Hey hey!
Well last week sucked for me! Weirdly I still made money but I just felt like a jackass the whole week! I was up a little on Monday but spent like 75% of my profits in commissions to do it. Then Tuesday I was up huge so I was on my high horse going into Wednesday, and then fucked it all up and didn't have a single winning trade on Wednesday or Thursday and blew all my gains and went red on the week. Then Friday, my GMAN short from $7.20 rescued me and made my week green...barely! So bottom line is I overtraded on Wed and Thu and just took a lot of stupid trades throughout the week that I didn't need to take. I was just scalping, scrambling looking for anything that would move because I was SO BORED and I just traded a bunch of garbage, and it showed! So sure I finished the week green, but as a teacher I would have given myself an F- for my performance! Anyway, all that said I had a nice chat today with Jesse from Trading Tales of a Psychopath which was pretty cool. He had the same kind of week so we talked about the things we did wrong and asked each other what we are going to do next week to fix it. We both agreed we're going to trade less, think big picture and cut losers immediately rather than wait to see if our anticipation was correct (even for day trades), and try to cut out emotion as much as possible. I had a couple of silly emotional trades last week like when I fat fingered ATEN and accidentally shorted 1000 shares instead of buying 1,000, lol and then it turned around on me and screwed me in both directions after I covered the short for a loss and went long like I meant to. That kind of stuff sets me off because I know it's an avoidable mistake, but because of that I went into tilt mode and hit my max loss on Wed. Luckily my max loss is small because I KNOW MYSELF and I account for my tilty nature when I get pissed by forcing my software to stop me from trading after I hit my max loss. It will literally give me an error message and reject my order, which is pretty awesome...lol. However it's more awesome if I don't hit my max loss obviously which I haven't done in over 6 months! Another issue that I had last week was trying to score small gains in premarket. They were not part of my plan and both Wed and Thu I tried to scalp a small 100 buck gain or something silly in premarket and turned them into losses which just sets the tone of the whole day off wrong; I HATE starting my day with a loss and it just messes w/ my head and usually screws up my whole day! So to prevent that I literally told my broker to disable my account before 9:30am so I can't try to buy premarket (since apparently I can't trust myself right now, haha). Also, I lowered my max loss even more since it's been so long since I came anywhere close to hitting it and I don't feel like I need it to be that big anymore. So all in all I had a crappy week but I at least was able to stay green in the end and refined some risk rules: No premarket/aftermarket trading until further notice, lower max loss, and also I restricted myself to a max of two positions at once so that I can't get into 5 things that are all sitting there not doing anything and then they all end up faceplanting at once and suddenly I'm down a grand in a blink. So next week it's back to the trading I know will work for me and strong focus on my rules and plans, with some new risk management to be there to guide me just in case I have some residual stupidity lingering in my system :)
Here are my plans for tomorrow:
GMAN (short):
I'm already short this from $7.20 and covered half at $6.83-$6.89 on Friday. However it closed on lows and I think it can go lower so if it bounces in the morning back toward the 5 minute 50ema ($6.90ish) I'll be interested in reshorting what I covered for a day trade. On that entry I will keep a stop back over $7.00 and a target of $6.60-$6.30s.
IG (long):
Nice bounce off the bottom on Friday. I'm watching for a continuation of Friday's 5 minute trend. Entry area is $5.55 or so with risk under $5.45 and the goal for the trade will be for it to go red to green and break over $5.75 and into the gap. I could see partial profits at maybe $6.00 and then see how it acts from there.
CRMD (short):
Nice bear flag developing on the daily chart with lows in the $6.25-$6.35 area. Zooming in to the 5 min timeframe I see a nice entry point at $6.33 with risk to $6.43 and a target of $6.00 or so. If it doesn't stay under that tight coil area at like $6.40 on the 5 min chart then I will probably leave it alone until it sets up better, since this could easily still retest over/under $6.50 before breaking down further so I want to keep risk pretty tight. Short on strong volume through $6.35 and keep the stop tight...either it works or it doesn't. No shenanigans! VBLT (short):
I was watching this intraday on Friday for a break of the $5.60-$5.70 area but it never broke. If it can stay under $6 in the morning I still think it goes lower. I would almost expect a gap down and little morning push back over/under $6.00 and then failure from there so that's what I'll be watching for and will have to determine risk along the way...initially I'm thinking just wait for it to push toward $6, put in a lower high and then get short with stop over the high of day for a $5.70ish breakdown and ultimate $5.15-$5.00 target. That can all change though depending on how it opens, so have multiple plans just in case!
Here are a few other ideas:
CCIH (long) - It tried to break out on Friday but failed. It's getting close...sometime this week I think it will go
ATEN (long) - Flagging on the daily right under $5.58 resistance. Over that I think it goes $6+
TCPI (long) - Still watching for it to reclaim and hold over $4.00
SARA, JOB, PRAN, ROX (long) - Potential trades for Robinhood account
CMCM (short) - Getting a bit extended here but don't let it fool you ... it still has 50-60% short interest so it can squeeze. JUST an idea for now
WUBA, GURE (long) - Both flagging on the daily chart
Here's to an awesome week next week!
Chris
Submitted May 17, 2015 at 10:41PM by ghostofgbt http://ift.tt/1PsOpFK
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