DAY – 9.18.2020
Trades: 3
Symbols: 3; 5 (DT: AMD, SPY, DKNG; Swing: IBM, WKHS, BA, APA, WDC)
Psychology: Slept well, routine breakfast and preM show paired with PreM preparation.
1. Did you take 20-30 deep gut, clear mind breathes? – PASS
2. Did you review your Daily Psychology Dose? – FAIL
3. Did you prepare your pre-M checklist for ORB? – PASS
a. Did you rehearse long and short possibilities? – PASS
4. Did you review your Big Picture document? – FAIL
Goal for the day: Day Trades – Work on 2-min ORBs and find one or two PRs and CRs; Swing Trades – Manage partials/exits and average downs according to pre-set plan
Daily Market Wrap-up & Week in Review:
SPY has fallen below the 50 SMA on the daily, not a good sign for bullish sentiment. It was range bound and moving upward from 1:30 - CB but did so on low volume which also does not bode well for bullish sentiment. The Energy sector (XLE) ETF was at the bottom of the list with Health barely ending the day positive. In terms of weekly performance, Healthcare and Industrials lead the way, Financials and Energy in the mild and Communications Services leading the 'red' pack.
WL:
DAY TRADES:
SWING TRADES:
WKHS
Broke $30 today, I am still holding some shares for the break out above $30.
IBM:
Added to my position on yesterday's PB. Holding this as big money rotates into 'safer' equities as elections approach.
AMD
Entered a swing at the low of day to hold over the weekend .
Final Review
Goal for Day: 8/9, PASS
1. Only trade the opening 5-mins if consistently trading symbol and confident with its move – FAIL
2. Partial/average down or exit swing positions (according to pre-plan) – PASS
3. Work on better entries – PASS
4. Reduce amount of premature entries due to not waiting for strategy set-up to 'occur' and 'confirm' – PASS
5. Only trade the symbols on your WL, BBT pre-market stocks in play, or TI scanner – PASS
6. Do not trade without P/L on screen or in mind – PASS
7. On green symbol stop trading it for the day if lost any amount of green P/L – PASS
8. 3SYO – PASS
9. Enter trades with small position, upon confirmation of ‘move’ add to position on PB – PASS
#6 and #9 are game changers for my confidence and trade management.
Things I did well: Stay patient with a trade where I had to average up on waiting for the move. I did not chase any entries at the top of a range or at the D position of an ABCD pattern. I did not break my rule of only taking 3 trades today, outside of my ORB.
Things I did poorly: Broke a rule set-up yesterday - I was playing a game: Take a trade in the morning and if I 'won' the trade then I could take a second trade. broke the game rules.
Needs Improvement: Last few weeks I was doing a good job of performing comparative VPA checks – before entering a position I was comparing similar volume/candle bodies others previously formed during the day (1-min and 2-min chart). This was helping me get better entries. I NEED TO GET BACK TO DOING THIS CONSISTENTLY.