-Again too scared to short into morning parabolic and wishfully thought it could touch $4.
-Neglect the appearance of big sellers on lvl2 and sign of reversal.
-Had I been fully immersed into it, I would short @ $3.20 risking $3.30.
-After went through a lot and tons of bad memories I've became scared and coward
-But I know that i am doing the right thing: this one is never an over-stay short because it was a breakout from 2 days ago and slow steady runup and heading into midday the trend will very likely hold. Yes I left money on the table but because I didn't have decent avg so I did the right thing by covering.
-lot of headaches, frustration and confusion lately. Did right things and wrong things but thankful that overall I traded it well and stepped out profitably.
-Now take an in-depth look, the 2nd and 3rd shorts were straight forward, after saw the signs of reversal and big sellers on lvl2 so I shorted risking a few cents above my entry and 2nd lvl resistance being HOD. But like I said earlier this one is never an over-stayed short so I treated them as scalps. Was actually looking for a bigger pullback but didn't happen so got out.
-Left money on the table but I knew I was doing the right thing because the trend was holding the wholetime and stubborn shorts can really freak out by covering. The staying power of it at that moment is strong so from the big picture view I was long biased.
-Ideally I hoped it would consolidate 1-2 hours and breakout after 2:30pm so I went to lunch and came back and saw it already broke out the morning HOD and hanging around there. Then the interesting part came which reversed my bias from long to short again: yes it was a breakout but the momentum stopped from there. In my opinion if the breakout was valid it should keep pushing but didn't. On the contrary it was showing the weakness there(red candles and failure to resume pushing tells me that it could be a fake-out breakout) but I didn't short it: I once again neglect the message chart was sending me b/c I was scared shorting breakout then BOOM~ big red candle put every breakout buyer in red zone which reinforced my short bias so I shorted it again anticipating big washout but didn't happen so got out quickly.
-Just when when I gladly thought I got out it made one more push towards HOD but failed to top out so I shorted it again which was the WORST short of the day. I chased it down thinking all the longs bought it hoping it running can freakout and sold just like yesterday but was wrong and didn't cut my position quick so took a loss.
-Then it started running again and I took a speculative long anticipating big ass $3 push. Then yes the push happened but not exactly what I wanted. Big sellers kept popping up on lvl2 and the push was weakening so I sold my long in the $2.80's and that was one of the BEST sell.
-Now given the fact push failed so I became short biased again and shorted into the weak bounce but strangely it was just not breaking down. It seems no one wanted to sell so I covered and closed my platform and called it a day.
TAKEAWAYS/POINTS:
1)constant reassessment is not option but requirement. No bias and keep stop level tight!
2)pay close attention to chart, lvl2 and T&S to gauge the movement. Long/short-always keep stop out level tight or close to the entry.
3)respect the message market and my body sent me!! Gladly I turned stress into opportunity today.
4)as long as trade small, remain disciplined and cut losses quickly, how could you ever blowup??!!! After one and half years of trading and have finally realized "cutting loss at risk level is the KEY to success"
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