What went wrong? Lots of things. Overtrading, chasing breakouts rather than waiting for consolidation, and blindly following IL and Tim Sykes even though the trades they made didn't fit with my style and were not trades I would have made on my own.
90% of the trades that I made today in my Cy account are trades that shouldn't have been made. If I had made the trades I should've made, it would've been a small gain today....but instead it was a big loss.
I also shouldn't have made the ACLS trade in my TOS account....there was no clear consolidation before the breakout.
That's the biggest thing I need to work on when going long....making sure I only buy breakouts off of intraday consolidation. I sometimes chase if an alert goes off and I see the breakout on the day chart, without ensuring that there was some type of basing or consolidation on the intraday chart. I will write a future post about this.
CRWG made up almost half of my losses today. I don't regret playing it....it was breaking off consolidation with some volume. It just failed to have a strong breakout. My stop was a bit wide but it had to be because of the spread and liquidity.
WATCHLIST
Nothing looks good for a short.
CNLG might be a good bounce play if shorts cover on red-to-green.
PCYC is consolidating...potential breakout.
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