Reviewing a trade I called but failed to enter out of fear
Zaktualizowano
Ive called successful trades on XPO three times now. Every time I have failed to enter. Today we look at my most recent alert on XPO and why I failed to enter the trade.
The day i generated this idea is marked on the chart. I generated the Idea originally using the daily chart. When I decide to enter I generally like to look at the smaller time frame to confirm Im getting a good entry. We look at the 30 minute time frame for buy confirmation after the breakout buy idea has been generated.
I marked the chart of how I should have seen it to buy it. However I did not do this and failed to enter the trade
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pasting in an entry I wrote in my trading journal
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One thing I struggle with is buying something that is up 1% or a few % the day or week I am looking to buy. Lets Look at
XPO as an example.
Notice the small Blue arrow. That is the day that I originally had the idea. I wanted to buy the next day but they were weak in the morning so I did not. I did not want to buy something that was going to get rejected on the RSI(the second box corresponds with the time period I am talking about). SO I did not buy the day after I had the idea... didn’t buy the next day either... but the third day... that’s the day it broke out. Look at it. Up 2.8% today. But I didn’t buy this morning when it was up 1%. Why? Because I was scared of buying something that is already up 1%. Why? Because I don’t want to buy with it now being at that horizontal resistance line on the RSI. Why? Because Im scared of rejection and thus losing money. -----> what is the fix?????-------> Buy it and cut losses fast if it gets rejected. Simple as that. Buy before the breakout maybe. Not always. But maybe that’s the idea to have instead
Really though the best thing to do would have been to buy once it breaks the last high. Seen on the 30 minute chart above.
The day i generated this idea is marked on the chart. I generated the Idea originally using the daily chart. When I decide to enter I generally like to look at the smaller time frame to confirm Im getting a good entry. We look at the 30 minute time frame for buy confirmation after the breakout buy idea has been generated.
I marked the chart of how I should have seen it to buy it. However I did not do this and failed to enter the trade
----------------------------------
pasting in an entry I wrote in my trading journal
---------------------------------
One thing I struggle with is buying something that is up 1% or a few % the day or week I am looking to buy. Lets Look at
XPO as an example. Notice the small Blue arrow. That is the day that I originally had the idea. I wanted to buy the next day but they were weak in the morning so I did not. I did not want to buy something that was going to get rejected on the RSI(the second box corresponds with the time period I am talking about). SO I did not buy the day after I had the idea... didn’t buy the next day either... but the third day... that’s the day it broke out. Look at it. Up 2.8% today. But I didn’t buy this morning when it was up 1%. Why? Because I was scared of buying something that is already up 1%. Why? Because I don’t want to buy with it now being at that horizontal resistance line on the RSI. Why? Because Im scared of rejection and thus losing money. -----> what is the fix?????-------> Buy it and cut losses fast if it gets rejected. Simple as that. Buy before the breakout maybe. Not always. But maybe that’s the idea to have instead
Really though the best thing to do would have been to buy once it breaks the last high. Seen on the 30 minute chart above.
Komentarz
the blue arrow did not show up on the screen shot. the idea was to buy at that blue box on the chart that I pastedKomentarz
entered the trade. the next day. knew they likely would consolidate before moving higher
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