End of Day Journal (5-13-2010)

I finished the day at +$299.20. IB lists 46 trades, making it 23 positions held today.

 First entry was a late short on APC. Exited well. Later had a little bit of an early long and got stopped. It was the right direction. The entry was during the last 15 seconds and the candle was setting up as a small doji. I set the stop just below previous wick. Boom, touched and broke a new low and then proceeded to go on for a 50 tick climb. Thought my next entry was picture perfect as well; after the djoi and it was red. The stop was set on the wick high two candles back and it touched. Wasn't much of a dip, but the stock was behaving very nicely, plenty of time for an exit. Early on the next entry with a short, but the stop held... until it didn't. All the stops were just a little tight (-$11.91) (I will call this 4/4 good entries, stops need to be more generous, averaged about 8 ticks, should set a minimum, for 4/4/ total):

BID on a short entry, after the doji, red and below the previous - and a 15 minute doji. Entered in the first minute of the new. Stopped out about 1/2 a minute later ($-33.56) (1/1 good entry, 5/5 total):

Shorted the new low on BIDU, and stopped out 8 seconds later. Entry was on the 2:40 of the candle. Later entered as it came up for air, the 15 minute was showing a definite downtrend, and the entry was on the 3:36 mark. Exit was on the 4:59 mark - more was on the way - in fact nearly 100 ticks to the very bottom. ($573.25) (2/2 good entries, 7/7 total):

Long on BUCY, this was after the market's search for the bottom late afternoon. Green hammer on the 15 minute, looked set for a turn around. It went up - +19 ticks at th best, then turned around with a vengeance. (-$17.61) (1/1 good entry, 8/8 total):

CSTR looked ready to go back up (entry at 3:44). And it did for about 17 ticks. Then I got stopped with a lot of slip - ouch. I had another trade active or I think I would have caught this. Second was a short with support on the 15 (entry on the 1:50). Late on the exit (-$99.56) (2/2 good entries, 10/10 total):

Shorted DO on the new marker - 11 seconds into it. 15 minute support was a little sketchy, but it was a doji with 5 minutes to go. Stopped out 2 minutes later - again the stop was too tight, should have used the high wick a couple of bars back, it would have been good for a part of 30 ticks, with plenty of time to exit. (-$63.74) (1/1 good entry, 11/11 total):

Went long on JOYG after the Q's and SPY doji'd just off the bottom and were green (4:13 mark). I had been watching it and it was green and retraced, I thought the markets supported the move, but the 15 minute was brand new. Stopped out. A reverse would have been lovely for a part of 80 ticks (-$56.86) (0/1 good entry. Mixed bag on this one, probably should not have relied so much on the market, completely read this one wrong, 11/12 total):

New low on SNDK, coinciding with new lows on the Q's and SPY. Good support on the 15 minute, and entered on the 1:04 mark. Panicky exit as it bounced around, too bad. (+$27.44) (1/1 good entry, 12/13 total):

I changed the parameters on the TDA alert, so that it only triggers on large moves (proportionately, as measured on the current day's high - low). SWN came up and it needed a quick decision. I went short on the 4:55 mark and got it wrong. A reverse would have salvaged some of it (-$42.50) (0/1 good entry, 12/14 total):

Market creeping off the low on what started out to be low volume (but ended up being pretty strong), convinced me to look for something else rising a lot. TNA fit the bill. I shorted on the new mark (0:00) and got stopped out on a stop that was way too generous. I tried to reverse and got stopped out on the previous wick. Went short and caught a bit of the move (-$86.68) (2/3 good entries, excluding the first entry - I should of checked the volume again before entry, 14/17 total):

Shorted V after it looked like it was going to move away from the high (1:07 mark), and a just completed doji on the 15 minute. Stopped and broke a new high. In retrospect probably should have let the candle mature a little before entry - or reversed. Later shorted (a little late) as V broke local S/R with a 15 minute doji (on the 1:01 mark). Late exit (+$59.29) (2/2 good entries, 16/19 total):

Went long on VECO's new low (0:11), it went up for about 5 seconds, then proceeded to hit the stop. Shorted right away and doubled up as it kept going (the scale coming right at the bottom of the candle...). Decent exit then, but I was nervous after it retraced on the second entry (+$134.53) (1/3 good entries; first one was poor, second was the thing to do, scale entry was poorly placed, 17/22 total):

New low on X with good market support (on the 2:35). Stopped out, with the stop poorly placed (-$82.66) (1/1 good entry, 18/23 total):

Decent entries: 18/23 = 78%. Could still use some improvement, but much better.

Tight stops hurt today, I was in the position to capitalize on several entries and missed them when they got stopped out. This was a good trading day and I missed the opportunities.

High profit for the day was something just shy of $500. Only went slightly negative this morning. I felt a lot of pressure to perform and felt stressed. Getting stopped out sent the emotions flaring - I jumped almost every time NT beeped on the stop execution.


Exits - I found myself hoping today rather than reacting to the market. Waiting 5 minutes for a candle to play out can feel like an eternity.

End of day and I am frustrated. I felt on edge most of the day, trying to perform.This afternoon especially and I think it affected my trading (VECO and TNA entries). 

I thought I was over being worried about taking losses - but who was I kidding. After Monday - then Tuesday - then blowing quite a bit of the SY profit on poor executions is exhausting. And only 4.5 hours of sleep most of this week. With no naps. I think I am due.

But still, my entries are much more controlled and thought out. Today would have been a run away day if I would have been on top of my game - and if I would have left the emotions at the door.

Best of luck tomorrow!