(queue the British Monty Python accent) I'm getting better.
BIOS went long at 10:01:01 on an ABCD. Was scared off of my target by the $2.50 "round number" so missed the last part of the move. Profitable, but left some on the table needlessly. Unsure how to feel about that yet.
BSPM long 10:38:38 on an ABCD stopped out. Decent setup, but didn't work.
NVCN long at 10:41:07 on an ABCD. Should have given an extra $0.01 on the stop. Big mover today, and I'm talking about a loss instead of a gain.
EBIO long 10:52:30 on an ABCD, Decent setup, but didn't work.
AMD long 11:19:40 on an ABCD. Good setup, good trade management except for the terrible exit. I held too long or too short depending on how you look at it. It peaked at 5.25ish. As it got closer to close (3pm) I wanted out to lock in what little profits I had. Had I held I could have sold on the high of day. Entries are getting better, exits need work.
EXAS at 11:45:36 on an ABCD. Could have gotten in earlier, but the setup wasn't as clean. Had I handled the trade better, it would have been more profitable. Broke $11 and stayed around there for a while. Then climbed to r/g, but couldn't hold. I should have sold then. Fell back to near my entry. I exited on a rebound. But the rebound continued a bit higher. I believe I should have exited when it failed to hold r/g.
BSPM long at 11:55:22 on an ABCD. Popped out of "C" but fell back into the soup for a bit. Finally completely failed later in the day. The salt in the wound is due to a bad click in my trading platform I bought more when trying to exit. Platform adjusted to prevent this from re occuring.
In all, I am getting comfortable with the ABCD setup and will continue to use it while watching S&P. It was nice to watch the correlation between the stock and the index. It was a good relative strength indicator.
I believe that the ABCD setup could form a foundation for me. It is in my playbook. I will continue to work with it as the days and weeks continue.
I firmly believe that this could lead to profitability. But (yes, there is always a but) only if I can execute flawlessly. There are some gotchas in here that must be resolved. The biggest is my exits. I must become more familiar with what to look for when locking in profits. Perhaps scaling in and out, or perhaps watching round numbers and r/g. Somewhere there is a profitable medium between cutting winners short and being too greedy.
Another gotcha is scheduling. How many trades can I watch at a time? Some of these need time to work themselves out. What if I have something to do in the afternoon? Perhaps software can help here. My phone can do some of the work.
Join now or log in to leave a comment