Red day. -5r. In summary, today I found the stocks to be choppy and so my usual patterns didn't work. Today was the day for scalping, I realized it very late. Atleast, that's how I read it. I had many trades, where I had 1-1.5R move before turning into a loss, resulting in overtrading.
Watchlist: $TGT, $FL, $GPS, $HPQ, $PINS and the usual $AMD and $MU.
Trade 1: $TGT. I was short biased on $TGT, esp it moved 20% in the last couple of days. it gapped down till open. Offered a pullback, which was also a shooting star. I took short but got stopped out twice.
Trade 2: $FL. my best trade of the day. Short below VWAP on a gapped down stock. Added after the gravestone doji on 1min. My partials were very good. After my exit, president tweeted and all the stocks plunged including $FL, I had no shares left.
Trade 3: $GPS. there was no setup, trading based on price action. Took it long at the low of the candle to high of the candle, which also aligned with 50MA on 5min. Got all out. Stock was stronger and moved well beyond my exit.
Trade 4: $FL was very extended, also bottoming, so I thought of reversal and took it (in the air - no support levels below). That was the bad trade of the day. I wish atleast I bet my money in taking a trade during SPY crash. I tend to avoid it, as that price action is very volatile, but this trade was worse than that.
It was Noon. I should have stopped here, with approx +2r. But I continued to watch the market and keep taking more trades, which I am not proud of now.
Trade 5: $GPS. Took reversal after price bottoming near 200MA on 15min. only 6c stop. I got my 2R, but waited for larger move and got stopped out.
Trade 6: $AMD. Took reversal on MA cross. scaling into position, got stopped out below MA, but it reversed. On 2nd trade one partial, but price action was not clean and chopped me up again. I shouldn't have planned my trade in the usual way, I should have got AON out on my 2nd trade.
My pschychology is messed up now, I took 3 more trades on $AMD, just by price action, 2 losers (includes 1R move that I didn't take to get stoped out) and 1 winner. Took some trades on $GPS and $MU small losers, but they got accumulated to -5r loss.
Good: Nothing much, except I was able to handle the mental and physical workload of taking so many trades. I am happy with most of the trades and how i cut down my losses/trade.
Improvement: I need to stop at 4r, either max loss or daily target. Now that I am hiding my PL, I am not sure how much I am up or down. I probably will include the max no of trades/day also. Should have taken more profits or AON on days like today. I think I am slowly getting addicted to trading.
Friday August 23rd, 2019
Sleep: 7.5 hours. Mood: good, ready to trade but feeling fearful this morning.
i missed so many good trades the first hour. $HPQ wedge, didn't take it because of the 200 MA on the 2min. $BA 2MIN ENGULFING because that's a new pattern i'm working on and i don't trust it to take it live yet. and another $BA textbook ABCD that i was just too fearful to pull the trigger.
finally convinced myself to get in to $BA after a hammer and holding the 9ma on the 2min chart. got out $0.10 early on fear but ended up losing $0.30 on the spread. still happy with the trade. glad i finally convinced myself to jump in the trade.
GOOD: took a good trade, entry was good, R/R good
RFI: exited on fear, hit my profit target with no trouble
MOOD: happy, good trade
CONSISTENT: yes but no i should have held to my profit target.
What i did good today: took a good trade, didn't FOMO
What i did bad today: left so many good trades on the table
What can i do better tomorrow: take the dang trade!!
I had a well-being score of 7.5/10 this morning. My nerves were OK. Traded half share size today since it is Friday.
I took 2 live trades with AAPL and FL and 4 SIM trades.
So AAPL and TSLA were on my market open watchlist with MU, AMD, CRM and FL on my 5min ORB watchlist.
Both AAPL and TSLA felt the tariff crunch and was trading with the market during PM. I had no bias for TSLA, but AAPL has been having these small pops at the open. It opened with the usual hammer with good volume and I went long when it was about to engulf the PM last candle. My target was the 210.83 daily level, which was $1.20 away, which is perfect. My stop was the 50MA-1min which there was PM respect. The price did pop, but only 60 cents. I got two partials than the price dropped and I exited at B/E with some slippage for a small win.
Though I am not familiar with FL it was setting up for a 3min ORB like the ones MU use to have setups for. I went long on the break of the 3min candle and 200MA-1min. My target was the $38 and 200MA-1min my stop. I took a partial at the HOPM which was also the HOTD. Then a heavy partial when it moved 20 cents further. The stock did move 1% on the trade which is good.
I then took 4 SIM trades. Two losers and two winners. All 4 were +/-1R gainer/losers, so I broke even. I didn’t let my winners run.
Score Card (live trades)
What I did good today: I like my score cards today.
What I am grateful from today? Trading a new stock ticker.
What do I need to improve on: Need to perform my periodic evaluation of my partialing. It’s been too long and there is way more scalping now.