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Equities gapped up this morning, and seem to be holding on to strength, for the most part, but there is some resistance where price currently is. As I’m typing this, though, price seems to be continuing to push up and is over .5% gains on the day. Over the past couple of weeks, though, the S&P also appeared to double-top, and price hasn’t quite gotten up to those highs yet; but I’ve got to say, it’s trying.
Entry – $138.70
Target – $147.00
Stop – $136.20
R:R – 3.32
This one actually hurt a little bit. It shouldn’t, and I’m moving past it, but I can’t lie. It stung. Equities were making a recovery and it looked like a great day for longs; and this had been pushing up for a while, recently breaking a strong resistance area. Here are my notes from before the trade:
This is the first thing jumping out to me this morning. Looking at the daily chart, this has been pushing up all year, and strong over the last 5 trading days. This morning, price broke a fairly major key level, and as of typing this, it’s pulling back and retesting that level. I’m going to pick a target and run numbers here and put an order out if they align.
Entry – $138.72
Exit – $136.17
Price made another push up shortly after I set my entry order, which triggered me in to the trade, then it hovered around that level for a bit. Slowly, it started to drop, but it was slow, didn’t seem to be a lot of actual selling pressure, so I left this alone.
Eventually, price reached another support level, and made a push back up — at the same time, the S&P was breaking the recent highs and making new highs. So, again, I remained optimistic. Unfortunately, though, price only pushed up a little, back to some resistance and pushed back down through the rest of the day. I thought I had my stop wide enough that the day would close before price dropped to my stop, but that wasn’t the case, and I was triggered out of the trade about 10 min. before the close.
Honestly, again, this one stung because I feel like I made very little, if any mistakes with this trade. Maybe I could argue that the move the few days prior to the breakout was extended, but it really doesn’t look that bad to me. That’s trading, right? It’s all probabilities. I just need to pick myself up and find the next opportunity.