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Showing content with the highest reputation on 10/14/2019 in Posts
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2 points14.Oct.19 Greenday. +2r. Watchlist: $PE, $CRWD, $YNDX, $FAST Trade 1: $PE. Took Rising devil setup on this. Stock had gapped down due to acquistion news. I took short just above VWAP, 2 portions. One got stopped out above 50MA, other one was above 200MA, that survived the stopout. Partialed at daily levels and got 2r/3r on this. Added after the stock pulled to VWAP, but it was forming Double bottom with big volume. So got out on the next candle. This is similar to my $YNDX trade from Friday. I held longer this time and got out only after the confirmation. my best trade of the day. Trade 2: $PE. After the ORB trades, I waited for the price to breakout VWAP and took long. L2 had a Seller trying to push the price down, but still stock was strong to go back to 200MA on 1min. I got out last part, after the stock got weaker. Trade 3: $OXY. This is from the reversal scanner, after noting double bottom, I took it long got out at VWAP. Then the stock broke out VWAP came back and bounced off VWAP, this is a new setup, so went long again, got out at daily levels. Trade 4: $OXY. Noted 2 shooting stars on 30min. Took short, but got stopped out. Stock went back to 20MA before reversing to VWAP again. Trade 5: $ROKU. Roku bounced off 200MA on 15min, such a strong support. Took it long for reversal, but got stopped out. Good: I improved from my $YNDX trading from friday to $PE trade today, both Rising devil setups. This is a common setup for me, Rising devil followed by VWAP pullback short. If I get all out due to Double bottom, then there is an opportunity to go long till VWAP or HOD. atleast 3-4 setups available continously. I made a conscious decision not to include $SES in my watchlist today (~1Mn shares flt). Although it created such a ruckus in the room today, I am glad I wasn't even tempted to look at it. These kind of lowfloats don't deserve my watchlist. Improvement: Bounce off MA is not working out recently, may be due to the market conditions. Need to reevaluate if I am going to take this again, may be on certain conditions (for e.g 9/20 already crossed on 1min) Made an error on hotkey again. instead of covering I pressed short. I should have stopped after my 3rd losing trade of the day.
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2 pointsMonday 10/14/2019 I had a well-being score of 6.5/10 this morning. I moved my fixed R to $10/trade while I figure out the sweet spot. High enough to feel the uncomfortableness of live trading, but low enough I will trade smartly. Took 2 live trades this morning was with YNDX and FAST. Backtesting showed AAPL and BABA are no longer in play at the open. Sadly there was enough data by last Wednesday to show this. I will backtest charts daily from now on and use the last 5 days (moving average) to determine the plan going forward. This would have save me two days of double stop outs. But, AAPL has made really nice 15min ORBs all last week and BABA still in play at the 5min mark. So Both stocks are off limits at the open. I can look at BABA at the 4min mark and AAPL just before the 15min mark. YNDX and FAST were on my opening watch list, with MU and BABA on my 5 min watch list. AAPL was on my 15min watchlist. My attention was entirely on YNDX at the open. I like it was the only stock I saw gapping up and it was gapping up more, with volume, right before the open. I already planned if it broke the 31.05 level with volume to go long. Which it did 2 seconds after the open. I usually wait a few seconds for the price fluctuations to settle down, but the L2 looked positive so I went long immediately. The priced spiked during my fill and I immediately lost 20 cents on the fill. For a $30 stock, it is pretty much game over. But since I was so close to the open I did go half share size. So my risk was still just above 1R and my R/R still OK. Too bad the price retraced back and I could have gotten a better entry a few seconds later. Live and learn. So I was long YNDX a few seconds after the open with HOPM as my target and the daily level of 31.05 as my stop. Due to my bad fill it didn’t feel promising to take my first partial at 1.5R and instead I took 25% at 1R. The price than retraced and I was all out at B/E. FAST actually setup while I was trading YNDX. Though I will take two trades at once with stocks I know well, I wouldn’t dare with these. After my YNDX trade was over, I did miss a move with FAST, but there was still a lot I liked about it for a 2min ORB. The candles were creating a mini ABCD and even though the stop would have to be far away, the 200MA-1min was right above my 1.5R and the PDC at 3R. So I was long with PDC as my target and VWAP-1min as my stop. The price advanced quickly and I took a 25% partial at 35.85 which was a really strong level, since there was a daily level, HOTD and the 50MA-5min. Then the price moved higher and bounced really hard off the 35.93 daily level. So hard I took another 25% partial because I just lost faith in the trade. Then all out at B/E. Then I did well in SIM. I took a 5min ORB on BABA which made it to 1.5R partial than out at B/E. I also took a SIM trade with AAPL for a 15min ORB which really ran. Score cards (live trades). YNDX FAST 86% 95% What I did good today: I like how I managed the FAST trade. What I am grateful from today? +0.6R is not that much of a day, but it was a lot of fun trading new stocks. What do I need to improve on: I will move my backtesting from weekly to daily. I just have to be careful not to make decisions on one point of data. Need 5 min. So I have to use the backtest data as a moving average.
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2 points10-14-19 Up at 0740 with a little over 4 hours sleep. Fell ok..... SSS and a coffee.... read a bit in the Playbook.... PAT: Share Size Notes: Pre 5min setups must be A+ for "Live" trade..... Any PB#1 ORB setups must be A or A+ for a "Live" trade..... Keep working on proper trade management.... Will cut out for a bit to go get my Live account ready to go..... SES Took a couple scalps on this Low Float just trying things out.... I missed one good move that I wanted to trade so I went ahead and took these for practice in SIM of SIM.... one win and one loss +26.75 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- I will make this my break of SIM and Live account for my information.... but as I have been doing I will still use my P&L for all trades since I do not have a way to separate them yet....... ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- FAST PB#1.1 (A+ setup) ... 2nd day play Strong stock that gaped down looking for a long position.... Took a small share size on purpose as these are still a little foreign to me.... The 1minORB broke VWAP and with nice ASKs on LVL2 and Tape prices going up, decided to add here then some quick scalp partials and all out at BE.... +21.50 FAST PB#1 (A setup) the 5min ORB candle was a bit extended for me keeping this from an A+ setup, confirmation on the 1min ABCD.....I kept the share size a little bit small even after the add ons as I did not feel this was an A+ setup..... I added in at a very bad spot and got filled even worse... I do like the second add... I partialed out a bit too much so I added in the amount I did not want partialed ..... all out on a new 5min low.... +29.00 Trades 3 and 4 were PB#3 which I would grade both at B+ or A..... I took full share size on these which in hind site maybe I should have stayed small here also... One I got stopped out on and the other I partialed and all out on BE.... -32.40 AMD PB#3 (A+ setup).... trending the 9ema on the 2 and 5min breaking the 200ma on the 5 and 15min, looking for the 50ma on the Daily.... I partilaed on the way up leaving myself with a little just incase it breaks out over the 50ma on the Daily.... stopped out on three consecutive 5min lows and below the 9ema on the 5min.... +86.70 Cons: Just work on Share size a bit more Pros: Found good setups in this choppy market today.... Stuck to my rules and felt good ..... Favorite Trade: AMD PB#3 Notes: Work more on share size R = 50.00: +131.55 / +104.80
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1 pointOctober 14, 2019 - A very slow day without a lot of good setups. I sat on the sidelines in the morning as I didn’t get any good setups from $FAST, $YNDX, or $FCX. I came back for the afternoon session and it was terrible. I could almost look at some stocks and see the computers trading them. I choose to just sit back, watch the charts and look at volume compared to the price action. I really wanted to get a trade in today, but was not willing to take a bad trade. Looking forward to tomorrow. Sample Set Results, S P G E E P P P P G G 12 13 14 15 16 17 18 19 20
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1 pointFirst let me applaud you on the discipline I see in your trading everyday. This is the toughest part of trading and when you have it the rest comes a lot easier. My first question, are you making trading decisions on the 1min and 2min chart only? They are a little close in time frame. The 1min/5min or 2min/5min or all 3 is better. So the first MU trade looks OK on the 1min. The MAs are moving up. Looks like an ABCD is being created so its OK the volume dried up a bit which it does commonly on the "C" part of the setup. I also like that it retested VWAP and still bounced higher. The only issue from the 1min chart is the 45.10 level is a REALLY powerful on being the PDC. But you have labeled it the same as the 45.05 level so it doesn't seem so strong. Sometimes I do enter a trade before the break of PDC so I can catch the move after, but only on volume. But here you were hovering under the PDC with low volume. Then on the 2min chart things didn't look as good. The 200MA, which is heading downward is a strong resistance level. Unless your stop was tight and the 200MA is your target. Then on the 5min chart there wasn't a new high after the VWAP break, not giving you an entry point. So I see why you took the trade, especially when looking at the 1min chart. I do recommend you have the PDC (previous day close) labeled a little different, unless you can still track it. I can't so I have it labeled differently. And I made the mistake of still using the 1min chart, as my primary well after the open. It took almost a year before it became comfortable using the 5min as my primary and the 1min/2min for confirmation and entries. Especially after 9:45am. So hopefully you won't make the same mistake as me and get comfortable using the multiple time frames early in your career.
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1 pointOut of all the restaurants that I checked with, I only came up with one that is able to accommodate us without a minimum tab or set menu. I'll throw out this idea again for Hooters on Clearwater Beach. They can put us up on the 3rd floor with everyone ordering off the regular menu with no restrictions. They will also be able to get us in earlier since they don't close between lunch and dinner. Would anyone be opposed to this? http://www.originalhooters.com/locations/tampa-bay/clearwater-beach/
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1 point14 Oct 2019 Took only 2 trades on our best friend, also know as $MU. First trade - I saw the candle bouncing on VWAP and thought it may take off and I went LONG. I was on the wrong direction where I got stopped out. On my second trade, I saw it moving downwards and bouncing as a resistance in 2 min chart. I immediately took the trade SHORT and manage to exit at one of the lowest point. Today is breakeven for me. My learning lessons should be not to LONG the share if there is a MA above the trade (in 2 min chart). Any bros who would like to contribute 2 cents worth are most welcoming! Thanks!
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1 pointOctober 11, 2019 - $JD A slow grind today on $JD. I got into the trade because of the volume and price action when it rejected VWAP. $BABA is to expense for me, so I choose to add $JD to my watch list instead. Got my 1R partial, set my range order and just missed the fill at my profit target. I let it go a couple more minutes but when it couldn’t pop back up I got completing out. Not a bad trade. Numbers weren't adding up on this sample set so I had to go back and see what happened. I missed entering a trading day in which I got stopped out twice early. I went and adjust all the sample set results to correctly reflect the results. Sample Set Results, S P G E E P P P P G G 12 13 14 15 16 17 18 19 20
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1 pointI am almost at my 1 year trading live anniversary. Time to evaluate if it is worth continuing this journey. I was in SIM for 6 months, so I have been trying to learn day trading for 18 months. I always planned to access my progress and evaluate if I should continue at my 1 year live anniversary. It has been quite costly in time, so it is a serious consideration. Though I feel like progress has been made in my trading I don’t see any change in profitability, so it is not an easy decision. But with some reflection, this week, I realized it is better to look at this more holistically. The change in my personality (for the better) has been dramatic. I would even say transforming. Especially, the last few months. I see improvements constantly and I would not want that to stop. Waking up at 5am and forcing yourself to face your fears, endure stress and muster the strength to make changes in yourself to improve creates dramatic results. Let us say I went a different path and started working on starting a business. I would have worked on prototypes, a business model/plan, and presentations for funding. For the most part not stressful and no internal improvements would have been made. If I feel off that day, the worse thing is I program the 3D printer wrong and the part is thrown in the trash. If I feel off while trading I could go tilt and lose a large part of my family savings, permanently altering our lives. A much greater incentive for personal growth in the latter. I like this growth in myself and I don’t want to stop. That alone it is worth continuing. Now if someone walked up to me and asked if they were training correctly, and they showed me my training plan for the last 18 months, I would say no. So way am I training this way? If you get a couch potato and you want to start training him for some track/field event, would you spend 10 minutes a day practicing in each decathlon event? No. But that is what I did. I set up my platform, and started trading different setups every day. Hoping I would get good at one of them. I would have recommended to the couch potato to first put the mileage in running. Then hit the weights. Improve your flexibility and get on a sensible diet while reading up on the events. So why didn’t I do that? And worse why am I not doing that now? Yes, I am trying to improve on some of that, but looking objectively I am still training wrong. So first I listed what I should have done the past 18 months, find the deficiencies and then I will create an appropriate training plan. So here is my should have done list: 1 Education Read enough to know you have a serious interest. Read enough to learn what next to read. Read enough to know what platform broker/SIM to use. 2 Get fit Physically (exercise and diet) 3 Get Fit Mentally (Decrease the incoming stress, able to handle stress and methods/activities to alleviate the stress). 4 Business plan Do you have at least two years to learn? How many hours/week can you devote? How much disposable cash reserves do you have to cover expenses and losses? 5 Set up Trading equipment. You can be frugal, but don't be cheap. 6 Training Plan 6 months SIM. Training during market hours and training after market hours. Mental and physical fitness should be part of the training plan. Also reading, webinars, etc. 7 Trading Plan What time of day do you want to trade SIM, for how long? Chat on/off? Risk? Max loss? Max trades? These should all be decided in SIM 8 Learn the platform in SIM Make a trade, partial and stop. Don't leave this phase until hotkey mistakes are <10% of the trades 9 Exploration phase You need 3 trades in your playbook, though only one needs to be solidly profitable. 10 Dip your toes into live trading Once hotkey mistakes are reduced and you have at least on setup in you playbook, you should go live at least once a week with very small share size 11 Discover trades that fit your personality Nothing works? Or some setups do work but you are completely stressed when you take them? 12 Reread trading books, especially psychology The books will mean more after being in SIM awhile 13 Revised trading plan At least the last month of your trading plan should mimic your live trading plan 14 Choose 3 setups Not just the one's that have worked the best, but the one's you feel the most comfortable taking. 15 Refine trades You should be now taking trades like they are live. Once you do this you will see adjustments are needed. 16 Revised trading plan This is the live trading plan, risk, max loss and max trades need to be written in stone 17 Revise Business plan If not yet, trade losses need to be in your business plan 18 Go live 50% I assume, in the beginning, you will hit max trades quickly then switch to SIM. Also make sure you take some SIM trades on setups you are still working on. 19 Work on nerves Reread psychology books, they will make the most sense once you are live. 20 Test risk management Even if you lose every trade, your losses should be manageable. If not work on risk management. Do not go past this step until complete. 21 Go 100% live Once risk management is solid, go fully live. 22 Increase fixed R Find the risk you are comfortable and slowly increase. Stay within comfort zone. With that in view I didn’t even get through step 3. In the Van K Tharp course I am taking, they give you a test to check if you are ready to handle trading. There are essentially 3 parts. How much stress is in your life now (can you handle any more like day trading)? How well do you handle stress? Do you have methods to efficiently alleviate the stress? I failed this so badly I was below the bottom of the scale. So I should have known and fixed this 18 months ago. Now I have made progress and I do noticed my nerves are better when I trade. I have set goals to improve it and I have listed those in another part of the forum where I journal the Van K Tharp course I am taking. But this must be my top priority. I am so glad I created a business plan or I would have quit when I started losing lots of money when I went live. Because I assumed I would have losses and had it in my business plan. Though I spent 6 months in SIM, I never really made it through step 8 (know the platform) or step 9 (exploration phase). I use to make 2 or 3 hot key mistakes a day. It completely disrupted my trading and was a big impact in learning how to trade. I should have spent all my time fixing the issue before moving on. This issue is fixed now and my hotkey mistakes are low, but that was a waste and caused undue stress. As for step 9, I left demo without any working setups. I tried and nothing worked. Then I chose the 5min ORB and heavily practiced it on DAS SIM and tradingsim.com with little improvement. I finally left demo just to try another platform to see if it would help my hotkey mistakes. It did. I wish I did step 10. I do recommend it for new traders. Step 19 took a while to fix (nerves). Rereading Trading in the Zone and Daily Trading Coach after you go live has much more of an impact. I tried reading lots of other books to help, I found most not useful. I did finally find a couple that helped. Essentially, I was raised that being negative was good. We would be punished as children for acting to positive, like we are jinxing the future. If we enter a task to positive and we fail my parents would love to tell us we ruined are chances because of the positive thinking. “Laugh before breakfast, cry before dinner,” was my parent’s favorite phrase. So this was a lot of programing to change. But, I have known lucky people. They enter the situation positively and assume things will go their way even though the odds are against them. And I watch how things go their way. So this mind set can really help in trading. You don’t second guess yourself and the ability to find setups is improved. There was actually an experiment that showed this. To keep an open mind to different possibilities. If you think that something positive may happen, when an opportunity, though it may be outside the box, crosses your path, you would see it and act. I would be close minded and not see it. There is actually some data for this. I once read about an experiment where volunteers were gathered. One set of people considered themselves usually the lucky type and the second group considered themselves unlucky. Everyone was given a newspaper and asked to count the number of pictures in the newspaper. The unlucky group usually took 2 or 3 minutes to count all the pictures. The lucky group usually took around 10 seconds. Because the lucky group all noticed a big sign on page two stating, “there are 46 pictures in the newspaper.” The unlucky group were focused on just looking for pictures and never noticed the sign. You can imagine how that applies to day trading. So you need to make yourself luckier by using the power of attraction. Step 20 (Risk Management). Ok, I think I got this one. I have not lost any money in the last 8 months trading live. My trading is not very good so it must be risk management keeping me afloat. Step 21 (increase your fixed R). Definitely doing this one wrong. Essentially, I increase my fixed risk/trade, during profitable time, to the maximum I can handle without it affecting my trading. That’s not really the correct way to improve one’s trading. My fixed R is currently $30. If I go any higher the impact of a full stop out is too much to handle. Thus, I am at my maximum I can emotionally stand. But, it is still too high and affecting my trading causing bad habits. You shouldn’t choose the most you can handle you need to find a sweet spot in the training phase. If too little it feels like you are in SIM and you will trade too reckless. If too high you will trade to careful. So I need to lower my R. It will take a few tries to find the sweet spot. So I am trying to determine my new trading plan. I will need at least a week to plan and experiment. I will have it fully implemented by my 1 year live anniversary. I have decided to give it one more year. If I still haven’t seen steady progress I am pretty confident I never will and should move on. The one thing that is certain, as in all changes for the better, things will get worse before they get better. Once I step outside my comfort zone and change things up, I will take losses again. I need to prepare myself for it. I have gotten quite use to not losing money. Sorry this post was a bit long winded. Thanks for reading. Have a good weekend.
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1 point11Oct19 Greenday. +6r. Busy trading day, today I was able to spend the whole day looking at the market and trading. Green Friday once again. Watchlist: $ AAPL, $ROKU, $FAST and $YNDX. $YNDX had gapped down against the market and $FAST was harmonious setup(both earnings). Trade 1: $YNDX. Rising devil setup. Short below VWAP, Stop 25c. Partialed at 2r, but the price turned against me and I got 2 more partials. Trade 2: $YNDX. After the pullback to 20MA, added to my position, partiled towards low of the day. Added to my position again by mistake, got all out. Trade 3: $YNDX. Later at Noon SPY dumped and pulled most of the stocks down with it. Slowly all the stocks were recovering to their original position, Robert called out $YNDX. And I took it long at the key level of 29.5 for 2:1 AON exit. Stock squeezed and I got my fill. Trade4: $FAST. Gapped up on earnings. very strong at the open. I took long after the pullback to VWAP and bounc. Also at the break of daily level 35.5. partialed towards HOD and got all out on new 5min low. Good: Very obvious premarket list today. Entries were good. Enjoyed watching the market whole day. Another +ve Friday.
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1 pointThursday 2/21/2019 Well being score of 5/10. Though I felt a bit more nervous trading than usual this morning. My one allowable trade was with AMD. The setup/power: It was a "step" 2min ORB setup. Not a good 2nd 1min candle but it had really good "power" by my setups. It did a curtsy at the 24.13 level and strong volume on the 2min candle. I took the trade as it broke the 24.13 level. The price did reach my first target at 24.19 (1R, high of the day and at Bollinger-band) but the price had a quick down spike, the instant I sold, so got a poor partial price. I thought I missed the exit at B/E due to a hot key mistake. Then I looked at my video (3 times) and my final exit was not a hot key mistake. I clearly clicked "sell all" right at B/E but it did not register with the SW/Broker. I noticed it quickly and sold again 2 cents lower. Makes me a bit nervous the sell button, though it moved and I heard it click (in the video) it did not register. Does this happen often? That's a first for me. I a have CMEG as my broker. I'm a little frazzled by this. What I did good today: I kept to my 1min 45sec no trade rule. Took my first partial at the correct spot. Exited the trade correctly. Took correct share size. Kept to my 1 trade/day max rule. Recovered quickly after the sell did not go through the first time. How did I challenge myself today? I turned off my P/L window again for the third day. Also, I kept to my 1 trade/day rule. Successfully kept to my 1min 45sec no trade rule. What I did bad today: Traded AMD again!!! What can I do better tomorrow: Calm my nerves. Look at the scanners more when the watch-list is weak. Thanks for reading, hope everyone has a good day.