Basically there is nothing good to say about this trade. I did not follow any rules, and that is what I did wrong, I know that.
I shorted the massive rally on the second day intraday and then moved my stop up (was short) because it was not going my way and I "knew" it would "correct" or pullback eventually (like we are seeing now) so I banked on that and did not really have an appropriate stop loss. Anyways, that is the number one thing I did not do right, here is the other -
I did not wait for my sell short signal, a topping out type of candle, if I had done this I would have never been in the trade and would not be typing this now.
Here is what I now know -
1. WAIT for my signals!!!!
2. Do not jump in front of a bulldozer (the 2 day rally)
3. RESPECT the stop losses
Overall, an UGLY trade, one that I am NOT proud of. Live and learn, I will do better next time.
I shorted the massive rally on the second day intraday and then moved my stop up (was short) because it was not going my way and I "knew" it would "correct" or pullback eventually (like we are seeing now) so I banked on that and did not really have an appropriate stop loss. Anyways, that is the number one thing I did not do right, here is the other -
I did not wait for my sell short signal, a topping out type of candle, if I had done this I would have never been in the trade and would not be typing this now.
Here is what I now know -
1. WAIT for my signals!!!!
2. Do not jump in front of a bulldozer (the 2 day rally)
3. RESPECT the stop losses
Overall, an UGLY trade, one that I am NOT proud of. Live and learn, I will do better next time.
