Trade Review April 8th, 2015

Trades for April 8th, 2015

(Click on charts to enlarge entries and exits)

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Only took one trade this morning. Not much of a loss and I don't think I made many mistakes as far as entry/exit, but I think I read the big picture wrong. 

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MDR Long

Entry: 4.78 Exit 4.74

Like I mentioned in the intro, I don't think I messed up on this trade on a minute level. I just read the big picture wrong. This ticker has been up for 6 days straight and is a parabolic on the daily. I should've been cautious longing it as it could run out of steam any day/time now. Today was the day unfortunately. It did have a decent red to green move later in the day, but it sat right back down. Just re-iterating my point of it running out of steam. 

I will maybe watch this one for failed follow through momo in the coming days.

Lessons:

• Watch the bigger picture more closely and analyze it with both sides of the argument in mind. Just because it's on a run, don't say "its going to keep going". Nate always says "Just because it's up, does not mean it's a short". This you could say for my mistake today, "just because it's on a run, doesn't mean it's going to keep going!"