Trade Review 3/31/15

Trades for March 31, 2015

(Click on charts to enlarge entries/exits)

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GENE Long

(Entry: 5.47 Exit 5:46)

Tried to get a piece of the high volume, dead cat bounce on this one today. Tried to long it after a little pullback because a lot of the experienced guys were warning against the short saying it could go a lot high. A good idea in concept but once again executed poorly. What I did wrong was not wait for a decent pull back and consolidation. This is exactly what I also did in a previous trade, I can't remember the ticker atm. 

As you can see, there was a much better ABCD long an hour later. There was a good size pull back, a higher low, and then it blew through highs. I'm not sure if I could've held it that long but the important thing is to recognize the money set ups. 

Lessons:

• These big volume, float rotators are still too advance for me. They move way too fast for my experience level. 
• For ABCD longs, wait for strong pullback and consolidation instead of longing in a chop fest.
• Patience. If I waited longer I would've had the money set up with the pullback, consolidation, and higher low.

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JCP Long

(Entry: 8.18 Exit: 8:16)

Hmmmm. where do I start with this one. On the hourly chart, I saw a lot of support/resistance at the 8.10 level as seen below. It also had strong momo the previous trading day. 

It broke the 8.10 level out of the open and I should've longed before the break(anticipate the move, don't chase it). But since I still have a problem with conviction, that didn't happen. Haha. longed it a little later for a reason I can't remember. And if I can't remember it, it probably wasn't a very good one. Bad trade all around, chased the move instead of anticipating it and had no good reason to long it after the break. (No pullback, consolidation, higher lows)

Lessons:

• Anticipate the move, don't chase it!
• If you miss the move, have a damn good reason to chase it. Pull back or consolidation with it holding higher lows is ideal. 

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Overall I was very happy with today's session because I got over my little hump of being so fearful of taking a trade. I took some trades, had enough confidence to let them try and work and stopped out for small losses. Kept size small. Looking forward to tomorrow's session as there is some good names in play. 

Jay