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Showing content with the highest reputation on 06/10/2019 in Posts
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3 pointsThe Day Trading Plan discussed in this YouTube video is now available for download here. Supplementary resources: Sample Playbook Template.
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1 point10.Jun.19 - Live Today I had a Crazy trading day. I didn't blowup my account, but very strange trading day, close to a Hulk day. 2 Trades. Red. My watchlist was $AMD and $MSFT and Lowfloat/Lowprice $PRVB, $MNKD Trade 1. $AMD - I traded premarket today. I have been watching $AMD and the 52 week high of $34 mark. Today the price touched $34 at the premarket finally. I was sure that the price will go back again to $34 and cross it too. I waited for the pullback to VWAP and went long, I added to my position too. Price went up only slightly, then I got stopped out before the open. For the first time, my Range order stop didn't work and I had to manually get out of my position. I think it is because of the lowvolume and volatility in the premarket. This is my first time ever that my Range order didn't work. At the open price dumped and then pulled back to $34. I was right about the setup, but traded very badly. I felt like an idiot after these 2 trades. I wanted to get these 2 trades out, and then move to SIM quickly. Trade 2: At the premarket, I noticed $MNKD, it was positive clinical studies. Gapped up, Good volume. At the premarket, price touched $2 and dumped back to $1.3. I was very interested to go long due to the above reasons. So I went Long just before the open. Price slightly went up, then dumped thru the rest of the session. Got stopped out. Another bad trade. This was not Stock in Play, there were many other stocks which were good. I felt like I was doing my own thing in a corner. Good: I had 2R as my Risk for $AMD trade. I had only 1R for $MNKD. I added to my position on $MNKD because the Risk has to be the same in any no of trades to get the Probabilities working. I didn't panic about the situation, I just moved on. Improvement: First time, I traded premarket Live today, not one but two trades. Need to try this out in SIM a lot first. First time, I added to my position, I never do that even in SIM. I did it Live. I wanted a better position, and at premarket adding to position seems to be the option for better entry. Try in SIM first. First time, I didn't get stopped out on my Range order. Luckily my sharesize was not so big and I was still watching so was able to manually get out. This is due to the volatility and low volume premarket.
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1 pointLive trading summary for week ending 6/07/19. Weekly summary a little late due to very busy weekend. Missed one day of trading due to poor sleep. Made 7 trades this week with a solid score card average of 87.7%. Win% was 57% which is adequate. What I am most happy about is my win$/loss$ ratio is greater than 2. Which made this a very green week. Back test data (for 1min/2min ORBs) from last week shows FB still making very solid 1min/2min for 5 weeks now. AMD showed better data this week so we will still call it in play. Roku and TSLA seem to be in play now, but even with Centerpoint broker ROKU shorts are not readily available. TSLA has a very different personality I haven’t figured out yet so still in observation mode. My thoughts on Centerpoint Securities so far. I have to admit I was a little disappointed the first day when I didn’t see an “S” on the Montage for ROKU. Now there was shorts for SQ, so it is better than CMEG, so I will have to see in the next few weeks how good their shorts are. They do have a “hard to find” short process, but I use to use that with E-trade. Though very effective finding shorts, it is not useful at the open. The other concern is I was just expecting commission costs and no fees on my trades, since that is how the offer was described. Then my first trade I saw the fees cost equal to my commissions! Was quite surprised. The fees were things like SEC fees, which sure sound like regulatory fees that was supposedly wrapped up into the commission costs. I emailed them for clarification. I have not received an answer yet. Here is my plan for this week: Concentrate on process and score card, not on W% and P/L Do not trade AAPL until better data is seen. Make FB your primary focus. Vol min is 100K in the first 20sec. AMD is in play again for the 2min ORB. ROKU is in play for the 2min ORB, but I still don't have shorts so keep as a third choice. MU is not in play for 2min ORB, but it has been looking good for the 3min ORB. So keep MU in mind if you are looking for a trade in that time frame Remember to trade the 5min ORB as a 5min ORB. Trade review shows I am trading 5min ORBs with 2min ORB methodology by reflex. That won't work.
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1 pointMonday 6/10/2019 I had a well-being score of 6/10 this morning (5 hours a sleep but deep). My nerves were not great since I had an extremely busy weekend. Thus, I did not get a chance to perform chart review. So the only stock I could trust was FB for the 1min/2min ORB. I took two live trades with FB. When I saw FB price drop, my plan was wait for the hammer to be created because I was still long bias. It did retrace and start to create a hammer but then it bounced twice off of VWAP. So I was thinking I may be wrong and went short on the second bounced as it broke the daily level at 174.30. It went against me so fast, that by the time DAS drew the red triangle it already went against me and was at my stop out. I immediately covered. The trade was less than 1 second in duration. I should have waited for the break of the 200MA as well, but it flew by it without any remorse the first time that I was thinking it wasn’t respecting it at the moment. Plus, I really like the triple level (VWAP and the daily level on the 1min and 50MA on the 5min). Now the hammer I originally plan to trade off of was created. I waited for the break of the HTD and 50MA and went long. I tried to take my first partial at the $175 but got a horrible fill almost back at B/E. Then partialled at the premarket high and at $175.50. The next two partials I took when the price lost its momentum. Then exited the few remaining shares at the first 1min low. Here is the chart. Please ignore the dark line at $175.80, I am still having trouble with DAS recorder and it left a line. My score card for today: What I did good today: Win$/Loss$ is greater than 2. How did I challenge myself today? Exited a losing trade under 1 second. Did not keep my bias after the open. What I did bad today: Though the first trade wasn’t terrible, I should have known it was a “C” trade and waited for a better opportunity. What can I do better tomorrow: Catch up on the chart review I missed this weekend. I feel a little blind without it. And of course work on the patience.
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1 pointFriday 6/07/2019 I had a well-being score of 5/10 this morning (5 hours a sleep). My nerves were OK. Since it was Friday I traded half share sizes today. I just opened an account with Centerpoint. I thought Friday would be a good day to try it live since I am trading half shares anyway. I was surprised my layout on DAS I had saved (CMEG) would look the same on Centerpoint, since it is the platform that matters. It didn’t and took about an hour to convert over and look right. I also could not get the screen recorder to work correctly so sadly my trades were not recorded. I also wasn’t happy I didn’t see any improvement in shorts over CMEG. But will look further into that. I took two live trades with FB then AMD. Knowing I am trading half sizes helped the nerves a bit since I usually double stop out on Fidays, so I thought all I would lose is -1R. FB open weak and the 2min candle was going to engulf the premarket 5min candle. I like there was a daily level right below VWAP. I was focusing both on AMD and FB at the open so I was a little late with the entry and got a bad fill. So my R/R was not adequate anymore. But I did like that it may have a chance to green to red so I covered about 1/3 of my shares to reduce the risk. Price almost made it to my first target than retraced and I exited at my planned S/O. My next trade was with AMD. AMD open weak and went green to red. It retraced and tested the PDC where it took a strong bounce. Volume was still heavy. I was waiting for a breakout and for some reason I thought the break of the previous two candles BODY was a good enough break. Not sure why I didn’t wait for the break of premarket low or the LOTD or wait until the 5min candle is finished. It didn’t and the price instantly reversed after I entered and burst through my S/O level (PDC) so fast I had a large slide on my exit price. There was another issue with AMD. Since most of the stocks I trade are higher price (not sure why I guess they make better 1min/2min ORB candidates recently) that I have set my buttons on DAS for higher priced stocks. When I take a trade I use a button with the risk per share cost and have it calculate the shares. My choices for a stock at AMD’s price is limited. So with the S/O level I choose I did not have a button for half shares at that cost. I could have rounded up or down. No idea why I rounded to higher shares. So I only took 30% less shares than normal. Thus with the slide on exit I took a full -1R on that loss. My score card for today: What I did good today: Well it wasn’t a complete disaster like Fridays usually are. How did I challenge myself today? Traded with a new broker What I did bad today: Poor entries again. Not the first time this week. Not happy that my loss for the day is -1.4R. I really want to stick to -1R on Fridays. What can I do better tomorrow: I need to keep the exact entry point in mind at all times and constantly review the decision making process if to enter at the spot.
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1 pointJune 6, 2019 - $AMD (Partial) Poor trade management. After yesterday's loss, I was a little shaken today. I should not have exited when the stock tested the moving averages again. I should have let it run to my break even before exiting like my trade plan calls for. I got out early and then the stock ran on me. I am ok with it, but it is a reminder that if you trade not to lose, you also do not gain. Today I was trading not to lose instead of trading my plan. Good lesson though, I am happy with the entry i took especially after having to sit through the first thirty minutes without seeing an entry. This weekend I plan on summarizing my previous sample set and defining this sample set. Sample Set Results, P 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
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1 pointThursday 6/06/2019 I had a well-being score of 3/10 (4 hours of sleep and a nasty headache) this morning. So not trading today. FOMO OK, I decided not to even watch or SIM. The only time I got near my computer was to grab the SD memory, which I immediately fumbled with it and dropped it on the floor. Then it took me a minute, crawling on the floor, to find it because my eyes wouldn't focus. That's when I thought, "wow, I am so glad I am not trading the open right now".