Looking at the markets, when I first looked about 15 min. ago, my current position had gapped up and was up slightly. Looking now, it’s already down on the day. I just got into that yesterday, so I’m still comfortable with the trade, just waiting for .5R to be hit
The S&P ended up closing right near it’s open yesterday (~$3 below it, actually), despite being on a bit of a rally in the morning, and today price gapped up, but is currently pushing down. Overall, things still look weak here. And since I don’t look much, I didn’t notice it, but the VIX has been mostly rising over the last week or so
Updating at 12:17:
Welp, I don’t know. I looked at my screener and separated some things that I liked, but ended up losing focus, getting on social media; then using the bathroom and reading the rest of a chapter, then decided I needed to get back to the markets. I decided that I wanted to look at a day trade again.
Nothing on my “long” list looked actually tradable, but there were a few on my short list, and only like 3 from today. SNAP and BAC were two that I looked at and BAC was the one I drilled in to. Looking at the hourly chart, price is overall pushing down, but was on a rally. I dropped down to the 5 min. chart and the rally was somewhat long, but price was up against the upper band, and into overbought territory; as well as coming up to a strong resistance area. I ran the numbers, and overall it was a 2 R:R, so I liked it. I put a .05% ($25 risk) entry order in to trigger if/when it pushed back down.
Unfortunately, I didn’t realize it but I set my entry order as a limit order, rather than a stop order, so it filled immediately (at a “better” price since I sold initially). And to make things worse, where it filled was right around where my stop would be, so that order was rejected. I fixed everything, and got a stop in about 15¢ above my entry with my original target. It wasn’t exactly my trade, but it’s still in the direction I wanted, on the time frame I wanted — the pattern just wasn’t “confirmed” so I’m not terribly upset (and it was a small risk, not a full 2%, so that helps), but I need to pay more attention going forward.