I got a big hit in SMG when I chased a breakout. Here are the 5 min and 1 min charts.
Same thing happened when I bought TIN in anticipation of a break of 50.
I stopped an analyzed my trades after losing 500 bucks. I have succeeded in wiping out most of my gains for the month. I listed out my mistakes.
- Focused on the money.
- Held on to losers too long.
- Failed to follow my plan to look for low risk entries and ride bigger moves.
- I told myself that I would stick with 100-200 share positions until I get consistent again but today I increased my size.
Here is an example of trades that fit my plan. Got 200 shares of NXY at the break of the 5th bar. Entered at 60.50 and 60.51. Sold 100 at 61.15 and 100 at 61.21.