02/22/11: Day Trading Review: Unwise Counter-trend Trading

Stocks I traded today: AMZN APA GLD GS IBM MMM MOS REE RL SLV SLW SPY

Quick Recap


Came out ahead today by catching a few bounces but missed the overall downtrend in almost all stocks.

Notes/Things to Work On

1. Work on being more neutral bias at open and improve trend recognition (10:15AM check)
2. Gap fill attempt at the open rule if unfilled leg into fades
3. Simplify setup & eliminate anything that creates noise & diverts attention (i.e. twitter)
4. Draw P/M price levels on "In Play" stocks & SPY chart
5. Get that RR over 3

Stats

Total Trades	12		% Winners	50.00%
Losers	6		ROI Losers	-$17.41
Winners	6		ROI Winners	$29.75
RR	1.71

 SPY

Instead of trying to catch the bounces should have been looking to get short after 10:15AM which like clockwork was where SPY topped out and having failed to fill the gap begun to trend lower. 

AMZN

Looks almost identical to SPY.

RL

Caught that nice bounce around 11:30AM when it found support at Friday's low and rode that up for almost a full pt. Since I was long biased not my style to switch from long to short.