I'm AA. I've been trading on and off for over a year now. Recently, I want to take trading more serious so I start to record my trades in a journal. My result hadn't been great, but I usually have some kind of ideas/excuses on why I would take a trade. So by writing this journal on BBT forum, I hope to get some feedback about my trades so I can improve as a trader. Anyway, I've been red all week so my goal for today was to make a few good trades and be done for the day. By doing so, I will be able to gain back some confidence in my own ability. Today, my main watch list is AMD, CROX, PX and WLL. My side watch list is QCOM, MU, and SPWR. Usually the side watch list are for stocks that price too high for my account or I don't have share for short, or maybe penny stocks.
Trade 1: I saw that AMD had a strong open. I took a 1 min ORB when I see that it bounced back from VWAP on the 1 mins chart. 1000 shares at $30.66. My stop loss is below VWAP. Sold 600 at $30.7 which is high of the day. Then the rest towards the 200 SMA on the 5 mins chart for a profit of $70.40. I usually don't take trade in the first 5 mins so I was scared of the volatility of market in the first 5 min. As a result, I took profit way too early. As you can see, I scaled out way too early too... Missed out on a 60 cents move Good trade, but bad management.
Trade 2: CROX gapped up a lot. It sold off badly in the first 5 minutes. This is probably the sign of share holders and swing traders taking profits. I saw that CROX bounced back perfertly from $24.6 level. That is the 200 SMA level on the daily chart which is an extremely strong support level. Then, I saw CROX pushed up above the MAs and VWAPs. It consolidated at this level. On the 5 mins chart, CROX seemed to hold the VWAP. I went long at $25.69 for 1000 shares. Stop loss is a bit below VWAP. Target is at around the @25.99 level then high of the day. Anyway, I sold 600 at $25.91. 240 at $26.05. The rest was supposed to be sell at $26.35 but it dropped 12 cents on me so fast that I sold it at $26.23. Profit of $304.80.
Overall, today is a good day. I missed two opportunities today. One was on WLL. WLL gapped down a lot. I saw that it reject the VWAP and wanted to go for a 2 mins ORB, but then I saw that the spread was 10 cents! So I didn't take the trade. Right now it has SSR but I think it didn't have that at the time.
Another missed opportunity was on SPWR. It gapped up a lot due to good earning. The last 20 mins of the pre-market seemed like it was ready to pop up. Well, I saw a strong open in the first 5 mins, I was waiting for it to pullback to test VWAP. If it holds VWAP then I can go for ABCD + ORB strategy. Well, I saw the pattern on CROX around this time and decided to trade CROX. Next thing I know, it skyrocketed without me
