Wednesday Log - Trapped

Started the morning going long @ 0936 with 15.25 entry after test of yesterday high held. Market opened strong with positive internals, A/D above +2000 and TICK above zero line, although XLF was not participating. Entered for a scalp. Initial target was 17.25 on partial of position but then moved target and stop. Did not let trade idea work and should have taken the 2 pts on half of position and swing the remainder which would have worked. Result: 2 pts.

Took another stab long @ 0947. Poor entry and felt I was chasing. Price broke earlier HH and got in on slight pullback @ 18.50. What’s the point of getting in now if I did not let my first trade work as planned? Poor execution and after a minute of reflection, I invoked a self imposed trip to the penalty box and scratched the trade. After the exit, market ran up another 2 pts. No regrets other than not having patience on first trade. Result: B/E

Got long @ 19.75 on first PB and added as price dropped on second leg to 16.75. Was giving it a lot of room. Bot 2 more @ 10.75. Not very good discipline. Market melted down and so did I as I got mauled in the bull trap. Market internals telling me things were changing and did not act on it. Decided to hold overnight which I hardly ever do. Hail Mary stop and targets set. A loss will wipe out all of last weeks gains. That’s ¼ of a month of trading. Let's look at it this way. If I would have been disciplined properly, not moved stops,taken the 12 point loss earlier when I realized I was wrong (but didn't want to admit it?), then I would have preserved 80% of last weeks profits. Do you get it Steve!? This type of inaction will kill the account.

I did not trade well or smart today. Had a chance to get out twice with BE and then a 12 pt loss but did not take the gift. Someday I’ll learn to take those gifts when the market shows sympathy on a bone-headed trade. When you are wrong now. Learn to admit you were wrong early and be nimble and flexible with your plan. You will get it back with another set-up or two. Tomorrow is another day.

Trade Well !