Ran The Table

So today I ran the table on the market. I finished up $214.75 for the day. I have finally come to grips with the fact I don't like using a large part of the portfolio on any given trade. Whenever I begin to use too much, I make bonehead decisions, which end up costing money. The more important thing is that this is my fourth day up in a row and I finished up $327.61 for the week.

Today I will be covering my AAP trade. The first thing I want to point out is that the stock immediately went against me after I got in the play. I didn't panic though, because I had a clear stop below the low two bars back. I just told myself to relax, took a few deep breaths and let the trade play out. I knew I had some room to play with AAP, because it was a triangle breakout. Far too often triangle formations will move back and forth and create these short-term headfakes. If you have the patience and confidence to fight these minor moves on the chart, the formation is quite reliable. Sure enough, the stock went higher. It rallied about 1% higher from where I got out, but guess what people, I could care less!! The bottom line is that I made money off the play. I am training my mind to think more in terms of consistently taking money out of the market and not focusing so much on each individual play.
AAP Triangle Breakout
Have a Great Weekend