Frame of Mind: Neutral, no pressure.
First traded GE, went with Mike’s short, though at a better price. Got $14.
Saw UNH was gapped down and ranging, decided to jump into it if it breaks up or down. It broke out of 33.80 I immediately went long got filled at .92 for 200sh, I was to cut at .70. Bulls were with me as it flew to 34.70 before pulling back a bit. I didn’t get a chance to get out at .78. It then followed through to 34.99 where I got out, then a high of 35.05. My next exit for the remaining 200sh was at 35.35 and the gap high, however my HOPES didn’t materialize right away.
It went back near the breakout price, where my timer already came out because of LFT. I got stopped a few minutes before it went to 34.58.
Caught BAC at the reversal when I saw the 15min support and went long as it bounced, not as it was bottoming.
What I did right:
Caught the UNH trend. Didn’t try to catch BAC bottom but instead went with the bounce.
What I did wrong:
For the past few days I feel like I have been a little bit greedy for my good. I am now wondering whether I should be a little more conservative since the stocks that i’ve been trading do not go straight up, they always pull back big.
It happened with MMM a few days back, I was already up $190 which turned into a loss. Now this, I was already up$220 then I get hit with the LFT. Makes me wonder whether I should implement a stop profit strategy.