Keep in mind that I have been trading for 2.5 years - so I've gone through SIM trading, I've traded every dang strategy out there, I've been with BBT for a little over 1.5 years now and have seen almost every webinar and education video, I did the PCT bootcamp...I've worked through a lot of wins and losses to find out what works for me and what doesn't (and I still screw up and take bad trades even when I know they're bad trades!) This morning on AAPL I did a quick scalp on the 1-min ORB based on price action and what I saw on the L2 before the bell (with VWAP as my stop). Then I shorted it at HOD (stop loss a few cents above HOD) at 9:49 because of the wick pushing price action down. Then I shorted it at 10:03 (stop loss a few cents above HOD) for a double top. Keep in mind - I take my profits quick because although some trades do run - most of them don't seem to for me (and I don't have the patience to wait them out)! Double tops are by far my most profitable trades....unfortunately I don't have the self-control to wait for them to form most of the time. I heard it so many time over the years...."You'll eventually find what you like to trade" and I spent a lot of time thinking I found it. You need to play around with a lot of strategies and find out what works for your brain. I.E. - ABCD's don't work for my brain at all. I'm best when I trade for the first 30-45 minutes and walk away. No matter if I'm up or down after that time - 95% of the time if I keep trading, I'm gonna make myself red or redder for the day. If I hit my max daily stop in the first 5 minutes, I'm pissed because I lost money and I wasn't patient and now I can't trade more for the day. So that helps me chill out and wait for trades that make sense to me. And although I wanted to be one of those people who has 10 different stocks up on my screen - I found that just makes me frantic and I miss every trade trying to catch every trade. One of the BBT videos was someone saying they only trade one stock every day (I think it was TSLA) and I decided to try that and it works much better for ME. Maybe I can work up to more, but for right now this is what works for me 🙂
you need to find the mistakes in these and improve by avoiding them
from these 2 i like the MRNA trade but on AAPL you went long after that big top wick on 5 and many top wicks on 1 before, volume was low too so you do not take a break on low volume. ORB is a trend continuation pattern same as ABCD so if there is no trend and just chop do not expect it to break
MRNA i like more it was a fter a hammer at least. but was it a stock in play? actually you nearly hit the top of the price and since then it goes only down. try to find a reason why it happened. was it gapping up too much? did it make the ATR move in premarket already? what was the target? was it realistic target?
after 1000 orbs you will feel it but there needs to be awareness in you. it is not enough to take it and then tell yourself it failed.
next time try to find reasons not to enter and if you find none then enter
I think ORB's are the hardest ones to play. And I actually think ABCD's are hard too - they're only clear to me AFTER they happen! Since I trade AAPL every day, on your trade above, you entered when it was consolidating/in a range on the 1-min chart. You needed to wait until it picked a direction. Also, AAPL was very wicky this morning and therefore very hard to play. I've also found that 1-min hammers are generally useless, unless there's a bunch of them in a row. It takes a while....months....years!...to figure out what works for you. My entries are bad because I wait too long to make sure of my decision - so I take profits quickly. I rarely make 1R on a trade - but I'll make .5R, .4R and .7R and call it a day.