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Showing content with the highest reputation on 05/13/2020 in all areas
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2 pointsToday I did a great job at the open, not only did I honor my no trading first 5 minute rule, but I waited another full 5 minutes before entering a trade. I did not try to force a 5MinOrb, that's a pretty big accomplishment for me, I would usually talk myself into a trade, but nothing met my Orb criteria. Then after that 2nd 5 minute candle finished, I jumped into a trade that isn't part of my current strategies. NVAX formed an engulfing crack on the 5 minute chart, I know this is a valid strategy, but it's not one that I am focusing on at the moment. I also entered late. BA was a double bottom trade, the double bottom wasn't that clean, it actually did more of a triple bottom. I don't have a criteria checklist for my doubles the same way I do for Orbs. So I'm going to work on that now. This was a phone trade at the end of the day. None of these are part of my current strategies. I was guessing AMD would reverse at the close because it was so far from VWAP. It wasn't given me any signs of a reversal, it was all in my head, so I tried two longs and got stopped out. Then switched to a short, and added to my short. I am not happy about these trades, I still ended a little green, but this could have very easily turned my day red. See you in the chat in the AM!
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1 pointI am trading on a great desktop for the opening...but my wife has to teach during the day and uses my room. I am including my configuration here and a picture of a setup. For me, it is the connectivity which is either wifi or lan (same speed really at home) so I use my laptop. More important than the robust processor and RAM is the ability to use USB 3.1 for video. My late morning trading station is my laptop in this configuration. I've made some good trades using this setup.
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1 pointDay 85 - May 12 , 2020 37 Tickets 5 Symbols (1 premarket, and forgot about it) Green Day Watchlist: RVOL at open NVAX: 2000% + MRNA: 300% DDOG: 1500% Trades SDC - Breakout Pullback (Pre-Market, -1 Not in Playbook) Huge squeeze on good volume in premarket, came back down and held VWAP at the 10$ mark also at PMH, took it on a long (half size in pre-market) but ended up being a dead cat bounce. NVAX (1) - Long - Support of PMH ( -1 Not in Playbook) NVAX strong in premarket but selling off into the open due to profit taking (up ~ 60%). Selling right at the open, but held premarket high and popped up on buying pressure, took it long as it broke through previous candle. Partial on the way up (too early) then final at breakeven but slippage on hard sellof. Bounce again of pre market high and I took it long, covered partial into VWAP and got stopped out. Good: Trying out new setup at the open, pre-market levels + Lvl 2 signal. Has been pretty good so far. Improvement: Still working on this, but entry might have been a little early - better entry would have been 2nd candle, as it dipped but failed to drop and then reclaimed again. Also should be much better with partialing notice I got too excited as it moves quick at the open. DDOG (1) - ABCD (Lvl 2 held bid, -1 Adjusted Stop) Strong push at the open then come back down to VWAP and spiked to HOD. Same thing, came down to VWAP and looked like a hidden buyer at 64.23 held the bid for multiple bars, volume selling into it but 64.23 kept refreshing, looks like Institutional player buyer at VWAP so I got long, risking few cents below the held bid. Sold partial into 2R pop and then adjusted stop - stopped out, but saw strength into asymmetrical triangle and added more - taking partials at 2/3/4 R (panicked at 4 and cut it short through we might reverse). Good: Good catch on VWAP and Lvl 2 - big player coming in. Improvement: Adjusted stop - once again hurt me. Could have kept as loss of that level and then add where I took more. NVAX (2) - Long - Ascending triangle NVAX setting up for ascending triangle, took small size (20%) into the break thinking to add on retest - but went straight up with no chance, partial at 3R and then got greedy due to small risk taken and got stopped out on major drop. Improvement: 20% isnt worth taking, 50% should be minimum risk, with idea to add more. DDOG (2) - Long - Ascending Triangle (Limit Player on Lvl 2) 67.8 limit player slowly getting taken out, took a long (small size) Finally broke out and covered into the pop. Smaller size as its mid-day - but too small, need to be taking half size at least. Good: Right idea and entry which allowed for low risk. Improvement: Small minded, need to keep some more on and let it ride - nothing to be scared off especially with smaller size and tight stop. Same thing - need to be taking 50% position sizing here…killing my PnL taking too little size MRNA (1) - Short - Descending Triangle (Fake out, Bid Drop and reclaim) Missed the rejection of 65 level holding the offer very strongly, took it as we came down and tested 64.5 multiple times and bid finally cracked, few prints at 64.495 - got short, bid reclaimed and quickly stepped up and stopped me out. Improvement: Saw the level drop, but need to wait for ask to hold below the 64.5 to confirm the buyer is gone - faked me out nicely. DDOG (3) - Long - Ascending Triangle Overall uptrend and forming a larger ascending triangle on the 5 min, was looking for minor pullbacks to buy and sell into the pops/key levels while trading around a core position. Improvement: Overall happy with this trade, but had much more to take from this - need to let them play out rather than quick scalping every time. MRNA (2) - Short - Failed Pop (-1 Not in Playbook) MRNA looking week, huge selling volume and getting rejected my MA's - made a bearish doji and went short as it broke below on the 5 min. Small size, as its not in my playbook and wasn’t getting a great read on how it was trading. Got 2R and took of full position in front of previous level bounce. Good: Happy taking small size in a scalp for a setup that’s not in my playbook but looking weak, took 2R on the trade and took full size off. SPY - Short - Technical Breakdown (-1 Not in Playbook) SPY looking very bearish, strong sell off through previous day low. Tried to recalim but failed - took it short as it broke LOD risking 290 level just above previous day low level. Working out in my favor, with continued selling. Not in my playbook so I took partial size for a scalp, got my 2R and took full position off. Good: Happy taking small size in a scalp for a setup that’s not in my playbook but looking weak, took 2R on the trade and took full size off. Trade Review Considering the W/L ratio I should be much happier about how the day went, one of my bigger days In a while. I had a great read on market, but still felt like I was trading a lot - although I stuck with stocks I was watching and had a better feel for it. What im not happy with is partial sizing, few trades I took today were at 1/5 or 1/4 the regular size, when my rule says to be 1/2 (premarket, mid day unless A+ setup). Coming off a few losing days I guess this can be natural to size down, but I think there was a lot left on the table. Takeaways from today: Stick to the 3 strocks you are watching, get a feel for them - this will highly increase your odds than jumping back and forth. Started reading Lvl 2 a bit more today which provided some clear cut trades - DDOG refreshing and held bit off VWAP for LOW risk and huge potential reward. Daily Report Card 1.Playbook Setups Only (ABCD, VWAP Break N Go, Triangles looking to add 1-2 more) = 5/9 2. Placing trades with defined risk, and profit targets (No adjusting) = 8/9 NO MORE ADJUSTING UNTIL A PARTIAL IS TAKEN
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1 pointI don't have any information to help you with; just support! I'd just love to see a new scanner come out of BBT to go up against the other scanner companies.
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1 pointOne trade today, 5MinOrbDown on BA. I've decided to try making an adjustment in my daily goal. It's not going to be a dollar amount or a R,2R,3R etc. I've decided that I need some confidence. So my only daily goal for now is to be green for the day. I don't care if it's $5 or $100 or .5R or 5R. If I can keep concentrating on my ORB, Double top/bottom, lightning bolt patterns only, the profits should follow. Another thing I started a couple weeks ago was starting an Orb spreadsheet to track my progress and success. Tonight I added colors to the spreadsheet and did some reflecting. I think it helps me to see that when I follow all of my criteria, I have an 80% win rate, when I don't follow them, it's a 33% win rate. I'm hoping that seeing this in the spreadsheet will help me in the future, I will be more likely to check my criteria before entering if I know that not checking it will lead to poor trades. 1MinOrbUp: Follow Criteria 0/1: Didn't follow 2/4 . 1MinOrbDown: Follow criteria 2/2: Didn't follow 0/1 5MinOrbUp: Follow Criteria 1/1: Didn't Follow 3/5 5MinOrbDown: Follow Criteria 5/6: Didn't Follow 0/5 Total Orb: Follow Criteria 8/10: Didn't Follow 5/15 I need to make one of these sheets for double bottom/tops, and lightning bolt. Did anyone write down Peter's lightning bolt criteria during the presentation? I might have taken a pic with my phone, I will have to check later.
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1 pointDay 84 - May 11 , 2020 39 Tickets 2 Symbols Red Day Watchlist: RVOL at open UAA: 329% WORK: 182% BYND: 143% Changed from AMC to beyond - didn't like how AMC was trading at open. Trades WORK (1) - Long - Lvl 2 (Held Bid at PML, -1 Not in Playbook) WORK dropped into pre market support, saw a big bid at 30.45 which held took it Long off that level risking low. Still working on this setup, but it seems like some nice R/R potential if it works, and potential for all day runner? Good: Good read on premarket level, and level 2 holding the big. BYND (1) - Short - Descending Triangle (-1 Adjusted Stop) Was looking to take it on the descending triangle but I Missed the move, wanted to see rejection of VWAP but didn’t bounce so I short into the breakdown and failed pop = wasn’t patient, need to be holding off until VWAP and the breakpoint is tested. Got int too early after a heavy sell off, volume was confirming but held to PDC both time showing support Improvement: Need to decide what I'm doing, either Descending triangle or wait for confirmation on failed pop . WORK (2) - Long - Asymmetrical Triangle Long biased as we are above that 30 level of major consolidation breakout. Holding above VWAP with higher lows being put in. Thinking we would breakout and head to HOD. Sold into pop and then again into HOD, added to position as it broke through wedge with strength. Too quick to cover as I didn’t get a solid entry, consolidated and made another triangle (ascending) took it long around my main core position and sold into pops 2nd partial was after the big spike and rejection coupled with potential exhaustion volume. Final partial at break of trendline. Good: Holding a core position and Re-adding size after taking some risk off UAA - Short - Descending Triangle UAA is weak, and selling off. Took half size as it rejected Mas and was heading into the apex and once again as it broke down with volume validation. Good: Happy with the adding size on confirmation of breakdown. Improvement: Keep an eye out as that hammer doji after the break didn’t seem that great. No need to be splitting the covers here - you are wrong and get out UAA (2)- Short - Technical breakdown (-1 Not in Playbook) Was distracted with work, but Saw tight consolidation and just jumped in. revenge trading after getting stopped out on my previous setup. Improvement: Should not be taking this trade BYND (2) - Long - Ascending Triangle Watched it trend higher and form ascending triangle, was looking to get in closer to trendline but it broke out through 136.5 and I went long (FOMO) .Didn’t use my checklist, but SPY was breaking out and BYND holding that 136.5 level thinking we could bust out. Stop hunting on both sides and then rallied. BYND (3) - Long - Breakout Pullback (Revenge trading, -1 Not in Playbook) Got stopped out bottom tick basically and then took off without me on strong buying volume. Tight consolidation on low volume so I went in thinking we could continue to HOD. Stopped out. Work (3) - Short - Lvl 2 - Big Bid Refreshing Usually would look at this as short Descending Triangle but Big limit player holding 31.30 on the bid and kept refreshing order size, and although the Selling was continuous it wasn’t hitting the bid hard. Some prints on bid some on offer. Took this with very low with (4c) just below 30 and 27bids, broke down but happened so quick I didn’t get filled? Then rallied. Improvement: Wait for the Fake breakdown to go through and then load up for much stronger confirmation. Also should be adding into the 13:10 after it broke out and tried to retest but couldn’t. WORK (4) - Long - Ascending Breakout (-1 Adjusting Stop) Ended up chasing and buying on the breakout vs looking for a test on support. Overall buying is in control. Panicked out, 32 wasn’t getting lifted at all, no asks getting hit. Potential held offer and drop here. Volume coming in on selling over and over. Stopped out at breakeven - Need to wait for better confirmation . Finally broke out and consolidated back on low volume - took it long for a continuation. Failed and stopped out. BYND (4) - Short - Failed pop (-1 Not in Playbook, Chasing) Saw the lower highs formed, coming up and getting rejected by MA's Took it short with anticipation this rejects and continued down. Improvement: Cant be ignoring major levels - 130 has been support in past, and bounced right off there this time. Don't be chasing here - very extended. UAA - Short - Level 2 (Offer Stacking up, -1 Not in Playbook) Took a short in UAA into the close as there was lots of asks stacking up with HEAVY size..didn't go anywhere, covered for flat. Improvement: No trading in last 10-15 minutes. Don’t know exact stats, but overall my mental state isnt the same - forcing trades, especially when im in the red. Trade Review Overall had a decent day, some solid trades but still too scattered. Entries were good on WORK but trade management was poor - should have been a much bigger winner, but I was scared and kept taking profits too quick. Need to focus on doing less, way too many trades. Rather than being a sniper I am firing all over the place hoping to get lucky - STICK TO YOUR SETUPS. Daily Report Card 1.Playbook Setups Only (ABCD, VWAP Break N Go, Triangles looking to add 1-2 more) = 6/11 2. Placing trades with defined risk, and profit targets (No adjusting) = 9/11
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1 point1.1R day I did a good job yesterday, I stuck to my plan I lined out in Thursday's journal, no trades first 5, only Orbs and Doubles. BA was holding above VWAP and MAs, L2 looked good for BO. I tried an add, I thought the PMH level would act as support along with my Daily level at 134.51. Stopped out at new BE price. Looking at the chart now it looks like the 9EMA was curling down when I added, so it was probably not the best idea. I need to watch some more Thor recaps before trying adds on a regular basis, that's two times I tried adds this week and both failed. I missed indicators that would have shown it wasn't the correct time to add. This DIS trade wasn't a good entry. It was too far extended from the MAs. I cant remember if the might have been an L2 scalp or not. I did get one partial before stopping out at BE. I also had a phone trade that I forgot to get a picture of. I traded this double bottom on NCLH. My entry was a bit late (11.06:42, $12.28), I did get one partial and stop BE. As I am entering my TraderVue Journal I just realized my DIS trade did not fall into my plan setups for the day, oops. Next week I'm working at a new body shop in a different town, I'm not sure if I will have good enough internet to trade. If not, I'll still be hanging out in the chat with all of you. I also started the new Mastermind Pro lessons in the Psychology section, the first 5 minutes blew me away, it was like he was talking about me, so I feel a lot better about my journey. It seems like what I am going through is very normal. Cant wait to work my way through phase 4 and come out on the other side mentally strong enough to make this a" full time" career.