End of day in TNA... I was watching now and then as I did some work at my desk. I saw the big volume spike as TNA dropped at 3:35 pm and went long with two paper-trades. This felt like the right call but definitely not more than a scalp, considering the risk associated with trading against a strong trend. I felt the momo stop and got out just as the market turned back down. At some point, I hope to be able to trust my judgement that the move I'm in has completed and make a play the opposite way. It sure would have worked well here...
FYI - Did a "bonehead" move by clicking the MELI line on my trading platform when I was trying to go long on TNA at the 3:20 pm breakdown. I quickly got out for a 1 cent loss plus commissions. I thought I had TNA ready to go on the platform but hadn't even typed in the ticker yet! Because of this error, I missed my chance to play the 28 cent reversion to mean. It was a nice set-up: right after a long red candle coupled with increasing volume- not to mention I really love to scalp the retracement move when I see ramping volume accompanied by the candle ending at its low or high.
Focus, focus, focus...?!
With the inderstanding that some trade ideas should not be executed:
The bright white line at the 3:55 pm candle is the spot where I had a thought to go long... yikes! I was really not comfortable about it because of the prevailing downward trend and the end of day coming. I only marked the chart to see what would happen. I wonder if that is a sign that I'm polishing my self-discipline skills... or just dumb luck that I didn't take the "whim" trade that seems to punish me every now and then? I'll ponder that in a few minutes over a cold beer :-)
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