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Showing content with the highest reputation on 03/09/2019 in all areas

  1. 2 points
    Friday 3/8/2019 My nerves much better today than earlier in the week. I had a wellbeing score of 5.5/10 and eager to trade. Then I saw that AAPL, AMD and MU were all in play. Then I was REALLY eager to trade. I kept thinking all morning, just one goal, don’t break any veto rules. A pretty good session of trading and learned a lot. I usually trade terrible on Fridays so it was nice to have a good day going into the weekend. My allowable two trades were with AAPL and AMD. My AAPL checklist: AAPL had a very bullish candle and when it broke the 1min VWAP the setup was complete. But it would break my 9:31:45 EST rule if I took it then. So I waited until it broke the 2min VWAP as well. I took the trade about 5 seconds short of my rule but conscious of it and knew this was not an 1min ORB. A few seconds later I hear Andrew is shorting MU. Uh oh! I am long a tech stock when Andrew is short. But I checked SPY and told myself AAPL is more of an extremely large consumer company and the stocks may not run together like AMD/MU. I told myself this though I have seen them run together. But luckily the price started to move. I took a partial at my first two targets. The price actually did reach my 3rd target but bounced too quickly to take it. Then the price dropped so fast I exited the trade above B/E. When I took the trade it looked like this: My second trade was a 5min ORB on AMD. AMD also had a very bullish candle. I went long when it broke the 1min VWAP. I have done well taking trades in between the 1min and 5min VWAP as if the 5min VWAP pulls the price to it. It reached my first target but didn’t make it to my second. Then when it made three consecutive 1min lows, 3 cents above my B/E, I exited. Of course the price immediately reversed and had a big run without me. But that did teach me something about exiting. When I exited AAPL there were no tech levels between the price and my B/E. Thus nothing to hold it back. But AMD had a MA (that the price already respected) between the price and my B/E. So it was worth 3 cents more to find out if it would bounce off the MA. I need to think about this more when I exit. What I did good today: Stuck to my 1+1 trade/day rule. Nerves were better today and I was eager to trade. Though I did not keep to my 9:31:45 EST rule I did delay the entry to try and obey. Did not break any veto rules. How did I challenge myself today? Checked all ATRs, reviewed them just before open and checked them again during the prechecklist before the trade. What I did bad today: Exited 1 cent too early on AMD and missed the big run. What can I do better next week: Continue to focus on not breaking veto rules. Think about tech levels when exiting. Have a good weekend
  2. 1 point
    Friday march 8th, 2019 Sleep: 7.5 hours. Mood: good, ready to trade. First trade of the day was an ORBU in AMD. i liked the buying pressure on the first ten minutes so i waited for a pullback to the MAs on the 1min chart and got a good entry. stop at $21.30 goal was a $21.71 a couple cents below my target. i was confident that i would get to my profit target so i watched it get two cents from my target and i froze and held and then i got disgusted that i gave back a 2:1 R over a couple cents and got out at the b/e. this ended up never hitting my stop and hitting my profit target. serves me right for getting out of a trade on disgust. GOOD: good setup, good entry. RFI: not taking any profits so close to my exit MOOD: disgust CONSISTENT: no. i did not follow my trading plan and was too rigid in my profit taking Then i just took some crappy emotional trades and hit max loss. Looked like AMD was going to sell off, i waited for a new 5min low to get in but i got stuck holding the bag and got stopped out immediately. this was my worst trade of the day. Then i tried two more shorts in AMD but it was a long, i should have known better but i let my emotions get the best of me and i held my short bias for three losers. GOOD: at least the third short i waited for a good entry with the HOTD as the stop: at least i respected my stops all day today. RFI: dumb trades, also dumb entries. Really blew it today MOOD: disappointed i kept trying to force the short trade but I accept those losses. CONSISTENT: yes i respected my stops. P&L was max loss but i felt more in control today than last week. i'm still hitting max loss way too often. 3 times in a week is too many. there's really no way to worry about my max losses, all i can do is take the best trades i can and not worry about the money. Traveling a lot next week so i won't be trading Monday, Tuesday or Thursday. it will give me some time to reflect on my trading and how to move forward. What i did good today: First trade in AMD was a good trade and would have been a winner What i did bad today: chasing trades and not looking at the overall trend. What can i do better tomorrow: don't let one trade ruin your day. other comments for tomorrow: Keep working on making good trades.
  3. 1 point
    3/7/2019 $KR - Got fooled twice by this so I left it alone. First trade, went short 100 shares after the price action closed below the 9MA/VWAP 5-minute. Got a late entry on the 1-minute. Next minute, price action squeezed hard. Stopped out at VWAP. Got back in for another short, but didn't get filled since SSR was turned on. Got back in for another short 100 shares and late entry. Got stopped out again. I was too early on the morning, but left it alone after the move I was looking for happened. $MU - Missed the ORBD. Waited for an entry and saw an opportunity at VWAP for a long. My signal was the close above the 9MA/VWAP 5-minute. Went long 100 shares and sold a few minutes after the pop. $ROKU - This one was a heart break. I was watching to see if the price action would reject the 9MA 5-minute. After the price action blew through it, I waited to see what would happen at the 20MA 5-minute (blue line). I said, if the price action closes between the 9MA and 20MA 5-minute, I'm shorting. After getting the close, I shorted 100 shares with a stop above the 20MA 5-minute. Got the move down and covered everything after a few minutes. Didn't think the move would last long. Price action continued to sell off and then pulled back to the 9MA 5-minute before selling off again. Missed that set up. $BURL - I watched this cash cow for awhile. Missed several opportunites at 150. Pulled the trigger for a short for 75 shares then 50 shares, but didn't have the buying power for the order to go through. Took another stab at it after closing my other trades, but didn't get filled due to SSR. Result:
  4. 1 point
    Johnny, Awesome post man. I definiltely have Trading in the zone on my to reread list. Struggled with it the first time, but ready to give it another go. I agree with every point your making. I do come to the market to fight. My latest post shows me taking entries based on what I want the market to do. I need to go with the flow. The A1 Setups/Winning trades are so obvious when you see them. I need to wait for the obvious trades, that is going to be my key to success. If they aren't there for that particular day, then I need to learn to walk away. I don't need to go and try and extract money from the market if its not there. I will not win, and the market will eat me up like it has been. Its ok to have a day without trading and its ok to have a red day. I have seen some progress just by working on my bad habits. A month or so ago, I would let my losers break stop loss and let them run in hopes of coming back and also doubling down on my losers. I had a hard time with that for a while and I couldn't really keep it under control by myself. I implemented DAS risk controls to stop me out if my trade ever gets to $90. This was a number I knew I never should be hitting unless a stock really goes against me and I let it. It took me a few days, but I stopped doubling down on losers and stopped letting my losers run as well since there was no point. The most likely outcome when letting my losers run will be to be stopped out with a $90 loss and it would be totally out of my control. I still have the risk controls in place, but I exit trades properaly and usually at around $15-$20 and I no longer have the urge to double down at all. When something goes against me, I don't take the wait and see approach and maybe add to my position, I exit. As far as me being addicted to action, that is one of the harder things for me to deal with. I think I do a fairly good job on most days, being patient and waiting for a good trade for the first trade of the day. It is after that point when I can lose control. I will take chop and I will take bad entries across the board. I am working on walking away after my first 2 trades for 5 min and then coming back to reread my premarket journal entry before I trade again. I need to almost take a full reset to make sure that I am in a good state of mind to continue trading. And this happens whether the first trade is good or bad. Its going to be daily thing for me. Fixing this will be the next stop to me trading consistently well.
  5. 1 point
    Hi Mike, sorry about your flu, but great trade today. To be able to trade a second time on the same stock is not a skill I have acquired yet. I can't trust myself that its a rational decision and not just a revenge trade. So I currently have a rule against it. But glad to see you have that ability.
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