Oops... I did it again

I broke a rule once again and it cost me my account.

As I've been writing, I've been tryin to erase my losses from two weeks ago, where I blew my account after not following my rules. Things were going decent, but today I broke another rule and I think I know why I did it.

First, while I did mention yesterday that I'd look for holdings within the Healthcare (XLV), Financial (XLF), and/or the Staples (XLY) sectors. I didn't necessarily put it down on here to keep myself accountable. I put it down on my notes app and considered $ISRG, $JPM, $BAC and while I looked at $COST, I wasn't married to it as I didn't do any charting for it.

Second, this morning I panicked after I saw that $COST was blowing up, and I didn't want to get left behind. This led me to neglect my last night's analysis on $IRSG and just jumped the gun. Although, my first choice was $IRSG.

With the above mentioned, let's look at what I missed out on through my own negligence.

ISRG

I typically take my trades after the first 30 minutes, which means that my entry would've been at ~$429 in two hours, we saw the price jump by $9 giving some calls a 80%+ return – this has been one my greatest regrets, but I had to move on.

Now let's look at the mistake I made with $COST

So while I certainly called an uptrend, my entry was poorly executed. As shown above, the first 30 mins were for a bullish run where the price rose from $1,023 to $1,042.52 and then we saw a sharp drop in price after that. So, the I jumped on that wave once it had already crashed. I entered the contract exactly at 10:00am and then after that, the account was blown.

Today was definitely a bit harder to deal with a loss, but ultimately, I had to step away and address that I was reckless and not disciplined at all. I've seen this happen a couple of times, and expecting a different result, even when I know that lack of preparedness leads nowhere. I had to move on and make sure I don't get overtaken by emotions where I catch waves a little too late.

With that said, we can prep for tomorrow properly and let's respect the rules.

Based on the below we know that NDX was the greatest performer among the indexes and Technology (XLK) the top performer among the ETFs.

The XLK has great options for tomorrow, but below are the ones I'll consider for tomorrow:

MU

While the RSI is close to the 70 mark, it can reach it and remain in an overbought position the whole day. In addition to this, the price has closed above the 20 and 200MA while also in a two day uptrend.

AMD

The same applies for $AMD, although the RSI is in a more stable range of 50, which allows it to have more breathing room without sending the price into overbought aggressively. I will be a bit careful if I choose to go with $AMD as the last two days are a bit horizontal.

Lastly, I'll also consider $AVGO

AVGO is a little more abrupt, or at least it has been since my last analysis, the support has been tested, but as shown historically in the chart, we can see that after the support is tested, have two days of uptrend. I'd expect the same behavior tomorrow and for the price to touch the resistance slightly.

I will wait for a good entry for either of the three mentioned above, though if I see a late entry for either one then I'll decide whether it is smarter to not trade tomorrow. While I don't think that will be the case, I will not jump on a wave out of FOMO.

Today was rough, but it was certainly a lesson to respect my own work and analysis. I should trust my own judgment without going and executing something I didn't plan for the prior night. Let's see how tomorrow goes and as always, there are endless opportunities in the market.