I Made A Boo Boo, 27 Apr 2023
🖼 Daily Technical Picture 📈
➤ At an index level, equities couldn't hang on to early gains and retreated for another day. The price actually closed a minor gap from the previous uptrend as shown by the blue arrows. Note that there is a minor gap higher and a large gap lower from current levels in the SPY. The question is which one will get filled first? Comment below on what you think.
➤ This daily post is generally used to provide observations about the market and price action in pariticular but it also serves as a trading journal for myself. Today marks the first Trading Mistake I've made this year.
➤ I wrongly sized the current trade - double the size it should have been. That is why I cut my positions in half when this was realised. Of course, the Trading Gods have a habit of punishing mistakes to its maximum effect by taking that partial loss at the lows of the day! Unfortunately, I'm not alone with Copiers suffering the same fate. Sorry.
➤ Trading mistakes are part of the game. I accept that. The real issue here is that I didn't recognise the error straight away. I have now put in place a procedure to mitigate this from occurring again.
➤ Conclusion: 🐆 The consolation is that it was a surface scratch and not a deep wound.
EQUITY TREND:
⦿ Short-term (weeks) - UP
⦿ Medium-term (< 6 months) - UP
⦿ Long-term (>6 months) - DOWN
➤ At an index level, equities couldn't hang on to early gains and retreated for another day. The price actually closed a minor gap from the previous uptrend as shown by the blue arrows. Note that there is a minor gap higher and a large gap lower from current levels in the SPY. The question is which one will get filled first? Comment below on what you think.
➤ This daily post is generally used to provide observations about the market and price action in pariticular but it also serves as a trading journal for myself. Today marks the first Trading Mistake I've made this year.
➤ I wrongly sized the current trade - double the size it should have been. That is why I cut my positions in half when this was realised. Of course, the Trading Gods have a habit of punishing mistakes to its maximum effect by taking that partial loss at the lows of the day! Unfortunately, I'm not alone with Copiers suffering the same fate. Sorry.
➤ Trading mistakes are part of the game. I accept that. The real issue here is that I didn't recognise the error straight away. I have now put in place a procedure to mitigate this from occurring again.
➤ Conclusion: 🐆 The consolation is that it was a surface scratch and not a deep wound.
EQUITY TREND:
⦿ Short-term (weeks) - UP
⦿ Medium-term (< 6 months) - UP
⦿ Long-term (>6 months) - DOWN
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✅ Copy My Trades @ eToro, etoro.com/people/mrstocky
✅ Verified Track Record 📈
Not Investment Advice
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