In my opinion, the market is setting up for some downside. I don't want to have as much exposure in positions that were not profitable or only marginally profitable. So not a fun day but I can reset and wait for my set ups to form.
BOOT Turned out to be a decent trade but nothing special
Exit: 1 18.90
Exit 2: 18.64.
Aftermath: And I prove again that I have no patience. Although I would have had a tough time seeing all my profits disappear while it makes a secondary charged
After a few attempts at going higher, the bottom dropped out and I got stopped out.
1.9R -- This one hurt as I nearly went to my loss limit.
So what went wrong? I saw this as a pocket pivot trade from my entry. I see now that I bought the breakout after a big red bar, which means this had not consolidated enough. Consequently, the entire time I owned this it was still in the whipsaw phase.
Lesson learned, turn the page.
Exit 1. 28.90
Exit 2. 29.00
It finally broke its support at 1.70 and I had no choice but to sell.
This trade was never able to recover from the SIGA bankruptcy news that put the gap in . Up until that point it had traded pretty well. I needed the court system to work faster, lol. Didn't happen.
This was a special situation stock that I knew would have taken months had it worked, so I allowed myself a little more risk than my 2% rule.