Great home depot trade, & potential for what should have been great NVDA trade but weenied out. Luckily made back what you lost, but there shouldn’t have been a loss in the first place. this was a perfect example of where rules of conviction & specific rules for when to cut loss should have been implemented. You cut because the negative p&l squared you and you wanted desperately to be green on the day. Your analysis was good, and though you were shaken in the few minutes before the open and it fucked up the entry for your analysis & using 160 as the risk level, you could have just entered with less size & given yourself a larger range for the stop. You also sold out without even letting a single one minute candle close. There will be times when waiting will hurt you but they will be balanced out & exceeded by the times it will help you, so long as your larger analysis is healthy. To your credit however, you did get back into the trade at a good point & made back what you needed on it. You traded cautiously & ended up being rewarded. Implement the rules & continue with thorough analysis & you’re proving to yourself that more often than not, you’ll come out on top.
HD Trade was one to be proud of & clear cut. Scaled out of well enough, could have held larger portion of position for longer but would rather scale out for profits particularly at this preliminary stage of what’s seeming like some consistency.
