I consider it more as a scratch since I did not let it go to my full risk limit of 17 cents. Loss was only 9 cents in attempt to make 35 cents or much more.
First I missed the short off the open, since opened gap up right into major daily resistance 9.20.
Then I got pissed off seeing it dropping 60 cents without me on board.
Tried to short HQCL 1.80ish but no borrows , got more pissed off. As I'm writing this HQCL is trading at 1.65. How nice to know !!!
Plan to short HQCL tweeted here
Then I was waiting for CTRP to get to $60.00 as I planned yesterday explained here.
IMGN long twitted here.
IMGN the crucial moment was staying above 8.80 level after my entry 8.75. I was very focused to see a sign of weakness after my long entry 8.75. It was holding the 8.60 my initial risk stop, it broke the 8.80 and normally in a good momentum stock this was suppose to take off to HOD. But it did not.
The reason I went long:
Broke above major daily channel with 8.00 as high on some news on 5 times the average volume. I saw it pre-market as heavily traded ticker. After making higher lows I decided to risk going long. All by the rules, and I do not feel sorry for this trade
The reason I took a small loss: The price action !! it simply did not do what I expected to do, did not hold the 8.80, it dropped closed below 8.80. Then went back up tested it the 8.80 and was maybe a good short. But did not take it. Red day but it could have been much worse knowing myself how implosive I may get when pissed off for missing a trade.
Not always the trading is smooth sailing.
Controlling emotions is the entire battle.
Knowing the technicals is the easy part.
A monkey can learn support and resistance.
But to wait, to be ready , not to miss it, not to rush it, and all in real time;
THAT'S what makes the top 10% traders.
Salute !
Comments are welcome
Awesome post, very clear points!
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