Frame of Mind: Neutral, with loss hangover from previous days. Hence a little ecstatic with the gains.
Options expiration day today. Came in and saw MMM breaking out of the triangle. At the bell, it chopped a little bit below 81.50 and so I wasn’t sure of the breakout. I was willing to risk my $85 to cut at 81.00. Fortunately the broad market helped give it a push to 82.80. At the top I was up $190 and willing to take my gain only from 82.99. I was asking a little too much from it…
Only traded MMM today.
I also went long on it in my retail account, banking on the asc. tri.
What I did wrong:
Did I ask too much? I don’t think so… It’s the consequence of averaging up.
Well, I could have saved a little bit more by being conservative and selling at the top. But then I risk being left behind. At the end of the day, it’s about what i’m comfortable with.
What I did right:
Averaged up when I saw good risk reward trades .
Cut at my decided trailing stop, even though it hurts.