After twenty minutes of trading I was done for the day which means my “don’t do anything in the first 30 minutes of trading” rule was broken today but other than that I felt really comfortable and good with my trading today.

Even though I traded within the first 1/2 hour both of the trades I took provided me good setups at the 5MA on the 5 minute chart. Both stocks (AAPL & WFR) gapped up and the market was strong this morning.

Here are the results of the two trades I took:

Commission costs took away $28 so my profit on the day was $381.56.

Here is what the AAPL trade looked like on the 5 minute chart (the white line is the 5 MA and the arrow is around the spot where I went long):

And here is what the WFR trade looked like on the 5 minute chart:

Now for the daily self-evaluation:

Pros:

1. I was very happy with my patience this morning. I was watching both AAPL and WFR this morning and waited for the pullback in the price to make my move. Had I not done so, both of these trades wouldn’t have been winners. Just goes to show how important patience and buying near support is.
2. I didn’t fight the trend. Both stocks were up on the day.
3. I took profits that presented themselves and didn’t get too greedy. If I had not done so I wouldn’t have booked profits on these trades after.
4. I took only two trades and stopped while I was ahead. I didn’t feel the need to force things after two nice and quick gains.

Cons:

1. I had the urge to just “jump in” at the open. Even though I didn’t and showed patience the fact that I had the feeling isn’t something positive.

Have a great weekend everyone!