Monday, May 2, 2011

AAPL - MISTAKE OF BEING EARLY

DAILY

10MIN - RANGE BOUND

10MIN - BOTTOM OF RANGE + POTENTIAL AREAS FOR BOUNCE

1MIN
MISTAKES
  1. Being early to the trade while it is still in confirmed downtrend
  2. I was pre-occupied with trying out position sizing by scaling into the trade and disregarded risk and poor setup for the time being. But they should come hand in hand. You shouldn't start scaling in on just ANY trade.You scale into high prob setups and this wasn't one of them as price was still in confirmed downtrend. The first circle from the left should have been the right area to scale into the trade as it gathers strength at the breakout. And another scale in when price breaks out from the small consolidation just above the breakout.
  3. Not getting in the 2nd time (i had stopped watching and was occupied with amzn)
Add the 2 circles to the playbook!! Notice the awesome R:R

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