Overview
Had a lapse in discipline this week. Got sucked into jumping on HCD as it was up 100%+ on news. Too slow to cut it when it started failing and quickly ended up with close to 3 X R. It is these silly trades I need to eliminate.
The markets are certainly not favoring the micro caps at the moment. Also took a bit too much risk on Friday trying to catch the falling knife in AMS (Down 50% after months of grinding lower)
This trade could turn out to be a big winner, but my risk on the trade is far too high. Need to get the trade sizing back to within my Risk size. Only real positive is the fact that I have closed most positions to avoid these volatile market swings.
Numbers
Trade Analysis
A+ Trade: CGF is still looking like a quality trade, however I am down to 1/3rd of the position due to weak overall market price action. Will trail the stop loss with 24 EMA for final third.
Other Trades: As mentioned earlier, I caught the falling knife of AMS but I am not happy with my position sizing. I also took one more attempt of a breakout trade on HCD
https://www.tradingview.com/chart/HCD/2jgozwB3-HCD-Flag/
Mistakes
- Scalping HCD too large and too slow.
- Not respecting risk on micro caps
Goals for the week:
- Stop trading micro caps with no SL in the opening hour
- Only take A+ Setups
- Look for strong reversals