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Day Trading Basics

Discuss about day trading basics: price action, orders, candlesticks, indicators.

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  1. DAS Order book / Ladder?

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  2. Live Trades

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    • 20/9/19 So i have decided to go live and have been preparing the last couple of days. My plan is to have 1 trade at the open and 1 more after 10:30 earliest and only 1 specific set up. if i lose both of those then no more live trading and my DAS risk controls wont let me go past that. i will keep trading in sim throughout the day. okay so i didnt find an ORB so did a trade later in the morning. did 3 live trades, no winners and felt okay about that until i did my third trade because i knew i broke my rule, but i didnt hit max loss so kinda bent it. still annoying. also it was kinda worth it because it made me realise my DAS risk controls arent working so i need to look into that. 3 trades: 3 losers (VWAP hold, pendant breakout, bottom reversal) Trade 1: came above VWAP with clear direction, tested a couple of times so went long, ended up just consolidating for a while before it lost VWAP, not a bad trade.   Trade 2: i was waiting for this to break out of the pendant, but there was a descending triangle forming in the pendant, which i wouldve traded but i was waiting for it to get one more touch on the support. anyway it broke out of the pendant which is my entry but the move was already so extended and didnt have the juice to carry on.   Trade 3: this was really a silly trade, trying to catch a knife on ROKU, was at a serious support level and seemed to double top, i lost confidence and got out at the bottom as i didnt wanna get squeezed in the pop.
    • Friday 9/20/2019 I had a well-being score of 7/10 this morning. I took 2 live trades this morning, with AAPL and BABA. So I am still long bias on BABA with its break out daily chart and good PM. I also have a small long bias on AAPL with its long steady move up in PM. Just before the open AAPL fell 50 cents on good volume. Then recaptured the 50 cents right after the open on enormous volume. The price broke the HOPM and stalled. I don’t take these trades any more at the open. They are essentially ABCD patterns using seconds instead of minutes. But the volume was so high I went long. My stop was an issue. There were two choices. 200MA-1min which was too far away or the 50MA-1min which doesn’t seem to have any strength in the first minute. So I did choose the 50MA but I went half shares because the stop is too tight and not strong. My target was the 222.50 level. The price did pop and I took two very small partial profits. I was waiting for the 222.39 daily level where I was planning to sell half my shares. The price just missed that level and retraced, just enough to stop me out. Then it sprang back and reached my target. Actually, with a little slippage on the exit I did get a tiny loss on this trade. As I said yesterday just a slight change in trade management would have made this slight loss into a solid win. What that change is and how do I get there I do not know yet. Though not right away, volume did arrive for BABA. The price moved up $1 and I was waiting for a pullback. It did arrive and I went long after the bounce from VWAP. There was no good target or stop. So I chose a long stop to the bottom of the previous candle since BABA usually doesn’t respect VWAP for a few minutes after the open. The price moved up and I took a very small partial at 183 and tried to take another partial at 183.20 but got a bad fill. So the third partial was just to make up for the bad fill on the second. But all 3 partials were very small. Then the price reached the 183.38 daily level where I took a large partial profit. Price dropped quickly after that. Then I saw a HUGE sell at the bid in the time and sales window and I exited immediately at 183, well above my entry. I took two SIM trades on MU. First one S/O and second one an OK win. So I am flat for the SIM trades. Score card (live trades). AAPL BABA 91% 96%   What I did good today:  Wow, really good score cards today. Good watching volume. What I am grateful from today?  That time and sales signal on BABA really saved me from that big drop. What do I need to improve on:  Nonlinear increase in partial size is working out OK. I just need to keep at it and improve on it.  
    • Taking off 1/4 balance for all out 140.52 - don't like holding over weekend. so 1/2 off at 138.52 1/4 off at140.25 1/4 at 140.52 (today)  
    • 20 Sep 2019 I took 2 trades today.  CRC - I took this trade when I saw harmonious charts in different timeframe. Especially in 2 min chart where it crosses above the MA. I entered into the trade without enough time to put in a stop loss. I should be have been stopped out but in the end the stock moved back up and I took a small profit.  Mistake : Trading into the MA on 2 min chart and didn't put in the stop loss on time.  PCG - I took this trade when I saw it sitting on the MA and WWAP. I took a long but got stopped. I took a long again and this time round, the stock did took off and I took profit from the trade. MIstake : I experienced FOMO AGAIN and did not let the winners run.  The movement of the candles can be really scary.           

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