Today I bought $ETSY which was up on an analyst upgrade. I bought 300 shares at 14.31 when it broke the ascending triangle at 14.30. I sold a few minutes later at 14.353 when it looked like it couldn't break 14.38. It then went all the way to 15.00. My price target was about 14.50 so I should have at least waited till it reached that. I even said to myself that if it broke 14.50 it could go to 15.00 which is exactly what it did. So I could've made $200 instead of making $12.90 which after commissions was a loss of $3. I need to have more patience and let the trade pan out. What I should've done was use the initial break of 14.30 as support once I was in the trade. It did drop to 14.25 after which was still above my risk of 14.20. But then when it went past 14.30 again that should've been the new support/risk level so if it broke that and went down to 14.29 then I would sell. Adjusting the risk like this allows winners to run. You can see on the chart that it just kept going up from there and never went below 14.30. Then after that I should've used the 3 min chart to see where to exit. If I did I would've seen all the higher lows up until the 2nd red candle at 14.95. Then my sell would be below the break of that candle at 14.87 when it makes the first lower low (purple arrow). Watching the 5 ema (blue line) would've helped as well as you can see all the candles were above it which means it's still uptrending.
So tomorrow I need to remember:
1. Find the initial risk level to work out position size.
2. Risk can be adjusted once in the trade as long as it tells you your thesis is wrong.
3. Watch longer time frames, (I've said this a million times but need to get it in my head), like the 3 or 5 min candle to tell you where to exit.
4. When the candles makes the first lower low then exit, or exit near resistance if it can't break it.
5. Watch the 5 or 15 ema and see if the candles are above it.
1 min chart below
3 min chart












@Rollingball Thanks. I have patience. Just scared of losing so need to overcome it. Maybe your exits will be better than me if you follow my trades! :)
nice job man. seeing your posts are really helpful
@Chongette32 I doubt I'd get much better exits, I've been trading scared also.
@bgud glad to hear :)
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