Didn't wait for Rejection of VWAP retest again. I'm going back to papertrading again. I've got to really buckle down and prove that I have an edge here. I'm going to do this with paper money because I'm just burning up my account while trying to work out these subtleties. I know I have an edge here, but I just keep falling into traps of small details. My biggest pitfalls are trading things that have flaws in them (move confirmation, volatility req, volume req, risk too tight, etc.)
Not in my niche as far as price, but my real mistake here was that I shorted at vwap instead of letting vwap reject. If I will let VWAP reject and breakdown, I will still have great risk:reward to play off of and I won't keep entering into stocks and just getting smoked. Had a fat finger mistake and shorted 50 shares on accident at first. That's why this loss is so large. I lost $25 immediately.
This could've worked but just didn't. The only real thing I was I'd done differently was to get short as soon as it rejected at VWAP. This is a recent adjustment I've made to my strategy. It yields a much better R:R than waiting for a conformation with the same amount of security.
Faked myself out this morning. Was super tired and took this trade on price action that was close to what I normally look for but hadn't fully developed yet. I only took 2/5ths my normal size because it was speculative. I cut it out of fear when it started to get close to my risk level because I just assumed I knew what the stock was going to do next. It then started break down so I jumped back in and waited for the PA I should've been trading all along. I then took it off for break even AC.
One Day OE Spike. Waited for momentum to snap to backside, had a plan and shorted when it tested 16.86 lows, aaand covered too soon yet again. I had people calling me about my car in the shop and just let high emotions get the best of me. I'm going to use the rest of the day to study this standard error indicator and using it to max. my profit taking. My main focus has just been building my account lately and I'm taking safe baby steps to do that. I just need to work on taking larger baby steps.
Multi-Day Bounce pattern. One of my most successful patterns thus far. I only took 1R on this unfortunately. I have a little time off from work so I'm very blessed to be able to come back to my real job and trade hahaha I'm currently watching it continue without me. It's already gone past 3R which is more than I thought it could do. I need to work on getting more out of my winners. I need to do this in baby steps. I've been working my day job lately so I am proud to have taken a great trade.
Can't believe I just made money on a long. It was nearing a breakout level on the daily chart and the volume was high in the morning so I waited for it to dip down near previous days support levels to buy in. Bought 500 around the .78 level and 500 around the .76 level risking the .76. Waited for it to break HOD and took a little more than I risked (before commissions). I usually get dumped on going long so I took profits when I had them.