Two trades closed today. WYNN closed for a 1R loss, but MRCY was closed at +7.82R!
Four swing positions were opened out of six trades framed for possible execution today. The only ones that were filled were those that were market buys at the open. That brings the current portfolio to 28 positions showing -.16R.
Long: AA(2), AAPL, EEM(2), EQR, EWG, ILF(2), INTC(2), KR, LRCX(2), NKE, RL(2), SBUX(2), XLF, XRT.
Short: AEM, BABA, JNJ, NYT, MO, PG, TSLA.
It finally happened.
I knew that once I started reporting my trades here, I would eventually have a loss greater than 1R to report. I missed the initial short today, so tried to pick the bottom. I ended up with two positions long and was not able to reverse quick enough because it has not been my practice to place my orders ahead of time. The market dropped through my reversal point and with the fills I received, those opening longs were closed at -1.96R and -1.56R.
I was not happy with this, but continued to trade, eventually placing 27 trades today and achieving a +1.53R return. The volatility of the market and those first two trades left me on edge, so I played more hit and run, grab what I can, and get out. I had to reverse directions three other times. One of those was potentially premature because of the morning experience, but I was keen on not repeating my earlier mistakes.
I expect to write another post about picking bottoms soon because that was one of my ah-ha moments from reading Market Mind Games by Denise Shull.