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Day Trading Basics

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

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  • RECENT POSTS

    • Day 31 - Feb 20, 2020 16 Tickets 4 Symbols Red Day 1. SIX - Short - 1min - Failed Pop (Rising Devil) Cut dividend 70% and had terrible earnings. SSR - Down 20% premarket. Found a level at 30 in premarket. Bounces off then and then comes back to retest 30 into the open. Opened up but couldn’t break VWAP, flushed down and retested premarket level - held and bounced off - decided to take a starter position(1/4) as a Failed Pop/Rising devil trade. Shot up through VWAP didn’t cover right away wanted to see if it would hold - it did and I got out as soon as next candle formed - caught the top tick. Improvement: Did not follow my rules, price discovery is being hard coded to 5 min. 2. VIAC (Trade #1) - Short - 1min - Breakdown Down over 15% on the secondary watchlist, missed the big drop down to 30 but was still weak and selling off. Saw large bid at 30.00 on lvl 2 - shorted into it with expectation for it to break through and continue to the downside, with stop just above previous candle high.  Went my way and I ended up taking profits (1.6R) with no exit signal. In my mind was thinking to use break of trend line or break of Moving average as stop but panicked and covered at 2.5R as spy shot up and fear of giving back profits Good: Happy with the read on the entry, failed pop, heavy and increasing selling volume, read on lvl 2 selling through the large bid Improvement: Better exit strategy, beating a dead horse here but continuously cutting profits too early, and letting the losers ride. Know it but seems like not enough discipline to follow my rules.   3. VIAC (Trade #2) - Short - 1min - Failed Pop Covered my positions and it continued falling, Was looking for another entry on failed pop and got it - so shorted as it started to sell off again. Something to note was it tested through moving average which was a change in character. Had a hard stop just above but canceled it and executed manually which caused for more slippage. Good: Cut loser Improvement: Need to Follow game plan and be stricter with my stops - once share size comes up this small difference could make a major impact over many trades. 4. VIAC (Trade # 3) - Long - 1min - VWAP Trend Trade Covered on the double bottom and then it made it way into VWAP and consolidated as expected. Held and broke through on rising volume went long - put order to buy when it retests at 30.20 but ended up FOMO'ing and bought as it broke out. Bought the top. Clear resistance off the instraday daily level at 30.53 almost to the penny. Holding just below VWAP with larger selling vol - started to look bearish but I held my stop - which was just few ticks away. Ended up coming back up to my entry and just over - sold into it, thought of keeping the other half went to  enter stop range order - entry mistake, and sold at market for minor profit (lucky mistake) Improvement: Felt like I was revenge trading and over trasing after taking a few losses. Wrote in notes I shouldn’t trade but did anyway. Not happy with that. 5. LB - Long - 1min - Breakout Pullback In play was news they were selling Victoria Secret, and CEO was stepping down. Down 15% at one point - missed the whole play and didn’t do daily levels research. Came right up to previous day vlow rejected and I went long on the breaking pullback. With tight stop in order to avoid the double top. Ended up stopping me out. Improvement: Didn't do my daily levels and that got me on this one. Way too late, need to take a step back and realize what has happened rathe then jumping in on a breakout pullback hoping for a rally through previous highs. 6. Z - Long - 1min - Breakout Pullback Z was strop off open - watching the premarket highs. Broke through PMH and held - buyers looked in control with soling buying volume coming in. Went long with tight stop just below consolidation at 64.65 level. Consolidated above the level and finally broke out to the upside - took 1/2 off way to early (1.4R) with no reason to exit. Then covered into over 2.5 and 3.8R as it pushed higher. Good: Like the patient entry here, risk is defined off that pre-market high level, held it nicely. Improvement: Could have managed the trade much better and started taking profits later closer to my target. Today's Review Overall it was an alright day. Notice there are a few plays where I should be getting much larger and that is when I have a defined risk/reward and stronger signals such as LVL 2 confirmation or around major daily levels - trade 2 (VIAC Trade #1) and Trade 6 (Z). What I did well: Couple of high probability, low risk entries which turned out to be decent winners. What I did poorly: Trade management, taking profits too early not letting the move play out. What I need to do: rec curing theme - need to go over my gameplan / playbook and set more strict rules around exits and setups taken.
    • Will this work with CMEG accounts? I have their DAS platform, but it’s controlled by CMEG, not DAS.
    • Thanks Kyle, a DAS feature that I would like, is pre market hi/lo study. I have found a study on this forum for TOS but not DAS. hi/lo of day doesn’t work because it moves throughout the day.
    • Thursday, still making useless physiological errors. Trying to force the market to do what I want instead of just taking advantage of opportunities that are presented to me. A few good trades, but wiped out by undisciplined trades again. Change will happen, but not without me changing my focus and discipline.   AMD tried long HoD first grade, flipped to short 2x.   below is the big short trade continued form above.   tried to forage a reversal to VWAP, this was not trading, it was just clicking and hoping. Pics below, 2 more tries at getting reversal that wasn’t happening......dumb       I totally forgot about my first trade this morning, I was just reviewing trade pics in my phone and saw this. I was concentrating on L2 and trying to time my entry perfect.  I was waiting for the two big bids to start being eaten up. I did time it perfect, sent order fractions of a second before it broke below 30. Then wondered why my order didn’t go through. SSR!!!!! It ran down to 29.14 without me. I didn’t want to try and enter after my screw up. So I was disciplined at least once today.    
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