Thanks. Even "Phantom of the Pits" had a rule that you needed to press your winners. I could have stayed in the rest of the day and quadrupled the realized gain. But it sure is good not to be losing, as usual.
Long 100 Tqqq, timeframe ~2-3 days hold. Still in a daily down trend so this is a countertrend position to catch the short covering rally to follow that huge reversal. Wave 3 is the only one worth trading, if 11 years of losing taught me anything.
Position looking good, not as volatile as the last one but this is typical of flags. Price never moved below the "pivot" where I got in, and is progressing nicely after hours. I believe this is what Mr. Livermore meant when he said a stock is acting right. Since this is countertrend I have a wide stop that I am going to try to tighten as the position approaches the top of the channel. It's a 2-3R setup, if you follow Dr. Tharp. Once the open profit is enough for a tank of gas I usually get nervous. That's real money!
Very strong open after an overnight levitation session. Position profit is now enough to buy something meaningful and I'm back in the psychological danger zone. Switching to hourly bars. What's usually running thru my head by now, if I get this far, is "it's at the top of the channel" or "it's on the .318 fib extension" and I take profits. This time I will try to wait until it looks like a good short setup to sell the long.
Position got nasty in a hurry. May have been better to book those profits this morning (a common theme so far). Out just above the original pivot. Talk about regrets. Nothing about trading feels good. Even when you're right you're still wrong. I think losing open profits feels 5x worse than taking losses. *edit- and the justification for not hanging around another day, daily trend still down, strong bounce off upper MA. Easy to see when switching to longer timeframe chart, which I believe is the solution to my original problem.
For me I'd rather have a losing trade than watch a trade I missed or exited early run on in profits without me. Oh, how I hate that!