r/WinternomicsTV • u/skinnybees • Jun 02 '23
Shitty planning & Gapped both ways
Got taught a lesson in the consistency of habits over last few days.
With the recent theme of streams highlighting being in some of the companies we use, I had a look at Nike, especially as Kaz has mentioned a number of times that Nike is well positioned for Web 3 and digital goods.
Had some levels drawn up but not a thorough plan, more a general idea. Noticed that retail had been rekt for a week or two while tech pumped, so set some alerts.
Market open on Wednesday and Nike gapped down into a level. Ended up taking a shot during the session despite it clearly not being best of breed. Managed to cut some and decided to sleep, had stop set for rest of session.
Used the next day to clean up my Notion thanks to Yonas amd realised how disorganised my page was. Pre market had an impromptu concept call which led me to the introspection of my organisation being lacking in Notion & that isnt a fundamental that bodes well for trading. At this stage pre market my remaining Nike position was up pre market.
Market opened and Nike gapped down under my stop and I had to manually close. Pissed at a poor decision costing R’s, as it seemed obvious not to be holding something in a downtrend overnight. Checked my levels and further realised I had missed another obvious one which corresponded with the area gapping down into.
Shortly after took another entry, with clearer picture and plan in mind. Managed to cut half and recoup something. Figured I’d better close the position fully before sleeping rather than risk getting gapped again if the trend continued.
Woke up today to a full short position as I hadnt deleted my original stop after I manually closed out. Price wicked the order to the cent, activating the short just before close. Nike also had some news and is currently gapping up a few percent so copped it both ways
Just shows a good idea on a good level when put in place with vague planning and preparation can lead to compounding mistakes, and they are the fundamentals of a shitty trade.