Penny Farmer’s Thursday Harvest -$367.20, $CPRX $MGT
Well you can’t win them all. I had a red day with a loss in $CPRX of -$367.20, roughly 3% to 4% losses. I had placed the entry of .84 as it was setting up to breakout and make a NHOD. I then set a trailing stop of .10 and ran some errands. It tested .86 and then faded with me getting stopped out at .81.
My 2nd trade was to catch momentum in $MGT as it was taking NHODs. As we neared the close it started to fade and then dump on me. If we were earlier in the week I would have cut losses and licked my wounds and that could be what I’m forced to do tomorrow but we’ll see. I want the trade to go green of course, but holding overnight isn’t me using “hope as a strategy”
My reasoning behind holding $MGT overnight are because:
1. It remained green on the day, so no big green to red moves.
2. It held the $3.40 support
3. This has shown a pattern of running up in the morning and then fading in the close, I think it may do this again.
Granted, I’m no expert so I could be way off on this and it could tank tomorrow and get devoured by shorts. As always, do your own DD
I think there were a couple of things that negatively affected my trading today. First, I was relying more on the 15 minute chart and 5 minute chart vs the 1 minute chart because I knew that I was going to be out and about today. My plan was to find the general trend of the day and then use the 1min chart for entry, let the trailing stop do its thing while I was away. The last few days I’ve been trading the 1min chart only and glancing at the other time frames just to get an idea of the direction strength. I basically was giving up control of the trade today.
The second issue is that I was trading mobile all day. That doesn’t seem to work for me because I like using the MAC-D and AO indicators to find entry and exit points.
The third issue was that I was trading outside of my strategy’s time frame. The price action is very different when you are comparing mornings, mid-day, and closing
Live and learn. Trade again tomorrow.Please Follow me: