Day 71 - April 20, 2020 (Missed screenshots and executions of Apr 17, small green day)
16 Tickets
2 Symbols
Green Day
Watchlist:
Trades:
MGM - Short - 1 min - Double Top
Short MGM as it looked to be a double top with quite a bit of overhead resistance - previous day close, pre market highs as well as point of control on VolumeByPrice. Watching SPY and it looked like it was turning over.
Improvement: Need to wait for confirmation on this one, took in anticipation - didn’t show signs of double top as it was just consolidating.
ROKU - Long - 1min - Ascending Triangle
ROKU making higher lows coming into 134 level, and holding PoC on VolumebyPrice. Took it long as it consolidated at the top of Ascending tringle. Stop loss is loss of previous pivot low. SPY ripping up but ROKU is just setting up, could see a big move. Took 1/3 partials into spike ups and left final 1/3 at break of POC.
Good: Taking partials quickly into the spike as this is a momentum play, waiting for this to tighten up
MGM - Short - 1min - VWAP Break and Go (-1 adjusted stop, original was 14.05)
1st entry - MGM coming down into VWAP with heavy selling pressure. Waited for a bounce and break through of VWAP for confirmation, idea here was trading below considerable volume done above, longs were under water and would liquidate below VWAP. Emotional mistake Adjusted stop and got stopped out as I didn’t as I didn’t like the bid at 13.99 refreshing (original stop would have been good).
2nd entry - After adjusting realized the thesis is still in tact, 13.99 dropped after a big volume came in and failed to reclaim with strength - took it short with stop just above where I got stopped out. Took partials off too quick, but happy with letting it ride out for a final partial of up to 8.5R.
Good: Had the right idea, and after making an emotional error I came back in after watching price action and getting confirmation of bidder at 13.99/14 dropping.
Improvement: No need to be adjusting here…panicked too easily on this one.
Trade Review
Was a good day, starting to implement a checklist into my trading decision which has decreased the amount of trades I take. Looking forward to complete the checklist this week, and be ready to go for next. Looking at historic trades, and potential trades for stocks in play and looking at common theme of winners in order to duplicate. Also need to work on losers as well, that way Im not blind sided in hindsight 20/20.
Have also started meditate again, and reading before the open (The Daily Trading Coach: 101 - Steenbarger) as I have been having discipline problems and overall decision making was blurred by biases and emotions. Meditation has worked wonders in the past, not sure why I stopped - but excited to be getting back into it.
Will be adding lots of stuff to my journal in near future through reading this book. Goal is 1 chapter a day before the open, and work on the one goal/exercise he assigns.
Daily Coach 101: Process of sustaining change. Need to have an emotional connection with your daily goal.
Visualize your trading before every morning, and you doing everything well, implementing the new change - TRADING CHECKLIST
Now visualize the same scenario with an "or else" scenario. What happens when you don’t do this - MAJOR OVER TRADING, SUBPAR SETUPS,CHASING
Daily Report Card
1. Only Take trades using risk calculated hotkey = 4/4
2. Placing trades with defined risk, and profit targets (No adjusting) = 3/4