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Showing content with the highest reputation on 01/14/2020 in all areas

  1. 1 point
    I was getting burnt while taking the conventional ORBs at the open. It affected my pshychology when my first trade of the morning fails, even when I think the setup was perfect. For e.g, A beautiful strong 1min open candle on $TIGR below, with no wicks, I went Long and got stopped out. If my first trade fails then it becomes a catchup to overcome the losses and then achieve the daily goal, and my pshychology gets messedup. I found some ways to narrow the ORB setup down to a level which offers high accuracy and would like to share this strategy "Pullback ORB with Breakout Entry"|. I have tried this out for the last couple of months and it has worked very well so far. The reason for this setup: I wanted a high accuracy setup at the open. I don't like overtrading, I prefer one and done, if possible. I am time constrained during the day. I can trade only at the open for 30-40 mins. And I am not good at Trading reversals. About the setup: This Pullback ORB-Breakout Entry works very well with @WilliamH Harmonious Charts. Step 1: At the premarket, find a Harmonious setup, where the price action is above (or below) all the MAs on multiple timeframes 1, 2, 5, 15, 30, 60min and Daily (most of them, if not all). I prefer when the Harmonious chart is also ATH/ATL (All time High or Alltime Low) Step 2. Pullback candle: At the open, Watch the 1min chart for the first 2 mins. Check if the 2nd candle is a Pullback Candle. Then it is an Alert. E.g Below. Step 3: Breakout Entry: Wait for the 3rd candle to break the previous 2 candles high (only bodies, no wicks) and take an entry. E.g Below. Step 4. Profit Targets: This is usually high RR setups, some times as high as 3-4 RR and a good candidate for riding till close. Step 5. This pattern/Setup works as good when it occurs on 2min or 5min timeframes too. If step 2 doesn't occur on 1 min chart, switch to 2min chart and watch for the pullback candle on 2nd 2min candle. Continue Steps 2-4. If it doesn't occur on 2 min, switch to 5min chart and continue steps 2-4. P.S: Harmonious charts - Sometimes you may find higher timeframes as Harmonious and smaller timeframes not harmonious, Wait for the open to see if the price action becomes Harmonious on these smaller timeframes too. Contrary to other setups, this setup works well when it appears on smaller timeframes. Eventhough it may appear on 15 or 30 mins, the setup may not provide high RRs. These are not rare setups, they occur almost everyday on common stocks like $FB, $AMD, $MU, $UBER, $TSLA etc., At the open, I watch 6-7 stocks for this setup and switch from 1min to 2min and then to 5min. Please let me know if there are any questions.
  2. 1 point
    1-14-20 AIS 0915, 5 hours, 7/10 ..... Long night and very tired... PAT: ............ Notes: ................. BYND Shame me now as I am not supposed to be trading this time frame .... I only took this trade on some info from Jim, a long time trader that plays at the track .... He told me last night to buy it if it lost 125 and that it would get to 130 without a problem and maybe up to 140 - 150 but then could go back down to 110 once it makes a reverse..... So I did and only used the Tape for this momentum trade.... I was a bit scared of this fastr moving stock and took tiny share size more to see if the info was correct.... +3R SDC PB#2... First entry was a good entry but I did not trust myself and exited for no reason.... second was break above VWAP, an engulfing crack on the 15min and a strong Tape and L2 ..... very tight stop below VWAP... partial at levels of resistance and added once that resistance became support / a pivot ....... all out on a new 15min low .... +3R Cons: Woke up late and did not do my own pre-market research...... let my first SDC trade get the best of me on the chart and did not read the tape on this entry/exit .... Pros: BYND was taken with small size and I did trade this with only the Tape.... SDC both entries were good .... Playbook Trade: SDC Notes: I felt much better waking up later as I was tired.... I need to listen to my body more often Rs: +3.3
  3. 1 point
    At this point I feel like the knowledge is there, now I need to let myself Win..... By the Way ... Congratulations Sir...
  4. 1 point
    Day 6 - Jan 13, 2019 26 Tickets 3 Symbols 1. TSLA - Long - 1min - ABCD TSLA strong break through previous levels and all-time high at 498.4 and 500. Waited for it to pull back into the 500 level and hold, got long full size with loss of previous candle as stop, profit target up to 505+. Ended up fat fingering a stop loss entry which took me out at the market before it dropped - worked in my favor, but trader error. Improvements - Need to nail my executions, made a trader error and fat fingered a wrong order. Thinking I should wait a little longer and let the trade to start forming and get in, jumping in to early. Ideal Trade: Waited for VWAP, MA's and support to hold and break at 9:55 - much better R/R from here and more defined risk level. 2. ROKU - Short - 1min - Breakdown, Momentum (Not in Game Play) ROKU was coming up to a triple bottom with 128 being the daily inflection point. Broke through on rising selling volume so I shorted full size with top candle as stop - good entry, not a great follow through though. Continued down in my favor and I started covering a little to quickly at 1R. Covered more at 1.5R and then another as it looked like it was holding the 126.5 Level, with final 1/4 position at break even. Good: Quick entry and exit on momentum play Ideal Trade: ORB-5min and rejection of VWAP at 9:36 and addition another one as it fails to bounce, stop just above 130.35 with 1st target as 128 daily level, and continuation through. 3. BYND - Long - 1min - Breakout Pullback, Momentum (Not In Game Play) Initially was short biased, with 102.30 pre market high as resistance. Opened strong, and had a nice follow through 102.3, came back down and held 103, bought the 1 min pullback for 1/2 size with previous low as stop, with plenty of room to 108 daily level as target. No reason to start covering other than it started to feel a little extended up 10% - so I took 1/4 position off (0.7R - too early) and continued to cover 1/4s at 1.5-2.7R. Ended up covering way too early - made it up to 115, and 122 after hours. Good: Didn’t let my bias take control, nice entry on momentum. Improvements: Poor trade management - covered to early with no reason. Should have let this play out to my target of 108, should have been adding rather than taking off on 1st cover. 4. TSLA - Short - 5min - Head and Shoulder (Not In Game Plan + Trading from Work) Was watching this waiting for a double top or continuation, little biased to short side. Took a full size short as it looked like it formed right shoulder, with stop just about consolidation. Adjusted partial stop and left 1/2 on. Ended up covering in two 1/4 fills at -1.3 and 1.95R. Improvements: let losers Run way too long in consolidation phase, had break even few times was even in the green - if Idea is wrong it’s a good idea to exit and re-asses the trade. Stop trading from work Ideal Trade: none, this was too strong and didn’t show much sign of continued weakness. Stay out. 5. TSLA - Long - Breakout Pullback, Momentum (Not In Game Plan + Trading from Work) TSLA was looking strong heading into close while I was shorting, as soon as I got stopped out on short I was looking for Long entry, Ended up getting a very good fill on 1/3 size on the 320 breakout pullback with defined risk below previous consolidation. Went in my favor instantly so I started selling (too early) into 2R. Consolidated again and purchased another 1/4 on pullback with decreasing selling volume. Didn’t really have a exit strategy for this one, just riding strength into close. Improvements: Inconsistent sizing, trading from work again and distracted - need to cut this out. Ideal Trade: Similar entries, however with more size. 1R at at first purchase 520 and should have added another 1R as we consolidation and held on my 2nd purchase. Today's Review Overall - Need to work on my game plan, as I am taking a lot of trades which I haven't pre-planned for, but I like the setup. Another error today, guess this is expected as I just switched to DAS - but definitely need to figure this out before I can size up. Note: Momentum trades (Breakout, Breakdown...) where risk isnt clearly defined might be better off treating as a quick scalp with lower risk but also lower exepected reward. What I did poorly: Inconsistent sizing What I did well: Few nice trade ideas, with solid entry execution What I need to do: Incorporate a time slot in the day to work on 1 specific task for the day. Next on list - DAS HotKeys/Configuration
  5. 1 point
    This is the process, keep up the fight and don't get discouraged.
  6. 1 point
    Monday 01/13/2020 I had a well-being score of 6/10 this morning. I took 2 live trades this morning with FIVE and JD. My watchlist: AMRN, FIVE, LK, JD, TSLA and NVDA. I didn’t like the stocks that were moving today. Very few had shares to short. When the majority of my watchlist is void of shares to short I get an unavoidable bias to go long. So scrounging around I replaced a couple to get the watchlist above. But not to excited about it. FIVE was on my main screen since it was the only stock of any real interest. FIVE gapped down big and I had a short bias. The opening big print occurred in a few second (80K) and there were a couple moderately sized bearish prints afterwards. Volume was OK, but not great. But I then decided to go short if it breaks down under 96.50. It did and I shorted with a terrible fill. But I was light on the share size in case that happen so my risk was still OK. I had no final target, but would definitely take a partial at the first daily level at 95.67. The price dropped quickly and I took my first partial. Then reversed quickly so I set a limit order to cover at B/E. Which a few seconds later it did. This time I got a good fill so I made a small profit. JD had just enough PM volume to make the watchlist. I like it was making an all time high. JD opened with a bullish 1min candle and OK volume. But L2 is what got me to take the trade. Since JD is at an all time high so I didn’t actually have a target. Charts and L2 when I entered the trade: I did take a first partial profit too early from nerves. But then tried to take a partial at the high of the 1min candles. By the end I had so few shares left I tried to hold for a bigger move. When I saw it wasn’t going to happen I exited. What did I do good today? Used L2 well. I bailed out of FIVE quickly when momentum reversed quickly. What I am grateful from today? I was able to find a workable watchlist. What I should improve on: I am starting to get back to my old ways of taking that first partial profit too quickly.
  7. 1 point
    1-13-20 AIS 0800, 4 hours, 5/10 - 6.5/10 PAT: No Chasing .... Spreads ... Notes: Absolutely no Voice Chat till 1000 for the week..... Keep my eyes on my main watch.... LK Bad Trade... not on my watch list... PB#1 5min ORB, 1 and 2min ABCD... but this was extended .... came back to my hard stop but with slippage It was more than planned... -1.3R BYND PB#1 15min ORB in a clear uptrend with clear signals in the tape along with L2 ... Took partials up to 106 ... missed 107... at this time I was looking for an add so hard that I fabricated entries and stopped out on all of them including letting a winner loose profit..... Terrible Trade Management.... +1R BLDP Over-trading...... PB#3..... two tries .... First one was chasing and second was just straight over-trading ... -1.7R Cons: Chasing .. Over-Trading .... Bad Trade Management Pros: Good entry on BYND using the Tape ..... Playbook Trade: None Notes: New Rule .... Only one loosing trade before 1100 .... I need to leave room for trading in the better part of the day.. Rs: -2R
  8. 1 point
    Good morning I have been really slacking on journaling, especially on my red days. Did a couple trades today. LK, ROKU, BYND, AAPL LK Was looking at LK for a 5 min ORB. Waited for the pullback to the VWAP before going long. Unfortunately it went the other way. Not sure why I had my stop loss so stretched. AAPL Saw an ABCD pattern forming. Went long but was eventually stopped out at the BE. I didn't like the 2 min ORB on AAPL due to the massive wick. BYND Tried to take it long at the 2 min ORB. Took some profits but forgot to change my stop loss. When it hit my stop loss, it automatically shorted some stocks. I guess it worked well as I was able to short it for a bit. Went long on the pullback. Unfortunately, I was trying to put in a stop loss but I hit the wrong hot key and pulled all my shares. ROKU ROKU hit its low for the day. I know it usually does a VWAP reversal. I should have waited for another signal before going long the first time. I was stopped out. I tried to take some profits when the next candle popped up but it immediately dipped as I hit my hot key. My stop loss order then had less shares and the stock went short with a couple shares. I pulled out as soon as I noticed but immediately went long as I noticed that the VWAP reversal was in progress. The min chart had a hammer doji and the next candle formed above it. Went long but I got a little nervous and had really tight stop loss when it got above the VWAP. Ah well. Good day today. Now to go eat and then nap for my night shift tonight. Will see you all tomorrow morning after my shift
  9. 1 point
    Hi Prabin welcome to BBT! I´m from Monterrey, México! In the Education Center you will find a suggested learning pathway so you can organize your learning of day trading.
  10. 1 point
    03.Jan.19 -2R. One good trade on $LB, got stopped out twice on $OXY. Watchlist: $LB, $LW, $OXY Trade1: $LB. HTook $LB long on 3Bar play. Got wicked out. Once the price came back to my original entry, I Long again (One of my rules, if I get wicked out, but the setup is still valid, I reenter again). Added a bit at the break of 18.5. Took one partial at 18.7 (only the add and was still holding my core position). I should have added after the hammer at 10.30AM, missed a crucial add. Partialed 50% at 18.95, added after the price bounced off 18.75. But price din't pop, so took this out. Another add after the break of 18.95, once it failed to break 19 for 15mins, got all out. Good: This is different from how I trade candlesticks or chart patterns to make 2R trades. Here I find an entry observe the price action and make add/exits at the right places and hold it as long as the setup is Valid. Improvement: Improve on Add and partials. Because my reentry had wider stop, position was small got me 2.5R. I shouldn't have missed the opportunity to add. Overall very happy with my trade on $LB, I want to make more trades like this, this month.
  11. 1 point
    Because price goes up and down all the time, every pattern may appear to be an ABCD. In my view, a typical ABCD pattern needs more consolidation between B and C and works when there is medium/low momentum. This pattern is specifically for the open when there is big momentum and not a lot of consolidation except a small pullback.
  12. 1 point
    Hi David -> The commission structure is 0.004 per share + 0.0025 ECN per share with minimum $0.50 per ticket. I haven't had any issues with CMEG. -> I have noticed that short list is getting better and is some instances it's better than IB as well. IB is better most of the times but CMEG is not that bad for an overseas broker. I think it's the best option for small beginner traders. -> Customer service is a hit or miss. They are good in looking after requests like change in daily stop loss limit or any general questions are usually answered pretty quickly. BUT, if you face any issues that they are not aware of or know how to fix then the technical support is a hit or miss. I had a technical issue and spoke with 3 representative with vague stupid answers. It was clear the the first 3 representatives didn't have a clue of the issue I am facing even after a week since my original email was sent. The last person I spoke with was a gem and provided me with a proper answer and fixed the issue. -> It usually takes 1-2 business days for my transfer to reflect is my CMEG account. That is from Australia to Trinidad and Tobago. I am happy with CMEG as you won't face the above issue that often. It's very very rare. The fills are excellent, margin is good, commission structure is excellent, client services is excellent, technical support is average.
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