Technical Day Trading Journal

Lost most of my money trading on this stock. Entry was at 13. I waited patiently for a breakout but the 2 attempts to break out failed.

To be honest I could have cut my losses after 2 or 3 cents but I waited too long, my prayers were not answered.

Tip: Don't wait too long, if it's a momentum trade then either it breaks out or it doesn't, cut your losses fast.

That's it, I'm done for today, just imagine what it would be like if I were to trade larger volumes say 500 instead of 100.

That's it folks, hope you did better than me.

Oh, one stock did succeed. I traded STI, waited for the resistance to break and it did. a few bucks gain but that didn't cover my earlier losses.

As you can see on the right hand side there was a clear support on the 5 min chart @ 25. Since there were a lot of buyers at 24.98 I waited to see they were gone and entered the position.

Now look at the graph on the left hand side, 1 min chart. as you can see there is a little arrow marking the point where I made the sell. It took a while for the stock to actually break down and I waited and waited and even saw how it went up to 25.03. After a few minutes that seemed like a long time, it finally happened and the break down I was waiting for came by.

Since on the level 2 chart there was a big buyer @ 24.91 I decided to buy half of the stocks.

Now I had to wait a little more, and the stock dropped to 24.88 and I was out.

The Stock went down further but I wasnt there any more.

I'm happy with the nice trade I've made today.

I was waiting for the flag to break down but as soon as I short sold 100 stocks the stocks went up and I was out of the position in no time.

Another loss recorded today and this sealed the day.

Could someone please point me in the right direction and tell me what I'm doing wrong?

I thought I was going safe here.

Well that's it for today,

see you tomorrow.