Leaderboard

I was getting burnt while taking the conventional ORBs at the open. It affected my pshychology when my first trade of the morning fails, even when I think the setup was perfect. For e.g, A beautiful strong 1min open candle on $TIGR below, with no wicks, I went Long and got stopped out. If my first trade fails then it becomes a catchup to overcome the losses and then achieve the daily goal, and my pshychology gets messedup. I found some ways to narrow the ORB setup down to a level which offers high accuracy and would like to share this strategy "Pullback ORB with Breakout Entry"|. I have tried this out for the last couple of months and it has worked very well so far. The reason for this setup: I wanted a high accuracy setup at the open. I don't like overtrading, I prefer one and done, if possible. I am time constrained during the day. I can trade only at the open for 30-40 mins. And I am not good at Trading reversals. About the setup: This Pullback ORB-Breakout Entry works very well with @WilliamH Harmonious Charts. Step 1: At the premarket, find a Harmonious setup, where the price action is above (or below) all the MAs on multiple timeframes 1, 2, 5, 15, 30, 60min and Daily (most of them, if not all). I prefer when the Harmonious chart is also ATH/ATL (All time High or Alltime Low) Step 2. Pullback candle: At the open, Watch the 1min chart for the first 2 mins. Check if the 2nd candle is a Pullback Candle. Then it is an Alert. E.g Below. Step 3: Breakout Entry: Wait for the 3rd candle to break the previous 2 candles high (only bodies, no wicks) and take an entry. E.g Below. Step 4. Profit Targets: This is usually high RR setups, some times as high as 3-4 RR and a good candidate for riding till close. Step 5. This pattern/Setup works as good when it occurs on 2min or 5min timeframes too. If step 2 doesn't occur on 1 min chart, switch to 2min chart and watch for the pullback candle on 2nd 2min candle. Continue Steps 2-4. If it doesn't occur on 2 min, switch to 5min chart and continue steps 2-4. P.S: Harmonious charts - Sometimes you may find higher timeframes as Harmonious and smaller timeframes not harmonious, Wait for the open to see if the price action becomes Harmonious on these smaller timeframes too. Contrary to other setups, this setup works well when it appears on smaller timeframes. Eventhough it may appear on 15 or 30 mins, the setup may not provide high RRs. These are not rare setups, they occur almost everyday on common stocks like $FB, $AMD, $MU, $UBER, $TSLA etc., At the open, I watch 6-7 stocks for this setup and switch from 1min to 2min and then to 5min. Please let me know if there are any questions.

Tuesday August 20th, 2019 Sleep: 7.5 hours. Mood: good ready to trade but at home and i got another monitor and i feel off today like information overload first trade i tried an ORBD in CGC. got in on a pullback to the moving average, risking the HOTD, hoping it would go lower. never broke the LOTD and stopped me out next 2min candle GOOD: entry on the pullback RFI: should have waited for a bounce/new 2min low for confirmation MOOD: fine CONSISTENT: yes, lost a couple cents on my exit on slippage last trade i took a 5min HOTD wedge in CGC. hoping to get to the 200 MA on the 15min chart. made a shooting star and i thought i should get out but i remembered yesterday when i bailed and it ended up working also i had all the moving averages below. held to my stop. should have got out and reversed. new rule is a shooting star or 2min engulfing on the break of the high of the day, i'm getting out on a pullback. need to start doing that consistently, if i have specific things that i'm looking for on HOTD/LOTD breaks i can start practicing them and see if it improves my trading GOOD: stopped out, entry was ok, chased it a little bit RFI: clear reversal signal with multiple chances to bail for a small profit and i ignored them MOOD: a little frustrated to get stopped out twice but all in all, ok CONSISTENT: stuck to the plan What i did good today: took setups, got out at my stops What i did bad today: Trade management could have been better What can i do better tomorrow: shooting stars on HOTD or hammers on LOTD are now exit trade criteria with possible reversal. i'll try this strategy for a couple weeks and see if it works better.

First off: great trade! Secondly, when I add to a trade, I count it as one trade. My overall net P&L is how I calculate my overall R:R ratio. It's the same with partialing. I dont count each individual partial as a separate trade.

Thanks for keeping this post alive!

Van Tharp Institute Peak Performance Course Vol 2: How to control stress Chapter 6 (part 2) The planning board for my goals took awhile, so I had to split the postings of this chapter into two parts.

8-19-19 4 hours sleep up at 7:40 and feel good......... SSS and a Bucci.......... PAT: Keep adjusting my share sizes......... Trust myself and my patterns.......... NO Revenge ........... Trust myself and my setups, they have been working....... I need to start paying more attention to the Volume when candles are making moves.... I will also try to not go back to my P&L over and over.... 0950: Here I am early due to A couple trades going bad and one bad trade IMO +MU trades both ORB second one did not have much merit.... The first one I feel fine with but I took way too much share size (double the size = double the loss) for the stop loss The second one I took when I thought it looked Bullish without much other confirmation I also did not pay attention to the LVL2....... The third was an ABCD, another hot key error.... I took it long and partialed out When I went to partial out again I closed my position on accident The fourth took it as an ABCD on 1min but after looking at the 5min I should have entered earlier for the VWAP break....... once again I went all out when I meant to partial so I reentered at a bad spot (I would hope that I get these simple mistakes out of my system before my plan to go live in two months)...... I can not even believe I have made the same hotkey mistake again..... The fifth should just be a continuation of partials.... This MU trade should have been one trade since trade 3..... 1157 trade on a VWAP bounce and back to my partialing out and sticking to what has been working for me EXCEPT... I did close my pos. way early because I am scared for the day.... 1315 yet again I took another bounce off the 20MA on 5min (it has been bouncing off of the 20 over and over) +150.05 Actual with mistakes....... not even sure what it would have been without them and dont want to take the time to figure it out........ +AMD ORB Engulfing Crack that went bad.... I partialed out and let it turn into a looser.... (27.00) +IQ ABCD holding the 9... tried something new for me, adding into a trade I think is going well instead of partialing out. Not sure if its the erratic market per Brian and Norm or I should have just stayed with my normal setup and plan then would have yielded a small profit.... then I accidentally shorted it and got right back out..... 1027 looking for a possible long again waiting for confirm. but it plummeted again...... Lost instead of made a profit..... (100.00) +UBER plan worked but I did not stick with my plan and partial out on the way up then close pos. at BE..... Need to go back to what works for me.... (30.00) Overall this is an embarrassing day. I tried new things that didnt work along with some extreme over trading..... Cons: Over traded by a boatload...... first couple trades I forgot to look at the LVL2 before entry...... My hotkey errors were out of control..... I left behind my plans and strategy that has been working for me most of the morning..... Took incorrect share sizes...... Pros: I took a break for a bit came back fresh and traded more to my style and took myself from a 110.00 looser to a 6.95 looser.... I feel like the MU and AMD ORBs were sound but just didn't work out... Note to Self: I am going to start omitting this section but instead I will start my next days log with PAT (Pay Attention To) and review it before my trading day begins Profit Target +50.00: (6.95)

Hey BBT! My name is Sukh I'm from Cheshire in the UK I have owned my own businesses for the past 15 years, I now have time for a new challenge/project. I'm not keen to not add another business, more customers, more staff etc Trading seems like the right opportunity I have been thinking about it for a while, stumbled upon Andrew on Twitter I believe and then bought and read his entire book in a weekend I've been hesitant to dive in but decided to take the plunge and enrol yesterday, I've never done any trading of any kind real or on a simulator so I'm apprehensive but also very excited to be here and to get started

Vikram, I’m now caught up with your entire journal; it took me weeks! Your trading style is so different from mine and as a result, I’m learning so much! Thanks for posting!!

August 16, 2019 - Early Stop, Stop, and Partial ($AMDx3) A pretty bad week overall. Out of 4 days, I only met my daily goal of trading within my edge once. I had an issue of getting into the trade before my entry appeared. I seemed to be a little more eager this week than in the past. Overall it was a messy, messy day today. I took 2 trades way outside what I normally trade. 1st one had my entry pattern, but lacked all the indicators and other criteria. I got out when it didn’t drop. I should not have been in this trade. 2nd trade similar to the first. I was forcing my entry plan to meet and entered too early and got stopped out. Where I got stopped out was my indicator to start looking for a good 15 Min ORBO entry. I put the trade behind me and took another trade when the entry appeared. I got a partial at 1R, 2R, and stopped out at 1R. 1 cent lower on the range order and I would have survived and hit my profit target. Oh well. The best thing about this week although, I traded horribly and outside my edge, was that all of my loser were within 1R or less and the 2 winners I had covered the majority of losses. I was still down on the week but last weeks winners still out performed all of this week’s losers. Sample Set Results, S 2 3 P 5 6 P 8 9 10 11 12 13 14 15 16 17 18 19 20

I think you said it yourself, there are different ways of trading, none is better than the other. If you think about it, trade ideas scanner calls out for orbs after they break above the wicks, most of us here including Andrew take it after the break of the body(cuz it's the place where the candle closed as you mentioned, and as you said, getting in after the break of the wick can be so far, bigger room for stop, less size, and more difficult to get to the target. In my own opinion, ORBs are more difficult than they look like, it sounds easy to trade them, take the break of the 5 min, 1 min, 2 min, or whatever time frame you wanna take, but it's not that easy, you've to analyze the price action, the power of sellers and buyers, and have a bit of bias according to premarket action or the ma's/daily levels below, above, or from which the price action bounces The best for me is to see an abcd on the 1 when taking 5 min orb, abcd on 5 when taking 15 min orb, or seeing the price action holding some kind of ma and according to it take the orb with stop below that ma, basically it comes up to an ORB, but with a mini setup. Not to forget the main rules for an ORB which are small body candle, small wicks, closer to vwap So bascially, if the setup on the 1 (abcd) is completed, and the C is visible, new 1 min high is the break of the body of the 5 I'll take it to the long for the break of the body. If the mini setup is completed with a perfect entry but above the wick of the 5, then I'll take an ORB when it breaks the wicks, it all depends on the indicators we've, what they're telling us, and the bigger picture we see after combining the small details!

01.Aug.19 I would like to share another setup that may work at the open. This is based on the chatroom discussion with @Brian Pez . Again, this setup works very well with WilliamH's Harmonious charts. I am attaching the screenshot of the trade I took. $PS. The stock had gapped down today. During premarket, it kept selling. At the open it pulled back to VWAP/MAs (due to all the shorts covering at the open) and then $PS continues to drop. I took at entry below VWAP with stop of only 5c (above 50MA on 1min). And rest of the steps are included in the picture.