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Oh boy.. Finally some great price action and I completely fail to trade correctly. How dumb I feel right now.
Broke my 1 trade per session limit as well. Tried shorting into a strong bull market.
Was seeing some fading in the good move upwards so I decided to take a short with a stop right above the high of the session.
Mistake #1 - My original thought was that this is a strong bull market right now. I'm going to look for a pull back and consolidation to buy into. Well, I missed the first obvious pull back and then waited for another one. I completely flipped my original plan and said to myself this market is gunna start selling off because of how extended it was. In all honesty it wasn't even that extended. I also was seeing some sluggishness on the bid. I figured we'd see some type of pull back to make a few ticks. My stop got blown out as did a ton of other obvious market orders right above the high of day. Took a 6 tick loss.
Mistake #2 - Then I made a revenge trade that is embarrassing to post the chart but I'm going to anyways..
Went short at 415 when I saw a ton of absorption thinking (more like hoping) that it was the top. I have always always told myself never try and guess any tops or bottoms.. its a chumps strategy. And what did I go and do. I tried to guess the top of a bull market. yay me.
