Came back right after the drop, F'in pissed I didn't hold my short 1 min longer, and decided I wasn't done trading even though I felt light headed, and I ended up doubling my P/L.
This is CHURNING, I'm sure IB will be happy with the commissions, They'll need it with the drop on their IPO today:
Trade Summary-
Today's strategy was "add to losers and pray strategy", TODAY I SUCKED.
Major take away from today is, PRESS winners, have patience, and if your sucking, take a step back or reduce size. Should have made 2x as much if I had patience for my profit target, instead, ER2's bullish divergence had me scaling out what would have been a big winner, should have waited another 15min. NYSE A/D's pattern and value area this morning gave the setup to the downside along with the volume and 7:30 time reversal.
I should have been shorting ES and YM, because the last 3 days, there has been more of a bearish divergence in these contracts compared to ER2. I noticed once XLE and Crude oil went into bear country (the only sector keeping up the market this morning), the market turned the corner and dropped.
Today was a real wakeup call on sticking to the rules of position sizing. It looks as though I'm not ready to increase my size, because I was taking small profits when I had taken a much larger risk on the trade.
Here's the ES/ER2 bearish Divergence which had me scaling out of my short on ER2, TOO SOON!, All those dam shorts out there that keep covering from the massacre they incurred from 2 days ago is still having the effects today in providing support on ER2-
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