Trade Review April 7th, 2015

Trades for April 7th, 2015

(click on charts to enlarge entries and exits)

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Reset my brain a little and told myself I won't be looking for the big shorts for a while. They are still a little advanced for me. I've switched to looking for longs primarily. I took one trade in the morning of many available ones. There were many good longs this morning. The only long I took was just ridiculous. It should've been a good trade for me but turned out to be a scratch one due to emotions

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SYRX Long

Entry: 1.84 Exit 1.83

Man, this one hurts. Textbook long right here that I messed up. Had the morning move off the open after the gap up and snapped back, held the high relatively and started consolidating. It started to perk up, had a little pull in the perk but it pop right back, showing strength there. I longed this a little too late which I think contributed to my mess up on this one. I worry too much about ECN fees so I don't like to hit the offer on trades, I was trying to long this from .75 but it kept getting away from me. One thing I need to remember. 

And the exit: amateur mistake. I didn't have my set risk and I think I used too much size because I was watching PnL too much. Since I didn't have a set risk, I didn't have a plan on this trade! Not having a plan means you are just fishing. After my long, it pulled back on me a little I stuck through this but when it popped back, I exited thinking I did good by not losing on it...............you can see what it did right after that.

Lessons:

• Anticipate: keeping this one on here to remind myself. I longed this AFTER the move again. Need to not worry about fees and what not and just hit the bid when I need to get in a trade. 
• Set risk: Set your risk! This was you are acting without emotion and more like a robot. A robot doesn't have emotions, it has a set of rules it follows no matter what. Try to be a robot
• Entry: If a stock is speeding up in anticipation of a move, hit the bid! Stop worrying about petty ECN fees. If you nail the trade, you won't even remember them!

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Here are some other moves one could've taken in the morning, thought I missed most of them:

 WBAI: beautiful intraday chart full of longs in the morning, and basketball shorts in the afternoon. (of course, all in hindsite lol)

VLTC: kind of more advanced style price action for me due to choppiness but nonetheless there was potential longs after pulls, consolidations, and perks back up. Would be hard to hold as it slams back down after it makes highs. 

CMCM: What is there to say: a beauty. 2 longs in the morning. The preferable one would be after the second pull back as it had good consolidation and perk up instead of the V shape at the open. I wouldn't have taken this one as a trader I really look up to (d4) had a big short position.