I thought I had a couple of day-trades available today, but when I looked at ThinkorSwim, it said I only had 1…. I wasn’t going to trade because of it, but figured I should still look around and give it a shot.
I looked at both my TradingView screener and the sizzle index, but didn’t see much that I really liked. I had this (SQQQ) on my watch-list from last week and when I looked at it, it appeared to be recovering from a pullback/retest and was up against some resistance. It looked to me that, if it could break the resistance area, it might make a nice run up to the next resistance area.
I looked at the 5 min. chart, and it looked okay, but not great and my stop was pretty wide. I also tried to get in then, but price was a little above my entry at the time, so I couldn’t get in. I then looked at the minute chart, still liked the upward move, and adjusted my entry and stop to A) Get in above the new high that was just made and B) maintain a 2 R:R. Price had, on the minute chart, broken a bit of resistance and was on a bit of a pullback, and that’s what I used to determine my entry and exit.
Entry – $55.20
Target – $56.00
Stop – $54.80
R:R – 2
Entry – $55.22
Exit – $54.80
Price pushed up enough to trigger me in, but over the next 7ish minutes, just steadily pushed down. There was one candle of relief near my stop that looked like maybe price would bounce, but it didn’t, just stopped me out, almost immediately after getting into the trade. This is another situation where I feel like maybe I forced the trade, but I looked at a few things and this is the only thing I liked, it was between this and not trading, and with only 3 trades available each, well, less-than-week, I feel like I have to just find the one thing I think is going to work best that day. I don’t know what else to do…..
