Started shorting EMC (again) at the open, based on DEMA13, at 17.11, 17.08, 17.15. It peaked at 17.32, at 9:45am where I was down $50 some, and I was forced to cut on the way down to 17.25. Had I not played the range I wouldn’t have gained back my losses, and by the time it hit 5EMA21 I was up $24 because of my conviction.
It is so much better to start the day with a gain that with a loss.
Next trade was BA, where I pushed my PnL to $45 before lunchtime, a good sign of progress. All my trades after that were net gainers until 3:30 when I was up $94.
IBM also gave me a scare because I was overexposed, made a mistake doubling up on my first short, and didn’t cut the mistake. It went from 101.94 to 102.27. I averaged at 102.22, where half my earnings were already gone.
3:30 the futures, coming from S2, rallied fast, my scanner was popping alerts left and right. I got greedy and got overexposed early. By the time ES was halfway to S1, I was down to 0, ZERO! All my day’s work… POOF! Just because of greed. I owe my earnings today to that single ES pullback.