I wasn’t going to trade this morning, but I got out of bed early, and was standing at the computer so I ended up looking at the charts. I had CCL up from yesterday and it was on a small uptrend on the 4h chart, had broken some resistance yesterday and was down fairly significantly in pre-market. It looked to me like it’d gap down at the open, then hopefully push up and through the highs. I set a stop-limit order before the market opened, in case there was a lot of volatility, I didn’t want to get filled too far outside of my price.
Entry – $7.00
A few minutes after the market’s open, price sure enough pushed up and triggered me into the trade. It pushed up fairly quickly, hitting 1R within 10 minutes, where I was able to move my stop to break-even.. Technically a penny above. Just as quickly as it hit 1R, though, price reversed and stopped me out at roughly break-even. Technically a couple dollar win.
Entry – $7.00
Target – $7.30
Stop – $6.90
R:R – 3
Exit – $7.02
Overall, I’m not upset with this trade. The only negative I’ll say about it is that I don’t have a specific set of rules I followed here or anything, I just saw something that had, to my eye, relative strength, but was on a retest that was fade-able. I’m going to keep trying strategies like this, I’m trying to do more of a hybrid trading system, where I just use my knowledge of chart patterns to take trades, rather than sticking to specific, rigid rules, so this fits that bill. Maybe (probably) I’ll come up with more specific guidelines for this strategy in the future, which would come with any scenario planning I may do.
Regardless, for the time being, I’m happy with today and I’m going to keep practicing and keep learning from my mistakes