New Trader Journal

[hailchaser2 185]

1.1R day

I did a good job yesterday, I stuck to my plan I lined out in Thursday's journal, no trades first 5, only Orbs and Doubles.

 

BA was holding above VWAP and MAs, L2 looked good for BO. I tried an add, I thought the PMH level would act as support along with my Daily level at 134.51. Stopped out at new BE price. Looking at the chart now it looks like the 9EMA was curling down when I added, so it was probably not the best idea. I need to watch some more Thor recaps before trying adds on a regular basis, that's two times I tried adds this week and both failed. I missed indicators that would have shown it wasn't the correct time to add.

 

This DIS trade wasn't a good entry. It was too far extended from the MAs. I cant remember if the might have been an L2 scalp or not. I did get one partial before stopping out at BE.

 

I also had a phone trade that I forgot to get a picture of. I traded this double bottom on NCLH. My entry was a bit late (11.06:42, $12.28), I did get one partial and stop BE.

 

 

As I am entering my TraderVue  Journal  I just realized my DIS trade did not fall into my plan setups for the day, oops.

 

Next week I'm working at a new body shop in a different town, I'm not sure if I will have good enough internet to trade. If not, I'll still be hanging out in the chat with all of you.

 

I also started the new Mastermind Pro lessons in the Psychology section, the first 5 minutes blew me away, it was like he was talking about me, so I feel a lot better about my journey. It seems like what I am going through is very normal. Cant wait to work my way through phase 4 and come out on the other side mentally strong enough to make this a" full time" career.

[hailchaser2 185]

One trade today, 5MinOrbDown on BA. I've decided to try making an adjustment in my daily goal. It's not going to be a dollar amount or a R,2R,3R etc. I've decided that I need some confidence. So my only daily goal for now is to be green for the day. I don't care if it's $5 or $100 or .5R or 5R. If I can keep concentrating on my ORB, Double top/bottom, lightning bolt patterns only, the profits should follow.

 

Another thing I started a couple weeks ago was starting an Orb spreadsheet to track my progress and success. Tonight I added colors to the spreadsheet and did some reflecting. I think it helps me to see that when I follow all of my criteria, I have an 80% win rate, when I don't follow them, it's a 33% win rate. I'm hoping that seeing this in the spreadsheet will help me in the future, I will be more likely to check my criteria before entering if I know that not checking it will lead to poor trades.

1MinOrbUp: Follow Criteria 0/1: Didn't follow 2/4

.

1MinOrbDown: Follow criteria 2/2: Didn't follow 0/1

5MinOrbUp: Follow Criteria 1/1: Didn't Follow 3/5

5MinOrbDown: Follow Criteria 5/6: Didn't Follow 0/5

 

Total Orb: Follow Criteria 8/10: Didn't Follow 5/15

 

I need to make one of these sheets for double bottom/tops, and lightning bolt. Did anyone write down Peter's lightning bolt criteria during the presentation? I might have taken a pic with my phone, I will have to check later.

[hailchaser2 185]

Today I did a great job at the open, not only did I honor my no trading first 5 minute rule, but I waited another full 5 minutes before entering a trade. I did not try to force a 5MinOrb, that's a pretty big accomplishment for me, I would usually talk myself into a trade, but nothing met my Orb criteria. Then after that 2nd 5 minute candle finished, I jumped into a trade that isn't part of my current strategies. 

 

NVAX formed an engulfing crack on the 5 minute chart, I know this is a valid strategy, but it's not one that I am focusing on at the moment. I also entered late.

 

BA was a double bottom trade, the double bottom wasn't that clean, it actually did more of a triple bottom. I don't have a criteria checklist for my doubles the same way I do for Orbs. So I'm going to work on that now.

 

This was a phone trade at the end of the day. None of these are part of my current strategies. I was guessing AMD would reverse at the close because it was so far from VWAP. It wasn't given me any signs of a reversal, it was all in my head, so I tried two longs and got stopped out. Then switched to a short, and added to my short. I am not happy about these trades, I still ended a little green, but this could have very easily turned my day red.

 

See you in the chat in the AM!

 

 

[hailchaser2 185]

Bad day, Max Loss Again. I did another good job with patience at the open. I waited for 10 minutes before my first entry.

 

Z: This trade met my criteria for a 5 min orb up, I'm good with this entry, but I should have kept watching for a few minutes, because my idea ended up working,\. I could have entered again 4 candles later. That entry also had a volume spike for confirmation that my first entry didn't have.

 

 

JD: 5minOrb down, this trade met some of my criteria, I should not have taken this trade. It was above the MAs instead of below them. I also don't know why my 200SMA is a light blue dash line, it's supposed to be a thick dark blue line. If I had realized this I probably wouldn't have entered. 

 

I should have stopped after these two losses, I forgot a few days ago in my journal that I said I was going to stop after losing $20, the rest of my trades were on my phone. I should probably stop trading on my phone later in the day. The charts are all different looking.

Several revenge trades on JD, not my setups. Emotional trading. Ugggg

Last JD trade, Lightning bolt that I entered too soon, didn't wait for the re-test of VWAP, and look at how well the trade worked after the re-test.

 

 

A couple stabs at reversals, but these weren't double bottoms, I should have stayed away from these trades.

 

Tomorrow will be better.

 

[hailchaser2 185]

Thursday Max Loss

Open, 3 long attempts above VWAP on MSFT, I immediately flipped to short when it lost VWAP and the MAs.  The longs were 5MinOrbs, it was not above the MAs like my criteria require.

 

 

AMD 5MinOrbUp, again, the MA was above price action, this time it was the 200SMA.

 

AMD later Phone Trade. Long stopped out, Long partial, then I made an order error and I ended up short somehow and then got out.

 

Phone trade. JD I  guess I thought this was a double top, but I had a daily goal marked just below my entry. Not sure why I got in this trade

 

Phone Trade MSFT, two longs

 

 

Phone trade, I guess I entered my stop order wrong, because of that error I missed a nice move down.

[hailchaser2 185]

Friday, ended the week good with a +2.5R day.

JD tried pushing down, I played it long after not being able to make it down that low.

MU looked to be holding above the 200SMA so I went long, got stopped out. I entered long again when it couldn't lose VWAP.

This was just a BO trade that Aiman called out in chat.

 

 

I think I saw this on one of the scanners, this was not any type of setup, and I shouldn't have entered. I think the VWAP on my phone was below my entry not above like this pic shows,

 

Happy that I was green 3/5 days, but I need to stop having max loss red days. I never stop when I'm down 20 or 30, I keep trading until I hit my max loss of 60.

[hailchaser2 185]

Monday

I watched UBER sell off after the first 1 minute candle. entered long when it made it back above VWAP

MU, bad entry.  It eventually fell, and I even added at a good spot after a couple partials.

 

Phone trades last hour. Shorted first, it looked good, but couldn't break the whole number so I ended up stopping out for a loss. Then changed to a long once it passed VWAP. The two longs in the middle were not intentional adds, I was trying to move stop back down to break even, but I hit the wrong key....TWICE!  That ended up bringing my BE just below the current price action. Took one more long last 5 minutes.

 

+1.2R, but commissions, made that a net ZERO day.

[hailchaser2 185]

Max Loss Day. I went in guns blazing for some reason. I let my pre market bias control me. I had made my mind up on trades before the market even opened, I then made my long trades even though all the indicators said short was the play.

 

 

[hailchaser2 185]

Only two trades today, +2.8R.

TGT at the open went above VWAP and MAs but failed to stay above, I shorted for a 1MinOrbDown after it passed below VWAP with stop above VWAP. Great partials, then I tried a Thor Add when stock appeared to be rejecting VWAP. It failed to continue down, and if I had just left my normal BE stop in place, this stock never made it that high again, and sold off to 119. I still think it was a good add, I'll ask Thor about it on Twitter.

 

 

Took a SIM trade on my phone later, LYV had broke a level that it had drastic bounces from two times earlier in the day. But the follow through didn't happen.

 

Shorted MSFT at the end of the day, got cold feet and bailed even though it was only 5 shares and total risk 2.50 on the trade.

 

 

[hailchaser2 185]

+0.98R. All phone trades today. I was at a new body shop and couldn't get on my laptop in my Jeep like normal for the open.

 

BA, 5MinOrbUp: Good entry after doji touching MA. Met all of my criteria. My mistake was partialing too quick. I do believe if I were on my laptop, I wouldn't have made that mistake.

 

DIS: 5MinOrbUP. This trade was missing two of my criteria, 1st 5mincandle was not white, and next level up was not 3:1, PCL was just above my entry, but that line is not on my phone charts.

 

AZN, I believe I only took this trade because some in the chat were talking about it.

 

DIS, Sloppy double bottom, but I took a bad screen shot.

 

 

TJX-1  Lightning Bolt Up 

TJX-2 I got pissed off because I was in the prior long for almost an hour waiting for the break, when I decided to take small profit and exit, it broke up 6 minutes later, so I revenge traded it short.

TJX-3 double top short

 

Two trades at the close, Long stopped out, then short. These weren't setups of any kind.

[hailchaser2 185]

+1.6R, 3 trades, all phone trades again.

 

JD 5MinOrbDown, I should not have taken this trade, it was too far extended from VWAP and MAs

 

 

BA DoubleBottom MA cross.

 

 

NVDA, bad screen pic, this was a DoubleTop MA cross. I put a trailing stop in on my last piece since I was working, because of that I missed another big leg down.

 

 

Messed around in SIM a few times in the afternoon, I believe that keeps me from overtrading in my Live account when I am green for the day.

[hailchaser2 185]

Over Traded My way max loss today. It was a completely different type of over trading, usually I revenge trade the same stocks when I over trade, today I traded a lot of different stocks. All phone trades, I'm going to have to stop trading on my phone at the open, I don't have my necessary indicators on my phone charts for the open. My phone is ok for double tops, and bottoms, but not Orbs. I need all of the MAs and levels my regular charts have.

My account is also close to going under the minimum for CMEG, that's very disappointing.

 

CCL 5MinOrbUp: Premarket high was right above my entry, but PMH isn't on my phone chart.

 

 

BA 5MinOrbDown, again, levels near my entry

ROKU, broke LOD, didn't get any continuation

 Followed Andrew, and got cold feet when it didn't break, it did a couple minutes later.

 

MRNA I thought a double bottom had formed, lack of volume should have kept me out of this trade

 

JD Long, then Short after MA cross

 

LUV Lightning bolt down

 

WFC, thought it was due for pullback, entered short on MA cross

 

 

SAVE double top MA cross, late entry though

Thought a double bottom formed on NVAX, this was in a complete downtrend all day, not enough signs to get in for a reversal.

[hailchaser2 185]

-2R today, overtraded again.

BA 5 trades at the open, 1 long stopped out, 2 short stopped out, 3 long stopped out, 4 short Partials and stop at BE,, 5 Short, partials and stop at BE.

 

JPM, good trade

 

 

The rest of the trades were phone trades

 

Long double bottom, then added at BO above whole dollar. terrible place to add, but on my phone it was above VWAP. not below it. 

 

 

 

TWTR Long Double Bottom

 

 

I went bonkers on SAVE for some unknown reason

 

 

JPM Long, again, VWAP shows different on phone

 2 shorts on BA, bad trades, no setup at all

 

 

Took end of day short for Peter on MSFT.

 

Just watched the great mindfulness webinar with Neda, I feel like that is what my trading lacks the most. I watched so many recaps, and videos on the technical aspects of trading. I know what to look for in my setups. But I lose control and trade on emotions. I am not mindful of the moment or my actions. I'm going to work on my "mindful muscle" daily like she suggested. I'm also going to listen to some mindfulness books on audible. 

 

Thanks Andrew

[hailchaser2 185]

+3.3R Day. good patient start at the open. waited for good setups.

 

BA, 5MinOrbDown that met all of my criteria. I tried an add after doji at MA didn't work. my adds need some work, or maybe even just forget about them right now, my accuracy on them isn't good

 

 

 

JPM, long above VWAP, and quickly exited. then shorted at failure to hold VWAP. Another failed add. Then a long and stop out loss.

 

JPM Later lightning bolt up

 

 

MSFT, looked for reversal with very small risk at HOD break

 

MSFT Double top and an add

JPM again, loss of VWAP short

 

Decent day , but I needed to make more. Now I believe I need to make $80 tomorrow or my CMEG account will dip below $500 once they take my DAS fees out this weekend. I think they lock the account once it goes under $500 until you deposit more money. Hopefully I can still use the SIM part of the platform.

 

 

 

[hailchaser2 185]

Well, I needed to make about $60 today, and I failed. Traded the open on my laptop ok, then the rest of the day I was getting into trades just to try and get to that mark. Guess I will find out Monday if I can still trade in the demo with CMEG or not. My account will be below $500.

I have already started planning on how to move forward. I'm going to make some goals that I have to reach in SIM before going live again. I'm not sure on the exact numbers and criteria yet, but it will be something like this, four weeks of only trading Orbs, Double tops and Double bottoms and Lightning bolts.  I will set an accuracy goal also, somewhere between 60-80, also four consecutive weeks green. I'll think about I some more and look for ideas in the forums.

$4500 gone because I was too stubborn to take the time needed in SIM. 

 

$2070 in trade losses, the rest in fees

I did start improving in May, only lost about $240 in trades, and had 12 out of 20 days green.

 

my trades at the open