Vikramaditya Trading Journal - Live 08Apr2019

[IamKarthi 342]

22.Aug.19

Green day. +4r. Decent Trading day. 

Watchlist: $TGT, $LB, $DKS, $JWN, $LOW. 

Trade1: $LB. Had gapped down on daily, also selling at the open. At the open, i took it short below VWAP, got stopped out. After the price bounced off 20MA took another short. Partialed at 2R, 3R. overall at daily target after this trade. My best trade of the day.

Trade2: $DKS. $DKS had over 30% short float and also gapped up on the daily. Usually this tends to make the short sellers cover their position which results in lot of buying. But $DKS was still weak at the open, I hada bias that it would reverse. i took 2 long positions and covered after 2R. Price was choppy after that. I was at +5r for the daily. Should have stopped trading. 

Trade3: $JWN. Gapped up on the daily, very strong at the open. Noticed 3 shooting stars on 1min, aligning with a doji on 5min. Took it short and got 2R. On hindsight, I could have taken it long, where I exited (5min hammer at 9MA) as it was a beautiful trend trade all the way to 31.1(from 30.4). I was up 6R now and still trading. 

Trade 5: $TGT. Took it long on the Trend trade, was not optimistic about the move as $TGT was already extended. Got 2R/4R. but price moved another 50c (6Rs) beyond my exit. 

Trade 6: $LOW. I was short biased from yesterday. Once the price broke VWAP I took it short to the LOD. There were no tech support levels to the target. Unfortunately, didn't workout, as it was VWAP false breakout. 

Trade 7: $GPS. My worse trade of the day. There was no real setup. I just wanted to ride the price long towards 17.77 level. Got chopped up and had 1.5r loss. Should not have traded this.

Good: Good trades and finished the day well overall. 

Improvement: I can't resist trading now. The moment I see a good setup I jump in. I need to find a way to cut down # of trades. 

Edited August 22, 2019 by IamKarthi

[Rob C 826]

Great trades today!! All the way to the end of the day.

[Greg D 22]

In the beginning of your day trading journey (per your journal) you set self-imposed pdt limits of 3 trades/week and I was amazed how you had the discipline and internal fortitude to do that. Today you over-traded just a bit and it shows you’re human and as Dr Brett says “forgive yourself and move on”! 

[IamKarthi 342]

23Aug19

Red day. -5r. In summary, today I found the stocks to be choppy and so my usual patterns didn't work. Today was the day for scalping, I realized it very late. Atleast, that's how I read it. I had many trades, where I had 1 to 1.5R move before turning into a loss, resulting in overtrading. 

Watchlist: $TGT, $FL, $GPS, $HPQ, $PINS and the usual $AMD and $MU.

Trade 1: $TGT. I was short biased on $TGT, esp it moved 20% in the last couple of days. it gapped down at open and selling. Offered a pullback, which was also a shooting star. I took short but got stopped out twice. Formed a double bottom on 1min, good for long that I missed.

Trade 2: $FL. my best trade of the day.  Short below VWAP on a gapped down stock. Added after the gravestone doji on 1min. My partials were good. After my exit, president tweeted and all the stocks plunged including $FL, I had no shares left.

Trade 3: $GPS. there was no setup, trading based on price action. Took it long at the low of the candle to high of the candle, which also aligned with 50MA on 5min. Got all out. I think it broke the triangle (which I don't play) and keep moving beyond my exit. 

Trade 4: $FL was very extended, also bottoming, so I thought of reversal and took it (in the air - no support levels below). This was my bad trade of the day. I wish atleast I bet my money in taking a trade during SPY crash. I tend to avoid it, as that price action is very volatile, but this trade was worse. 

It was Noon. I should have stopped here, with approx +1r. But I continued to watch the market and keep taking more trades, which I am not proud of now.

Trade 5: $GPS. Took reversal after price bottoming near 200MA on 15min. only 6c stop. I got my 2R, but waited for larger move and got stopped out. 

Trade 6: $AMD. Took reversal on MA cross. scaling into position, got stopped out below MA, but it reversed. On 2nd trade one partial, but price action was not clean and chopped me up again. I shouldn't have planned my trade in the usual way, I should have got AON out on my 2nd trade. 

My pschychology is messed up now, I took 3 more trades on $AMD, just by price action, 2 losers (includes 1R move which I didn't take to get stoped out) and 1 winner. Took some trades on $GPS and $MU small losers, but they got accumulated to -5r loss.

Good: Nothing much, except I was able to handle the mental and physical workload of taking so many trades. I am happy with most of the trades and how i cut down loss per trade.

Improvement: I need to stop at max loss or daily target. I need to keep max trades/day too. I think I am slowly getting addicted to trading. I need to remember at the end of the day, I am doing this to make money and not for winning the market. 

Edited August 24, 2019 by IamKarthi

[Greg D 22]

Hi Vikram, yesterday was sooooo rough for me too that I stopped trading at 11:00 and forced myself to leave my ofc for the rest of the day.   I went golfing a full 18!  Personally I’ve been thinking that this Thor-style of trading is really starting to appeal to me. For example, when I’m at 1R and take no profit and I get stopped out that’s a 2R swing against me. That and it’s mentally depleting to my psychology.  I’m seriously considering getting all out at 1R and looking at that as a mental 2R gain because it didn’t stop out at -1R. I need only 4R per day net so 1R per trade and i’m 1/4th to my goal! Yesterday sucked as I was in two great Long trades when “the tweet” happened and they both of course got stopped out!  

[Rob C 826]

You had some really nice trades yesterday. I think the over trading is just a side reaction from your trading success. I am sure it will be temporary and you will find a way to cap it.

I have one adequate setup. Successful traders tend to have about 3 good setups. I think you may have 6+. I see you trade ORBs, trends, reversals, wedges, 3 candles, etc....  and all of them successfully! That means you see setups everywhere, all day. Where most of us are lucky to find one. This is likely a new experience for you and you will adapt quickly.

I heard Andrew in the chat just say he doesn't know why either, the longer you trade the greater chance of giving your money back to the market.

Again this is temporary for you. I have no worries about you and would not be surprised at all that you asked to become a BBT moderator in 2020.

Have a good weekend.

[Glenn Budde 356]

I have only been at this for a month but from what I have seen I look for your trades as inspiration.... I am sure this is only a bump in the road as it seems everyone has... come back after a rested weekend and you will be back in control...

[IamKarthi 342]

26Aug19

Red day. -2r. In summary, it's a continuation of Friday, and more choppier. Today I traded with lot of disturbances so stopped trading after a while. 

Watchlist: $CRON, $AMD, $TGT, $FL, $CGC. Was long biased on both $CGC and $CRON due to daily. 

 

Trade1: $CGC. At the open pricie couldn't break down, 5min created a hammer, so took it long. Volume was too low so price was very volatile and irregular. Got out and price dumped. 

 

Trade 2: $CGC. Around 10AM price found a bottom, and created an indecision candle on 5min also. Took it long, all reversal signs, but got stopped out. 

 

Trade 3: $RKDA. Took a Fallen angel setup after the price broke thru the resistence and opened above support. 

 

Trade 4: $CRON. Took long after the price bounced off 200MA on 5min and opened above. Price dumped and stopped me out. 

Good: Trade setups were good. Also with lot of disturbances during Trading I stopped.

Improvement: Just reemphasizing on taking only few setups. 

Edited August 27, 2019 by IamKarthi

[Greg D 22]

Hi Vikram, you played by the rules and held to your stops!

Today was so choppy like it has been recently. I didn’t have cgc and cron on my watch list. Had they gapped up on the daily charts or had they hit a support and that’s why you were long-biased on them both?

Btw, the date of this entry shows 23Aug not 26Aug. 

[IamKarthi 342]

11 minutes ago, Greg D said:

Hi Vikram, you played by the rules and held to your stops!

Today was so choppy like it has been recently. I didn’t have cgc and cron on my watch list. Had they gapped up on the daily charts or had they hit a support and that’s why you were long-biased on them both?

Btw, the date of this entry shows 23Aug not 26Aug. 

Hi Greg. Thanks. If there is one thing I am good at, it is Stopping out 🙂.. 

I liked $CRON, because if you look at the open, it already went below the PCL and Ylow, and then pulled back. Kind of like slingshot. So I thought it would be Bullish today. It did, but the volume was so low and it moved slowly until noon. Then it picked up late noon.

Thank you I corrected the date now.

[IamKarthi 342]

 

@Greg D , @Rob C @Glenn BuddeThank you guys for the feedback. Appreciate it. I am doing fine, it wasn't such a bad day, I overtraded and got really mad at myself. Thanks for reminding me that it is still part of the experience. I always believed that for someone to be consistent in trading, it takes time and experience, which was exactly why I kept my risk very small while starting up. So I am paying less to gain more experience 🙂 and make any corrections without blowing up my account. @NinjaTrader I was actually more confident about my plan after Marek confirmed soon after I created it. 

Edited August 28, 2019 by IamKarthi

[IamKarthi 342]

On 8/24/2019 at 3:28 PM, Greg D said:

Hi Vikram, yesterday was sooooo rough for me too that I stopped trading at 11:00 and forced myself to leave my ofc for the rest of the day.   I went golfing a full 18!  Personally I’ve been thinking that this Thor-style of trading is really starting to appeal to me. For example, when I’m at 1R and take no profit and I get stopped out that’s a 2R swing against me. That and it’s mentally depleting to my psychology.  I’m seriously considering getting all out at 1R and looking at that as a mental 2R gain because it didn’t stop out at -1R. I need only 4R per day net so 1R per trade and i’m 1/4th to my goal! Yesterday sucked as I was in two great Long trades when “the tweet” happened and they both of course got stopped out!  

I think there are 2 kind of setups. One is high Reward setup (with high/medium accuracy) and another one is high accuracy setup (Reward may not be huge). I think Thor trades the 2nd setup. It is very good, when we can find one or two accurate setups and trade them well with proper trade management (Entry, Stop, Partial etc.,). Thor manages the trades very well. If the setup is not accurate or the trade is not well managed often, then overall it's not good for long term returns. The setup also has to occur frequently everyday. Lol, Tweets are running the markets nowadays,  overriding the fundamentals and technicals. 

[IamKarthi 342]

I will not be trading for the next 3-4 weeks, due to an unexpected travel, may join the chatroom once in a while, when I find time. 

Stay Green everyone!!

[Greg D 22]

Vikram, i will miss our daily interactions.  I hope you and your family are well. Please let me know when you return!

[IamKarthi 342]

18Sep19

Green day. +1r. Kept it light today, as I am back after 3 weeks. Just one trade on $FDX. 

Watchlist: $FDX, $ROKU, $CHWY, $GIS.

Trade1: $FDX. Gapped down due to earnings. Stock was selling off till the open. It offered the Rising Devil setup at the open. I took an entry after confirmation and got out at 2r.