So I've decided to start doing a written review of each of my trading days in order to see where I made mistakes and where I did well. My hope is to do this every day until I manage to grow my account to the $3,000 - $3500 level (its currently around $1,100) and then start stringing together profitable months.
Today, I traded only $AMBA as shown in the chart below:
My pre-market plan for $AMBA was to look for a short set-up if it continued holding its down trend established in pre-market with a back of the mind target of $43 which was the low of a gap up $AMBA had made a few months back.
Well as you can see $AMBA dumped straight down to that level right out of the gates taking only 10 minutes to make the entire 3 point move I was looking for. Although I was still short biased on the stock; the stock had just basically moved straight down into a daily support level; so I decided I'd look to play the bounce.
Trade #1: I got long $43.00 when I saw the buying coming into the stock on the tape with the intention of selling the entire position in the $43.90's. I got the pop I was looking for and my finger was on the trigger to sell before my SureTrader platform starts goofing around. After logging out and logging back I realized I'd missed my opportunity to book the quick profit and got out flat after I noticed how weak the stock still was.
Trade #2: I kept stalking the stock and wanted to get short on the re-break of $43 but decided to stay patient and wait for a more solid set up which eventually came. After seeing the stock try several times to break and hold above $43 but fail; I got short at $42.78 with stop just above the consolidation looking for a move back down and throw the LOD ($42.00). The stock came close to the LOD at which point I'd normally take 1/2 off but greed got the better of me and I decided to hold with a view selling into the break of the $42 support which never came...lol. So when I saw the buyers taking back control I got out at $42.40 for a small gain.
Trade #3: This was hands down a poor trade. I jumped in at $42.95 after only 4 minutes of consolidation above the 9/20 ema's with stop beneath the swing low and rightly got shaken out with my stop getting filled at $42.53. But my gut feel was that this stock was way too extended to the downside and with the QQQ's rallying; a bounce was inevitable. So I stayed engaged.
Trade #4: I waited and waited for the stock to consolidate and when it showed that it was ready to break out of the consolidation with the confirmation of the tape; I jumped in at $42.78 looking for a move up to at least $44.00 with stop loss just below $42.50 where the stock had gotten soaked but couldn't drop below. The trade started working really nicely and I stayed patient thinking that the stock would take out VWAP and pop up to $44.00. The stock tapped VWAP; consolidated beneath it then popped through just liked I'd wanted to see. So I was now looking for it to hold VWAP; maybe even dip below slightly but hold none the less then push higher. Instead it stuffed hard; so I let it bounce a bit and sold 1/2 @ $43.30 to look in some profits. I was still optimistic about getting the $44 move but after the stock popped back above VWAP then got stuffed hard again I decided to cut it and tried to sell @ $43.36 but for some reason the order did not go through and so I clicked it again.
Trade #5: Yet again the platform froze forcing me to log out and log back in...only to see that my position was sold @ $43.36 but that I was also entered into the same sized short position @ $43.36. So fucking annoying. As it was not a trade I'd planned to be in I cut it off immediately @ $43.49 making me give back some of the already small profit I'd managed to squeeze out of $AMBA on the day.
All in all, I ended up booking $68.75 in gross profits but only $13.75 after commissions. Although I'm disappointed that I didn't hit my daily goal ($100) which I think I would have hit easily if it weren't for the platform/internet issues; I'm still thankfully that it wasn't a losing day. Looking forward to enjoying the weekend now and recharging my batteries for next week Tuesday!
Cheers!
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