New Trader Journal

[hailchaser2 185]

I am able to trade in SIM, still, and I found out on accident later in the day that I can still trade live, it's just no margin.

SPCE, when second candle moved through all MAs and VWAP, I went long with stop just below VWAP, one partial and stopped at BE.

 

 

PFE, I thought when this failed to hold PML and VWAP it was a good short opportunity, it didn't work. I tried another short around 9:50 thinking VWAP would be resistance.

 

AAL 5MinOrbUP. 1st candle touched 200SMA on the 5 min, and bought up all the way back to VWAP, went long above all MAs. worked out well.

 

The rest of these trades were live on my phone, once I made a trade and realized it was my live account and not my SIM account, I got pulled right back in to the temptation of making money back. I have a serious psychological problem that is keeping me from staying in SIM. My goal the rest of this week is to only trade in SIM, I need to prove to myself that I'm not addicted to trading live. I enjoy the data entry of journaling and studying my charts and trades even if it is SIM, so I am not sure why I can't just enjoy that aspect of trading and stay in SIM. I guess it's the GREED of wanting to start making money back that I have lost the past 4 months. But I know that is not how this works. I have to become consistent at trading well before money even has a chance to start coming back to me.

[hailchaser2 185]

Very poor performance today, -0.5R, but I traded much worse than that. At the open, I traded Orbs that I knew didn't fit my criteria, but I entered anyway. Then I revenge traded a couple tickers later in the day.

I made some notecards with my criteria listed, but I don't look at them, I'm going to make several up tonight with checkboxes next to them, and moving forward. I have to physically check the box before entering. i'm not sure how else to keep myself from entering these marginal trades that don't meet my criteria.

Didn't even wait one minute on this  NCLH

[hailchaser2 185]

-0.1R today. Didn't trade well. 

[hailchaser2 185]

Back to SIM, my regular account is locked out due to low balance.

 

I also cleaned my charts up a bit after listening to one of DR Reid's mastermind episodes in the psychology center. Removed 9,20,50 MAs, added 100SMA and kept 200 SMA. Switched to colored slope for those two MAs, changed VWAP color. Removed RSI from volume area. Added 9,20 pair cross, but made the lines white so they don't really show up. but the arrows for the crosses will still be visible.

+0.5R

Tried BO once it passed PMH, failed, then took a 5MinOrbUp.

 

AAL 1MinOrbUp

 

 

Phone trades, ROKU short failed then long into close. Neither one of these trades was a setup I should be trading right now. 

 

 

It's strange that I am actually relieved that my live account was locked, the pressure I felt to get back the money I have lost this year is gone now. I can now work on my edge in SIM like I should have done more before going live. I just traded in SIM earlier without a real journal or tracking software like Tradervue and Chartlog. Now I am going to trade in SIM as serious as a live account. Hopefully my consistency will be good enough by the end of this hail season (Oct,Nov) to add $ to my account and give LIVE trading another shot.

[hailchaser2 185]

Didn't get a chance to grab screen shots yesterday, but I have Tradervue captures. 

SIM again. +2R for the day.

ROKU tried to push higher and failed in the first minute, once it lost VWAP I shorted for a break down. Good trade. Kind of 1MinOrbDown, but didn't actually meet all of my criteria from my Playbook.

 

PK, I think I tried to play BO above PMH, but without my DAS chart I can't tell for sure. Not a trade from my Playbook, so I actually exited well before my original stop below VWAP.

 

Once BA failed to do a 5MinOrbDown and broke through VWAP, I went long. Not a trade from my Playbook.

 

It feels good to be in SIM, I am much more relaxed and focused. I have not looked at my PnL until after I finished trading for the morning.

 

EDIT: forgot I did take one screen shot during trading, realized it when I was moving pics to folder, I tried shorting PLAY after the 6th candle formed a DOJI just under VWAP. This would have been at least a 3R trade, probably more. CMEGs short list is very frustrating at times. During this entire travel industry volatility they haven't had shares of cruise lines or airlines. BA is usually not shortable. Even AMD has not had shares for short much the past few months. 

 

Edited June 6, 2020 by hailchaser2

[hailchaser2 185]

Monday SIM

-1.9R

WORK, I went long on 2nd candle, bad trader, didn't meet any of my criteria. Then I had a hotkey mistake 6th candle and bought 500 shares and sold them immediately. Then I shorted on 7th candle and used too tight of a stop. Then I shorted again, L2 was stacked on the bid side. This trade ended up 3R.

 

WFC didn't meet criteria either, also had hotkey or internet issues with  this one, I tried to partial near the top of that red candle because it was nearing the MA.

I traded this as a double bottom on MU, my criteria for double bottoms needs some work. If anyone would like to share what their criteria on double bottoms is I would appreciate it. Maybe this one failed because the candle leading to the 2nd bottom was an engulfing red, idk.

 

OXY passed VWAP and consolidated for a few minutes, small winner.

 

CUK, at the time I thought this was a lightning bolt down, but it wasn't it did not pass below and re-test VWAP. (CUK was my only shortable cruiseline today with CMEG)

 

Today was poor trading, my open setups didn't materialize, and I made trades anyway. I will do better tomorrow.
 

 

[hailchaser2 185]

SIM Tuesday

+0.7R , overtraded a couple tickers.

LUV 1MinOrbDown, got one partial, Then later it double topped MA cross broke below VWAP and broke bottom of first 5min candle body. shorted with tight stop above prior three candle tops. 

MGM 1MinOrbDown, bad trade because the first 3 candles were too large.

M 5MinOrbUp above VWAP and MAs, I had a late entry so couldn't get partial at HOD like I could have with better entry near VWAP. Then I shorted it below VWAP and got one partial.

DKNG, BO above PMH, this is not one of my playbook trades.

BYND, just a regular reversal, also not in my playbook

TSLA LightningBoltUp, one partial

M again, double bottom, it couldn't get the volume increase and failed.

Ended the day over trading LUV, tried long break of PMH 38.00, stopped out for loss, tried again and was stopped out again, then one more try worked out. The better trade would have been after the doji formed just above VWAP when it broke that MA on the next candle. Stop could have been loss of VWAP.

 

 

Now I am off to start packing for my Cancun trip, we leave at 6 AM tomorrow. so I doubt I will be trading the rest of the week. 

 

[Christopher 129]

Have fun man, love to see your consistency here, keep it up!

[hailchaser2 185]

Back from our short adult vacation. 

SIM again, +2.4R for the day.

 

chased NCLH at the open. should have waited for the pullback to enter, but I had FOMO once the price broke through the TinFoilHat line (green dashed line). This trade did not meet my Orb criteria. 

 

AMD, also did not meet my Orb criteria. This was a play with SPY selloff, since AMD had just failed to stay above PMH (red dotted line) and SPY tanked fast, I guessed AMD would follow. 

 

5MinOrbUp on SAVE, don't remember if I chased this a bit or if it was just a bad fill. This met most of my 5Min criteria, but was not above 5Min MAs.

 

MGM, HOD BO, not one of my current playbook trades.

 

AZN, impulse trade.

 

TSLA VWAP held as support. I guess this could be considered a 5MinOrbUp, with 1 min ABCD. but I was not looking at it as a 5MinOrb, I was just looking at VWAP bounce back up.

TSLA, double top, when it failed I went ahead and exited before the original stop.

 

Most of today's trades were not the setups I am supposed to be concentrating on and taking. But it felt good to be back to the markets after a few days off. 

 

 

 

 

[hailchaser2 185]

Tuesday SIM

+2.4R

 

Not really a 1MinOrbDown, kind of a combination of that and Rising devil. 1st candle wasn't red and didn't close below VWAP, but stock still seemed weak once it failed to hold above 100SMA then also lost VWAP on the 2nd candle. I shorted with stop above VWAP.

 

WFC, 2 shorts, 1st trade, met most of my criteria, but I didn't wait for price to break first candle because I like entering as close to VWAP as possible. Second trade was a bit more sloppy but it worked out.

 

CAT, 1st trade was long LightningBoltUp, maybe the pullback was a little too slow to be considered a true lightning bolt. when it failed and started picking up volume when it lost VWAP I flipped and went short.

 

 

I might need to review some Orb videos, I always struggle waiting to break the first candle body, I thought that is when we are supposed to enter, the break of body, but I prefer to get tight stops near VWAP, since my risk is a fixed dollar amount, the closer my stop the more shares I get with my HotKeys.

 

 

[Christopher 129]

I think that short on $ZM would have looked sweet on the 2min. You'd get a really strong inverted hammer, I think it would be a reasonable trade to take a stop at the 3rd 1 min candles high and enter at the break LOD, a later entry but a tighter stop. Two engulfing 1 min candles a hammer on the 2, validation from the level 2 and moving averages in your favor make it a valid trade imo, I haven't seen many lately. 

Nice trades today

[hailchaser2 185]

11 hours ago, Christopher Patterson said:

I think that short on $ZM would have looked sweet on the 2min. You'd get a really strong inverted hammer, I think it would be a reasonable trade to take a stop at the 3rd 1 min candles high and enter at the break LOD, a later entry but a tighter stop. Two engulfing 1 min candles a hammer on the 2, validation from the level 2 and moving averages in your favor make it a valid trade imo, I haven't seen many lately. 

Nice trades today

Went back and took a screen shot of the 2Min, and it did look good. Then bounced right off that daily level. I am trading on just a laptop right now so my charts are limited, I had to cut the 2Min, can't wait to get back to my normal setup with extra screen. Maybe I will start using 1 and 2 min at the open, because the 5 min chart isn't really needed the first few minutes, then switch after first 5 mins.

 

Also, thanks for checking in, sometimes I think I am the only one reading my journal, LOL.

 

[hailchaser2 185]

Wednesday SIM

+3.1R

NCLH=+0.7R , I usually prefer a pullback before entering, but this had a big gap down and I thought it was getting short squeezed, so I hopped in and took quick profits.

 

BYND=+0.9R, 1MinOrbUp BYND had good daily setup for BO. I partialed too early on this trade, but BYND is very erratic and spready so I'm usually extra cautious with it, but still, it didn't show any signs for me to partial that soon.

 

RCL=+0.17R. I chased this trade. I was not watching it until 10 seconds before I entered. A good entry would have been 3rd or 4th candle, but like I said, I only have a few charts available at a time on my laptop.

 

1st ROKU= +0.7R. 5MinOrbUp after second test above VWAP. 

 

2nd ROKU= -1.1R. Tried lightning bolt down trade and got stopped out. Looking back now, it was an early entry, it had just touched VWAP a couple times, but had not passed above yet.

3rd ROKU= +1.8R. Still thought this was a good lightning bolt down pattern, got good partials, then added like Thor (100SMA). got a bit nervous and sold my add the next candle.

(This pic actually has all three trades, it was Long, Short, Short+Add)

 

 

 

 

good day overall, need to be more self aware about not partialing too soon. 

 

 

[Christopher 129]

Just like your $ZM trade yesterday on $BYND today, engulf on the 1min, and a sweet entry on the 2min. It's aggressive, but totally valid imo. Though it doesn't feel like it you're essentially entering for a break of HOD / LOD on these.  I tend to stay away from the spready stocks at the open, but maybe that's a mistake on my part, I'm going to start giving more weight to a catalyst stock even if it's got a larger spread. Also I added the average volume, I'll see if it sticks, thanks. 

 

*Edit* Looking at it now there was really no volume in the pre-market, it definitely had a catalyst though.. 

interesting xd 

 

Edited June 17, 2020 by Christopher Patterson

[tntp45 53]

Nice Day !  Well done !