Traded P/M. My gains were within the 5% while cutting my losses quickly. 1st trade was a higher low buy. Risk $5 on it. Should've sold all @ 1.76 instead of just half. @ this point, I was holding half of my position with risk @ 1.65 since 1.65 was a resistance previously. It was the idea that resistance become support. My last buy was for a b/o of 1.85 with my entry @ 1.82. If 1.80 break then I would have cut my losses since 1.80 is an area of support. My goal there was to sell into 2.00. Got scare out @ 1.91. Made 0.09 on the move. It later move higher and reached 2.40s. Left like 21-22 potential profits on the table but taking my 4-5%.
My trades in Between were choppy. I decided to lower my position size because I did not want my losses to affect my initial profits since They will be papercuts. That's what happen. I took some papercuts as they were choppy plays. My buy @ 1.69 and sell @ 1.67-1.66 were not good. 1.69 buy was a chase. Was waiting for 1.71 to b/o then move higher. Should not have enter thus cut my losses quickly for a small loss.
Reenter @ 1.71 for a b/o and a higher low. Decided to just take my profits @ 1.81 when it started failing. My goal was 2.00. My risk is basically cutting my losses quickly if went against me for a papercut. Good thing I sold because I caught the meat of this move.
Retrade @ 1.81 but 1.85 resistance so cut my losses @ 1.78.
Classic Cup and Handle @ the Open:
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2020-10-15 07:17:52 | STAF | buy | $1.610 | long |
2020-10-15 07:20:30 | STAF | sell | $1.760 | long |
2020-10-15 07:24:10 | STAF | sell | $1.640 | 0 |
2020-10-15 07:32:14 | STAF | buy | $1.630 | long |
2020-10-15 07:37:45 | STAF | sell | $1.680 | 0 |
2020-10-15 07:38:27 | STAF | buy | $1.690 | long |
2020-10-15 07:38:40 | STAF | sell | $1.670 | long |
2020-10-15 07:40:35 | STAF | sell | $1.660 | 0 |
2020-10-15 07:46:10 | STAF | buy | $1.710 | long |
2020-10-15 07:48:23 | STAF | sell | $1.810 | 0 |
2020-10-15 07:52:05 | STAF | buy | $1.810 | long |
2020-10-15 07:52:05 | STAF | buy | $1.810 | long |
2020-10-15 07:54:30 | STAF | sell | $1.780 | 0 |
2020-10-15 08:01:19 | STAF | buy | $1.820 | long |
2020-10-15 08:03:20 | STAF | sell | $1.910 | 0 |
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