06.05.20 $MFA, $RIG, & $UAL

Not my best day and took an embarrassing loss short United Airlines to close the week.

My first trade was in MFA Financial. It gapped up and looked like a short plat to fill the gap down to the previous day's high. When it tested the morning low I got short and successfully got my first piece off in front of the current low. I stopped out when it changed direction on me and when it broke VWAP on heavy volume, I reversed my position to long it back to the high of day. When it broke the tradeline I sold it off for a small win overall.

My second trade of the day was in Transocean Limited and is where a little frustration set in. I got long on a pullback into the tradeline and test of the morning high. I took my first piece off and when the resistance level at $2.41 rejected I closed the position rather than holding to my stop. I should have left it along and finished the trade. Another small win on the day.

This is my embarrassing trade of the day and an incredibly disappointing way to end the week. The setup looked great but we were right in the middle of lunch. There was no reason to execute this trade at this time of day. The move was to wait it out through lunch. Just because it looked like a great setup, the fact that we were in lunch meant it was a no-go and I took the trade anyway. It was a dumb move that gave back most of my day. Green to close the day and the week but my last trade of the week shouldn't have existed at all.