Daily Summary

11600 shares
+208

I started the day down over $200 again after a few trades. I felt pissed because I always tell myself to look for the best setups. I chased SPW going long and lost 30 cents on 100 shares. When it broke the fig. at 103, rallied to 103.50 with light volume and came back down I went short. I was late again and got filled at 102.75. I was stubborn and held on though I had the chance to get out by losing a few pennies. The stock squeezed me for $160 when I got out at 103.50.

After that I went through some struggles and traded with fear. I found AAP and got my money back and was up an extra $40. Like all my winning trades the stock had the following characteristics.

• A gap open and a consolidation in the 15 minute chart. Stock is also close to the 5MA.
  
• My entry is slightly above the high of a narrow range bar. (5th bar)
• Stock runs up on increasing volume
• I have a strong feeling that the trade would work as it starts to move my way.
  

Just when I was feeling better I got into some impulsive trades and lost my gains. Then I got hit with a bigger loss in a long in MTW for $125. I was demoralized again. Like all losing trades this trade had the following characteristics.

• I chased an entry.
  
• I anticipated a bounce and was early on the trade. Stock drops another 25 cents before it bounced up $1. I had 500 shares and I lost 25 cents.
  
• I had ample time to get out with a small loss but I held on until fear sets in and I get out with a much bigger loss.
  

I managed another comeback with CTV. I got long after it consolidated above the opening range and broke out. Made around $250 on the trade. That brought my net back up to around $120. I finished the day with another $80 on a short in MHS. In this past 4 days I did not make much money but I feel an increased confidence in my trading. If I can control my impulses and side step the bad trades I could have some decent days.