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Showing content with the highest reputation on 07/02/2020 in Posts
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2 pointsHi All - My name is Julio Hernandez. I'm from the Washington DC area and am working remotely for a small consulting firm. I've been trading for about 6 months now, mostly options and have found that I struggle with knowing how to lose. I let me losing trades longer out of pride/hope and lost some hard earned money. I found Andrews book on How to day trade for a living because I really wanted to learn how to trade the right way - so far I have alot to learn but I'm happy with the process. I'm grateful to be part of the community and can't wait for the journey to come. Thanks!
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2 pointsThursday- July 02, 2020 Futures Watch /ES spent most of yesterday hovering around 3100 V POC, with a great defined range of 3090/3110 after the first test of 3090 in the morning session. Currently pulling away to test high end of range and recent pivot highs. /NQ achieved the alternate case yesterday, reaching right to 10300 before closing slightly lower. We're very extended from our range this morning; however, since we've already shown a move away, be careful for a climactic high as an exhaustion move before returning back to test 10125 top of range. /RTY tested to top range yesterday before reverting back to V POC and consolidating. Currently breaking top of range, so look for recent highs 1460 area as resistance and a retest of 1445 area if we are to continue much higher. Premarket Review at 9:00 ET $SPY - Up 1.3% and testing 314.5 daily pivot high. Getting above that area may trigger a number of stops and lead to an aggressive gap fill. Look for 315.64 second pivot high and gap fill 317.16/318.22 lows. An unusual activity into a holiday, but we're getting there. $QQQ - Up 1% after three strong days from the lows set on Monday. Futures suggest it's extended at ATH, but as our overall strongest sector, be careful trying to reverse trend on this with liquidity being low in this area. $IWM - Up 2.%, leading the bullish day so far after a weak day yesterday (closed lower vs other two Index ETFs). We may be seeing a larger gap up due to the lower starting point, but we're also slightly above 144.50 resistance area which could lead to a triggering of stop losses to go much higher on a breakout. Bond Futures down slightly, $TLT selling off PM after the recent stats on Payroll and Unemployment. Testing 162 low of range, but today is the kind of day to break a range if markets rally higher quickly. Oil Futures up 1.2% as energy sector is strong testing top of Volume Profile Range. Natural Gas Futures up 1.3% after pulling back slightly from recent rally, at V POC. Gold Futures down .7% falling sharply in PM. $GLD testing top of breakout range 165 area. Silver Futures down .7% falling back to V POC. May consolidate asd market directionality is defined. Volatility Futures down 5.2% extended away from V POC and showing the opposite profile as other products like /NQ. Premarket Sectors at 9:15 ET Strong Sectors: Most sectors up around 1-2%, but Financials, Energy, and Real Estate are standing out above 2% Weak Sectors: None. Always watching other major sectors like Tech and Healthcare for any divergence against a strong market. Things to Watch: $C and $JPM great financial names when financials are in play. Breakout potential in $OXY
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1 pointPurpose: Provide a overview of the markets by using different instruments and evaluating prior activity. Use overview to understand market directionality, strength/weakness, and driving factors. Focus on areas with most potential. Outline: My process involves reviewing what the markets did last week using the Index ETFs, Index, and Futures in order to understand the day structure and market profile from the prior session. I will often mark areas of consolidation and volume acceptance as levels of interest to carry forward outside of daily levels and trends. Once an overview of the market products is assessed, I like to quickly scan the SPDR Sector ETFs for any obvious standouts relative to the current SPY Percentage Change. This is normally done close to Market Open around 9:00 - 9:15 ET. I like to have a list of candidate stocks that are good representative names for any sectors that are 'in play' relative to the markets. For example, if Energy stocks are moving independent of the markets, I would want to find a good Energy stock that has high Relative Volume and Percentage Change to trade 'the best of the best'. Instruments: Index Products: $SPY/SPX/ES Futures $QQQ/NDX/NQ Futures $IWM/RUT Index/RTY Futures Sector Products: $XBI - BioTech $XHB - Home Builders $XLB - Materials $XLC - Communications $XLE - Energy $XLF - Financials $XLI - Industrials $XLK - Technology $XLP - Consumer Staples $XLRE - Real Estate $XLU - Utilities $XLV -Health Care $XLY - Consumer Discretionary $XME - Metals Other Products: Bonds: $TLT & /ZB and /ZN Futures Oil: /CL Futures Natural Gas: /NG Futures Gold: $GLD & /GC Futures Silver: /SI Futures Volatility: VIX Index & /VX Futures Dollar: $DXY US Dollar Index
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1 pointI know in my journal yesterday I said I would continue trading in SIM the rest of this week. Well, I said f%$k it. I went back live today. Wednesday LIVE +2.8R SQ 1MinOrbUp +0.9R I was watching SQ because the daily had formed an ascending triangle the last 3 candles, it had also tried braking this level for 5 consecutive days. I took my first partial too soon, but hey, it was my first live trade in a month, I'll get better at slower partials. I think I'm going to set up a hotkey to draw a line for my first partial (one R). DAILY TRADE FDX 1MinOrbUp +2.8R FDX had gapped up a lot on earnings, beat on all expectations. Got a good entry near VWAP after the second candle pullback. Then it was off to the races. I had some other trades I skipped, I attribute these good decisions to my improving self awareness. I'm sure everyone is tired of hearing about my self awareness, but I really believe that was the biggest missing part of my trading skills. I could always see afterwards the reasons I should not have entered the trade, now I'm aware before I enter the trade. I ask myself if this is one of my setups or not, and I can skip the trade if it's not. Before, I would enter the trade first, then realize it wasn't a setup I was supposed to be taking. Thanks BBTFamily
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1 pointThe daily is why I was watching NVDA on Tuesday 30th. Look at the big bottom wick on Monday 29th.
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1 pointDay 119 - Jul 1 , 2020 11 Tickets 2 Symbols Green Day Personal: Canada Day today..wasn't rested at all, up late....ended up sleeping in. Got to screens late, but did all research and market prep - was not rushed. Accepted fact i was late and was fine with it - much clearer mind set. Goals for the day: Report Card = 100% Watchlist: RVOL at open: Trades BYND - Short - Asymmetrical Triangle BYND Forming tight consolidation just below VWAP, tried to push through but rejected VWAP and VPoC and broke through lower trend so I took it short. Stop above VWAP (pivot high - but too wide) Look for LOD+. Broke down but SPY is strong and has a positive catalyst - will see what happens. Looking to take some off into 144.5 PM Level and then hold on to the rest. Didn’t like the 5min hammers and break of downtrend so took the rest off. Ended up hitting right at PM Level I exited first time and then dropped another 6 points. Good: Good read, perfect asymmetrical triangle here with rejection off VWAP and a shakeout candle right before the drop. FDX (1) - Short - Descending Triangle (LOD Break) Was looking weak coming down forming a descending triangle just above 158. Took it short as it broke down, although 158 didn’t act as much resistance… Ended up taking half off right away on fake breakdown doji (In game plan) and got stopped out for the rest. Good: Following game plan Improvement: SPY moving up - was not playing with market. Note: 12:18 - FDX setting up a descending triangle. Would like to see another rejection at 159 and then come back down for the break. - Did not follow my own plan, took a loss because of it. FDX (2 ^ Above) - Short - Descending Triangle (LOD Break) Trying it again on the drop - didn’t like the wide bar - but selling coming in and thinking we could see a run for rest of the day. Took some off into Premarket Mirror level, and then didn’t like the potential bottoming volume hammer doji so took some more off. Came down had some more increasing volume and doji right off 155.90 level - looked like holding so I covered some more - final partial was break of downtrend. As soon as I got out we put in a real nice reversal shooting star for potential short - but 5min buying is coming in - change of character. Good: God job sticking with this - overall was weak and I hit stock with what it presented me. Improvement: Look for a better entry here - stop was way too wide. Better entry would be break down, and reject around 13:10 - should be adding into this, as stats show re-test is a great entry. Trade Ideas (Potential Trades) 10:36 - INO - Long squeeze out of asymmetrical triangle (Winner : 2-3R) 10:44 - FDX - Bear Flag looking weak below VWAP. Thinking this will flush, target 158 (Winner : 4.5R) 11:06 - INO - looking like a bull flag VWAP Break and Go - too wicky to topside (Loser) 12:18 - FDX setting up a descending triangle. Would like to see another rejection at 159 and then come back down for the break. Took this trade…didn’t wait for rejection - came up to touch 159 to the penny 12:33 - BYND setting up for ascending triangle off level I have marked (mirror) . (No Entry - Broke below previous low ) 12:33 - FDX testing downward trendline - will see what happens here. Would be more comfortable shorting this as it break again but will see. Wanting to go short at the top of trend - but know its better to wait. 159 showing some size (44 lots vs 1-5 lots other levels.) (Winner) 13:24 - INO Asymmetrical still holding. Also a Bear wedge with lots of bids at 20 - missed the 20 breakout would be chasing at 19.8 (Winner : 3-4R) 14:07 - INO Huge bid at 19 - 1000 lots. Not a great entry unless it consolidated there for a while and continues to hit that level. Broke right through within seconds (No entry) 15:15 - INO breaking out 20.20 level after holding MAs and putting in a Few hammers - 20.20 entry 19.87 stop (Loser) 15:37 - BYND asymmetrical short below 141.6 and long above 142.5 (Loser, but no Entry - no trading in last 30min - stats are terrible into close) Trade Review Goal 1: Playbook Setups Only = PASS Goal 2: No Adjusting = PASS Wasn’t going to trade as It was Canada Day and wasn’t rested up. Got to screens late, but did all the prep and just started trading later in the morning. Ended up taking a few trades, happy with entries they matched majority of my criteria but stops were too wide - therefor got less shares to keep for the bigger move. Trade management is still the name of the game for me… NOTE: Have started keeping track of "Trade Ideas" for trades that I am thinking of taking, but don’t for one reason or another. If followed to game plan - would have had another 6R + on the day if they were taken. Will keep monitoring, with more detail that way I can see WHY I didn’t take them when I should have…… Things I did well: Followed rules for when I wake up late - did full research and took my time getting into trades. Playbook Setups and Adjusting Stops Things I did poorly: Trade Management - should have been up an additional 2R if exit strategy was followed. Daily Report Card 1.Playbook Setups Only (ABCD, VWAP Break N Go, Triangles looking to add 1-2 more) = 3/3 = 100% 2. Placing trades with defined risk, and profit targets (No adjusting) = 3/3 = 100%
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1 pointRight at our entry yesterday (791 + 209 + 69 + 791 + 3) * 100 = 186,500 That's a lot of shares dude lol Here was the money 1 min orb play today, trap those bears and get a nice squeeze before the run down. I love it!
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1 pointThank you Jarad for the awesome job! Instead of searching all internet we now can find almost all needed info in one place@ Great job!