Tenth: History Lesson

Summary

Based on my previous experience, I have stuck to the notion that anything can happen in the markets. With this, I have forgotten a lesson that history tends to repeat itself. So even though anything could happen, I need to remember that there is a greater chance that something will happen again if it happened before. That's the whole game we are playing; we are betting on setups that have worked in the past. It's the only edge we got. 

Ticker: KMI

 

I was a fool for not looking at the past.

Note: It was VinnyB who alerted me to the history of this chart and I noted that it could have been a good short given the history. However, my long bias got to me after I couldn't resist how good the daily and intraday chart looked.

How the chart looked in the daily. I think I would have preferred a higher gap up to play the breakout.

Note: The daily looked good so I immediately had a long biased for this stock. 

Point of interest #1: This is an area I should be watching intraday to see what happens. 

I fucked up my entry initially because I was stupid. I missed the ascending triangle and tried to get in on the dip. My add was decent, but the chart just didn't work. I should have bailed as soon as it started forming a descending triangle. I say this based on the previous history of the chart.

Note: I could have been more active with this chart and got out earlier. However, since I was long biased, I was hoping for a saucer pattern. I haven't seen a saucer pattern in this market in a long time, so that is how bad my bias got.

Note: I expected the dip under $17.20 after seeing it so many times before. As long as it defended and bounced back, I was okay.

A more macro view of the chart.

Note: The first point of interest, $17.35,  got stuffed which meant it was weak. However, it got passed it later on.

Point of interest #2: Anything lower than this price, the setup is broken. 

Note: Notice how the volume grew a little higher, but the bar was lower high. This was the signal to GTFO.

Ticker: SWHC

 

This chart was begging for a retrace.

I got burned because I did not calculate the risk vs. reward on this trade. This was a low risk no reward type of chart. I should have waited for more of a parabolic. This type of setup works better, if the setup was a descending triangle.

Note: I should be waiting for better opportunities.

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.

Ninth: Didn't Work

Summary 

I gave the setup a shot and it just didn't work.

Ticker: SUNE

The daily chart was nicely set. This gap could have been very nice if it continued because it also broke the previous resistance @ $4.25.

Note: Take a look at point of interest #1. It is not necessarily a point where I must take my profits, but I think it is a point where I must pay attention. I must see what happens intraday once it reaches this point. 

Note: If point of interest #1 acts weak, then it is a good place to take profits. If, it is strong, then I let the play run. 

I got in @ $4.20 because it broke $4.19 and it kind of looked like a small ABCD with a potential to have a daily breakout as well. I had no real target, so I didn't really know what to look for to get out. I didn't know if the breakout was good or not so I just let it ride. This is the wrong way to do it and just shows why being prepared is so crucial.

Note: If I had point of interest #1 in mind, there is a good chance I would have gotten out. Since, I wasn't paying attention, I didn't see what I needed to see. 

Note: Point of interest #2 was something VinnyB pointed out. This should have been the real support or risk. I seem to have forgotten some of these important concepts. I need to think about adjusting my strategies to trade better.

I think it's time to review.  

See something I did wrong today? Let me know by commenting below.

Fourth: Decent Play

Summary

I played this decently.

Ticker: LIVE

 

I saw the ABCD/ascending triangle setup and went in. Risked towards $2.

Note: I just took the money and ran because I didn't have much confidence to stay in it. Hopefully this small win gives me more confidence in the future.

See something I did wrong today? Let me know by commenting below.

Third: Same Old Shit

Summary 

New account, same shit.

Ticker: ZFGN

I thought I had something.

Turns out I didn't.

Note: I gotta keep pushing and keep learning if I am going to make the right calls. 

See something I did wrong today? Let me know by commenting below.

My Trading Journey Thus Far

My $2500 account I started in June dwindled to nothing in three short months. I didn't stand a chance. Thus I took a long break to grind up a new account. In the process, I realized I was earning $6 an hour instead of losing $100 in a few minutes which was refreshing. I started to lose interest in trading because I never won. I earned more money busting ass for a few months than the whole two years I traded. Knowing that, I thought I was just a shit trader and no amount of studying would get me to a level where I could make at least $10 a day. I always lost money trading and it was so fucking irritating.

When I made more than enough to refill my account,  I didn't even know if I wanted to to add it into my account. I didn't know if I even wanted to trade anymore. I grew tired, scared, and directionless.

Then I was reminded that I had a choice to make. I have a choice of doing things on my own terms or I could waste 2 more years of my life at some place that sucks my soul dry and takes at least $20,000 from me. My time is limited and I have to run towards the light before it's too late.

I refilled my account with $1500. Let's see what I'm made of.

Thirteenth: Just No

Summary

Not a good day for me as I fuck up yet another trade. 

Ticker: SUNE

How the chart looked on the daily. Unfortunately, I missed the break of the consolidation to the downside.

How I played it.

 Note: It looked like it would breakout, so I just got in.

What I missed.

Note: Going short wouldn't have been a bad idea and I could have went long after it based a few times and made higher highs. 

See something I did wrong today? Let me know by commenting below.

Fourth: Forgetting Steps

Summary

I seem to be forgetting things now. Must be because I am getting older and my memory seems to be fading. However, I can't be forgetting the basics or else I will be in real trouble. 

Ticker: FIVN

This was an easy play, but I went hard mode with it by using the 1 minute chart. I did not take advantage of the multiple timeframes for this ticker. I also jumped the gun early without letting it retest $5.75. Just bad shit on my part.

This is how I should have played it. Nice and easy...

Note: I can't be forgetting to check other time frames. I must be patient with the chart and allow it to do what it needs before I jump in completely. 

See something I did wrong today? Let me know by commenting below.