More charts
It's always interesting when I review my charts the next day to look at what I passed up. Below are charts (in addition to what I posted yesterday) from stocks in my watchlist that presented valid entries according to my rules. There were 14 potential entries in total from my WL and I entered 6 of them. Not a bad percentage, but I need to either close the gap and enter more trades or get better at identifying the higher probability setups (which I think is difficult to do). I don't need to go 14-14 (nor do I want to), but just a few more entries would've made for a very good day. In particular, I specifically passed on DUG, PBR and SSO. I completely missed the ICE trade late in the day as I was mentally done but it was a nice, NR setup that provided a nice return.
These setups are all about price confirming a support or resistance area.
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2 comments:
OO,
too many trades is huge negative as costs like commish+slippage pile up.
you may be making more money for IB than for yourself. At the most stick w/ 3-5 trades a day.
I sure don't mind keeping it to 3-5, but when a setup presents itself... you need to take it. Commissions are relatively low costs considering I rarely buy huge lots sizes.
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