Being "Right" but still losing...

I'm trying the Topstep Trader Combine as a sampler to day trading and it's an interesting setup with minimal outlay costs to get started. I'm not a huge fan of their platform UI but everything else has been pretty good so far. Today was one of those days where I waiting (and waiting) for the profit taking to kick in, but by the time sellers made their appearance I had reached my loss limit for the day and so that, was that. You can see all of my whipsaw trades here. For the record, I only work off price action, looking at support/resistance and tells like rapid stop take outs, usually a good sign for a reversal.

Given that, we can see sellers had plenty of motivation to take profits and jumped in on afternoon trading. While there was a big reversal in the Russell 2000 ($IWM) it still didn't come into the breakout gap; I suspect we will see this tomorrow. Volume climbed to register as distribution.

The Nasdaq held up a little better on bullish net technicals. There was no distribution and I could see buyers making some inroads tomorrow, but even if the selling continues there is support at the 20-day MA.

The S&P had its own round of selling on higher volume distribution. The index is underperforming relative to its peers since November so I would be looking for more selling pressure here. Next key support is the 20-day MA.

For tomorrow, I would be looking for some buying support although it may be a bit of a scratchy day. Markets do have to consolidate October gains and today may be the start of this. If sharp selling continues, then look to 20-day MAs as a place where buyers may feel confident of stepping in.

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Investments are held in a pension fund on a buy-and-hold strategy.

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