Spike & Ledge, could not handle - Day Trading: July 1, Intraday

Today, after the initial spike, I suspected a ledge. It did turn out to be a ledge, only not a good one. I would expect the ledge to finally breakout upwards. That did not happen. The price was in a 30 point range all day.

Again, I overtraded. The first trade entry was a good one for a spike and ledge. Trailing it was tricky. If I had held on to my initial stop, I could have ended the day with just that one trade. But, I tried to lock in a small profit. Not just that, I reversed the position, when I could have waited for it to go under 8350. What followed is the usual story of getting whipped in the small range.

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