have just kept an open mind for the possibility of this going higher.

Note: I had the right idea in the beginning but quickly dismissed it after what the 1 minute chart was doing. I cannot dismiss anything and must keep an open mind. 

My idea was to long and anticipate a $3 break. The chart was holding higher highs at the time so I purchased some @ $2.81. As you can see, I focused on the one minute chart and stupidly did not consider anything else. After the flush down, I sold out @ $2.70. I quickly switched to a short view for this chart since it has already been up so high. This was my first mistake.

Note: I quickly switched my views to short as soon as my long attempt failed. This chart also did not show any signs of continuation for longs. This was my biggest mistake because it stopped me from looking at the bigger picture. 

This was the bigger picture I should have been looking at. This is what my original plan should have been. If I only looked at all the charts, I would have noticed that the 5 minute view was the chart to work with with this ticker.

Note: If I took 20 seconds to look at the 5 minute view, my whole strategy would have been different. I would have made bank and today would have been a good day. Instead of this, I lost $15 on commission and took a $6 loss on top of that.

Ticker: CLRX

I added in @ $0.77 when it was almost low of day. I will trust this chart since it is still producing higher lows and higher highs. The bar types such as an indeterminate bar does not bother me.

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.