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Magnus Alexander

P3rsistentK's Journal

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Hi everyone, my name is Magnus, I'm a new BBT lifetime member! I've been trading with real money and simulator for over a year now. For the most part, my trading style is similar to Andrew or at least I like to think that way 😛. Basically, I like to get in and get out of the trade as quickly as possible. I go long above VWAP + MAs, and sell short below VWAP + MAs. Nevertheless, I still make many mistakes. One of the biggest mistakes that I've been making is that I scale out too aggressively. As a result, I miss out on the big moves from time to time. Risk management is also another area where I'm not so proud of myself. Good news is that I set a $300 max loss per day and $150 max loss per trade through the risk control page with my broker (CMEG) which will prevent me from going on a rampage! Anyway, for now, most of the trades are in simulator, but I hope to go live soon. In this journal, my goal is to be able to keep track of all my trades as well as getting feedback from the the BBT community 🙂

9/3/2019 - Today is a slow day. Not much stocks in the gapper watchlist. So, I only made 3 trades on CONN, SNAP, and MDCO. 

CONN - CONN gapped up about 13% pre-market due to good earning. I saw that it sells off in the first 3 minutes, but it was bouncing back from a daily level of $22.73 that I had. On the 1 mins chart, 1 hammer and 1 doji candle at the end of the sell off which indicates that the trend might reverse soon. When I see that CONN was making higher highs and highers lows on the 1 mins chart, I felt that the stock was strong. On the 5 mins chart, CONN popped above VWAPs and 9+20 EMA. I went long 500 shares for a 5 mins ORB using VWAP as my stop loss or MAs as my stop loss. Unfortunately, I didn't notice the spread was about 10 cents or something so I got filled at $23.49 which was terrible. Luckily CONN quickly popped up and I sold 300 shares at $23.79, and the last piece I got out at B/E for a small profit. 

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SNAP - I saw that SNAP was doing an ABCD pattern on the 5 mins chart. When it holds VWAP, I went long 750 shares at 16.3. I sold hald at $16.4 and the last piece I got out a B/E when it loses momentum. 

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MDCO - Double bottoms on MDCO. I noticed that the bottoms were right at some support levels as well as 200 SMA on the 5 mins chart so I decided to go long 500 shares at $44.01, my stop loss is at $43.80 which is about 20 cents. MDCO popped up to $44.20, I sold half. sold more at $44.39, $44.53, and the rest I got out at close to $45 for a nice profit. Even though, I had the perfect entry, I covered profits too early and failed to capture on the big move. MDCO was making higher highs and higher lows on the 1 & 5 mins chart, it didn't even lose the 9 EMA on any time frame so there was absolutely no reason for me to get out. I guess I got out at the 20 EMA was because I didn't have many shares left... I scaled out too aggressively 😞

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Edited by Magnus Alexander
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9/4/2019 - Today is a good day. The watchlist was good, but I only traded SBUX. 

SBUX - Gapped down about $4.

Trade 1: SBUX sold off in the first 3 mins, pulled back to test the VWAP and MAs on the 1 mins chart but it was quickly rejected. So I short 250 shares right below VWAP and MAs on the 1 mins chart expecting a 5 mins ORB. My stop loss is $94.02 which is a little bit above the 9 EMA on the 5 mins and the VWAP on the 1 mins. SBUX dropped and I covered half at $93.40, Then, SBUX queezed up, I saw a bullish engulfing candle on the 1 mins chart. Didn't like that but I gave it a little bit of time because it was still only a 1 minute candle. However, SBUX made no progress, so I covered the rest. 

Trade 2: SBUX popped above VWAP, but it quickly got beaten back down. On the 1 mins chart, it looks like an evening star pattern. Also, a bearish engulfing candle was forming on the 5 mins chart. Seemed like a possible VWAP false breakout, so I went short right below VWAP. Once again, my stop loss is above VWAP. SBUX dropped, I covered and the last peace I got out at $93.07 which was basically the bottom of SBUX! $93.04 was a daily level from a while ago. 

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Missed opportunities on SBUX: I noticed that SBUX was bought back very quickly when it touched the $93.04 level so immediately I realized that this was a strong support. On the 5 mins chart, a bullish engulfing candle was formed. This was probably a queeze and the shorts probably will have to cover soon. I had the chance to go long at $93.45~ here for a VWAP reversal play, but I made my day and didn't want to over-trade so I ended up not taking the trade. Later when SBUX popped above VWAP, dropped down to test VWAP and held at $93.75, I had another chance to go long, but with the same reason above, I didn't take the trade 😞

Edited by Magnus Alexander
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9/5/2016 - Mirror trade. Revenge trade. Took some B- setups, and failed miserably to manage my risk. Good thing was that I had risk control at $300 max loss. However, for some reasons, it didn't stop me out until I reached about -$450... Wonder if CMEG make a mistake or something on their ends, but need to contact them after this. 

CDAY - Gapped down a bit, 100k+ volume pre-market, but pre-market price actions is meh.

Trade 1: I saw CDAY bounced back from the MAs + VWAP on the 1 mins chart, it was also holding the 9 EMA and VWAP on the 5 so I went long putting my stop loss below 9 EMA on the 5 mins chart as the VWAP was so close to my entry. It looked like an ABCD pattern to me + a possible 5 mins ORB. However, it failed and I stopped out. I didn't notice that there was a 9 EMA on the daily chart sitting right at $56.4 which is HOTD. Usually when there are MAs on the daily chart that sit above the price of a stock, the stock will struggle to break above it. In addition, CDAY daily chart doesn't seem extremely good for a ORB up move. As a result, I probably shouldn't have taken this trade.

Trade 2: Revenge trade. CDAY bounced back from MAs + VWAP so I decided to long again. Got stopped out way past my stop loss because it dropped so fast. 

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SIG - Gapped up a lot, had 44% short float or something, so I was long biased on the stock as I thought the shorts will have to cover soon. 

Trade 3: Andrew called out on a long on SIG, I looked at the chart and saw a bullish engulfing candle on the 5 mins. On the 1 mins, SIG just squeezed up above VWAP + MAs and held. On the pullback, I went long 2000 shares as I thought the shorts will have to cover now. I don't even know why I went with such a big size... It's so stupid. Anyway, my entry was $14.26 and I covered to ward $14.56 for a very nice profit. Then SIG, dropped back to test VWAP and held, I went long again for 2000 shares at $14.30, SIG dropped massively and I got stopped out at $14.01 for a big loss. 

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Lesson For Me:

#1 When taking ORB early on, you need to quickly check out the daily chart to see if there are any MAs in the way. 

#2 Risk management is key, don't let greed fool you into taking larger positions than you could manage. 

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Hey. Great posts ! I had a quick question. Overall are you happy with CMEG ? Do you use the LAMP route ? I’m considering changing brokers. 

 

   Thank you ! 

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2 hours ago, David Furlano said:

Hey. Great posts ! I had a quick question. Overall are you happy with CMEG ? Do you use the LAMP route ? I’m considering changing brokers. 

 

   Thank you ! 

Yes, I'm happy with CMEG. I live in the U.S. and don't have 25k so CMEG is probably the best option for me especially with a 6:1 margin. 

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Awesome, thanks for the reply. I think i will be switching over to CMEG. How have the commissions and executions been on the LAMP route ? Have you run into any issues in general with the platform or support from CMEG ? 

 

        Thanks !

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1 hour ago, David Furlano said:

Awesome, thanks for the reply. I think i will be switching over to CMEG. How have the commissions and executions been on the LAMP route ? Have you run into any issues in general with the platform or support from CMEG ? 

 

        Thanks !

No major problems so far. Executions are fast. As for the platform, it is good. Very fast when loading charts and so on. However, there was an issue with the screen recorder tool. Well, occasionally, it would crash... No idea why, but you can reload it so it's not a big deal. Commissions is decent for an offshore broker. CMEG commissions are based on # of shares, so you can scale out as many times as you want. This is much better than the flat rate commission structure for scalp traders like me. 

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29 minutes ago, David Furlano said:

DAS has a built in screen recorder ? Sorry..just never used DAS.

Yep! I like it a lot. It records all of your screens. So let's say you have 3 monitors open, then it will record all 3 screens. 

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9/6/2019 - I'm happy that I traded fairly well today. I managed to not go crazy after a big loss on the first trade. 

MU - Looked very good on the daily chart. I was a bit long biased on MU. I saw that MU opened strong, so I wanted to go for a 2 mins ORB even though there are so many MAs in the way (Probably because I was long biased on MU). My stop loss was supposed to be below VWAP, but I didn't respect it and got stopped out by DAS for the max loss per trade of $150 😞 Probably should have been patience and not take this trade as it wasn't an A+ set up. There were so many MAs above so it's not ideal to take MU to the long side. 

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LULU - Good earning, gapped up. ABCD pattern on 1 mins, ORB on 5 mins with VWAP and MAs at supports. The moment that LULU held the MAs, I went long putting my stop loss below 9 EMA. It popped up and break all time high, I quickly scaled out. Then, when it shows some weakness, I covered the rest because I didn't want to hold through a pullback. 

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DOCU - Gapped up, earning as well I believe. 

Trade 1 - I saw that DOCU bounced back perfectly from $54.78 level that I had. I saw big bullish candle on the 1 mins chart popped above VWAP, then it dropped back and held VWAP. This is a queeze that Andrew talks about many times. On the 5 mins chart, DOCU was forming a bullish engulfing candle. Put all of that factors in considerations, I went long and put my stop loss below VWAP. It popped up and I just started cover towards the MAs. 

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Trade 2 - I noticed that DOCU couldn't break through $54.10 level. I quickly checked the daily chart to see if there are any supports around there. There was a strong support/resistance level around the $54.30 - $54 area.  I noticed a big bullish engulfing candle on the 1 mins chart. Similar with earlier, this was possibly a squeeze. On the 5 mins chart, DOCU was forming a bullish engulfing candle. I decided to go long at $54.63~, it popped up to $54.95 and dropped back down. I was trying to cover profit at $54.97, so that was unfortunately. I kept holding on to it because I expected some pullback. Sadly, the pullback was too aggressive so I bailed out for a small loss (I took very small size because it was a counter trend trade).

Trade 3 - After, I got out DOCU popped back up. That was when I realize it was just consolidating. I decided to go long again when the 9 EMA crossed over the 20 EMA on the 1 mins chart, it popped up, I started to cover. Then, I added to my position, it popped up and I covered the rest towards the 20 EMA, the last piece I got out at B/E. Not proud of the add, I should wait for it to drop back down a bit more if I wanted to averaging up. 

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AMD - I saw AMD broke down $31.00 level. This was a very important level. Then I noticed AMD had been rejecting the 9 EMA throughout the day. Also, there were some big ASKS. I shorted 750 shares at $30.95. My stop loss is $31.01. It dropped and I started to cover. 

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Edited by Magnus Alexander
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9/9/2019 - I tried to catch some extreme reversals today, all failed miserably. I blame myself for not looking at the 15 mins chart, instead I depended too much on the 5 mins chart. Need to look for stronger support/resistance levels on the daily charts before I try to catch a fallen knife in the future. 

T - I noticed that T was bouncing back from $37.60 level. It was making a double bottom on the 1 mins chart. However, on the 5 minutes chart, it had still been trending down so I hesitated to take the trade. Then, Andrew called it out on the chat and I was like "YES!!!!!", he didn't take the trade though.. haha too bad for him because it popped up instantly 😛 . Anyway, I just started to cover at the MAs. On the 5 mins chart, there was a 5 minute  bullish engulfing candle for a 5 mins ORB. As a result, I decided to add to my position on the pullback when it seemed to hold the 9 and 20 EMA on the 1 mins chart. Sadly, T didn't have the strength to push higher... and I got out giving back a small profit #Moving Averages are too strong of resistances! (Totally fine with the add though!)

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Later on, I tried to catch T at its bottom 2 times, but failed miserably. Probably shouldn't have because T was trending down badly, and there were no real supports at the level that it was bouncing back from. 

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ACAD - I noticed that ACAD just rejected the 20 EMA + 9 EMA on the 5 mins chart. There was a big bearish engulfing candle. ACAD was pulling back to test the MAs. On the 1 minute chart, it seemed to just reject the 50 SMA. That was when I decided to go short with a stop loss above the MA. Probably an okay idea. However, I failed to notice that ACAD bounced back perfectly from $38.00 level which can be a strong support. Secondly, it just formed a hammer on the 1 mins chart. As a result, this was another unnecessary trade to take. 

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AAPL - AAPL looked very good on the daily chart. It seemed as if today was the day it is going to breakout so I was long biased on AAPL. Anyway, I noticed that AAPL was consolidating around the VWAP and some support levels. Then, I noticed a big ask on AAPL at $215.50, I got in right away at $215.40 something. It quickly popped up and I started to cover towards $216.3. Very proud of this trade. Sadly, my account didn't have enough buying power to take larger position on AAPL. As a matter of fact, it was only a small profit despite almost catching the entire move. 

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CRWD - Another bad example of trying to catch a fallen knife. I noticed CRWD was on the Reversal Scanner so I take a look. CRWD was bouncing back from $67.25, so I looked at the daily level and found a level at $67.37. This level seemed pretty weak but I still put it on there because I wanted to catch a knife catcher like Robert or something -_- Well, I went long based entirely on that support level and got stopped out quickly. #BadTrade

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Lessons for me for today is that:

#1 - Take less of these extreme reversals!!! If you do, size it down! Also, look at the 15 mins chart!! On the daily chart, find REAL and STRONG support/resistance levels! Weak ones or unclear ones are GARBAGES.

#2 - Respect your stop loss! Put in a stop loss order quickly! Don't change your stop loss once you're in the trade!!!!

#3 - Try to take mostly A set-ups, avoid feeling the need to take the trades when the set up is not RIGHT. 

Note: Guys, please leave some feedback about my trades if you have any! I would love to hear some criticisms! Thank you 🙂

 

Edited by Magnus Alexander
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9/10/2019 - I went live today. A bit unlucky and a bit because I was too nervous. Again, I was feeling that I need to take some trades to make some money on my first day. So I took some bad B set-up and it backfired. 

WEN - In play today. Had okay volume.

Trade 1 - Wendy was the perfect set up for a 5 mins ORB. I noticed that it rejects the MAs and VWAP twice in the first 5 minutes. On the second time, I went short putting my stop loss above VWAP. Unfortunately, WEN did a pullback and that pullback looked a bit like a double bottom on the 1 to me so I bailed. WEN never even break the VWAP though. So that was my fault. Guess I was too nervous? Oh well, these things happen. 

Trade 2 - Wendy bottomed perfectly at $19.95 which is a level I had on the daily chart. It popped above VWAP, a bullish engulfing candle was formed. It dropped back to test VWAP and held so I decided to go long putting my stop loss below VWAP because this is a squeeze and the shorts have to cover. One problem was that there were so many MAs in the way. This trade is OKAY. the squeeze can brea above all of these MAs. I don't hate myself so much for taking this trade, but again, I could have wait for a cleaner move where the MAs are not in the way or at least farther from the price. 

Trade 3 - I noticed WEN just broke below $19.95 which is an important support level as well as low of the day. I decided to go short. However, I took such a big size that on the pullback, DAS stopped me out as I had already reached the max $150 lost on WEN. Quickly after, WEN dropped like crazy, it never even break the 9 EMA... 

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AMD - Wasn't in play today, but it usually follow SPY. Also, on the daily chart, it looked very bearish and it seemed that it might break down today.

Trade 4 - I noticed a VWAP false breakout on AMD. Then I noticed AMD couldn't break above VWAP, so I short below VWAP and MAs twice. Unfortunately, it never have the power to push down lower. This set up is A- for me. The only problem was that AMD didn't have any catalyst. 

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CTRP - I just got stopped out on WEN on a supposed to be winning trade. I was mad, I tried to look for a way to recover my money. Then, Andrew called out on a short on CTRP. I checked out the chart. On the 5 minutes chart, CTRP just formed and evening star pattern. CTRP just cracked VWAP and all of the MAs levels like it was nothing. On the 1 minute chart, I noticed that CTRP just rejected the 50 mins SMA and it was about to test the 200 SMA as well as the $34.00 whole dollar level. Anyway, I decided to go short to try to get back my money at $34.10~. CTRP struggled to break this level for a long time. Usually the longer it takes to break a support level like this, the more like that it will bounce from here. I got scared so I covered for a small profit, Andrew covered everything quickly after as well.

Here is my P&L for the day. -$194.65 if we don't include commissions.

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I felt unlucky today. Lot of random things happened. Many of the trades I took have reasonable set-ups but things wouldn't work out. As if the market want me to go back to sim. NO! I'm not going back to SIM, you can beat me down but I won't give up. 

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