Thursday, October 13, 2022

Epic Bear Trap Day

Overall I traded well today and was green. I spent a lot of time looking at crude oil because I realized it bounced off a support level I had drawn. I had to switch some postions around for that. During this time it would have been better for me to have just been trading IWM. I was looking at my short stocks watchlist at open for weakness but quickly realized we were way way to oversold to not have a high chance of a bounce. I switched to longing stocks and got chopped on a one or two. The highlight of the day was shorting IWM just a couple candles off the first overbought top. It always looks the same near highs. A bunch of super short candles just catching resistance and flattening out going sideways. I could have gone bigger on the size if I had fought for price better off the top and the next top which was a perfect channel. The wicks were very telling and I could have filled some put options. I'm still happy overall but just need to work on entries. I wasn't able to trade the rest of the day and who knows I probably would have caught the next top which was actual high of day. I actually longed the bull flag off trend support I drew up. That was a super easy read. Then I shorted more on the channel break.

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