CS - Day Trading Journal

[choonsiang.ong 31]

Hi,

I would need some help on this trade. 

For this ATUS trade which I took yesterday, I took a long position as I expect the stock to take off when I saw a few confirmations below  

1) double bottom at 1 min chart

2) Candles bouncing off at MAs (harmonious charts) 

I set my stop loss below the MAs and I got a stop out. 

Did I trade correctly (e.g. saw the correct confirmations, good entry, good stop loss) on this trade?

Hope someone can help.

Thanks. 

 

[Rob C 826]

I am not an expert in that time frame (actually not an expert in any time frame), so you may take my comments with a few grains of salt.

First the good:

The price was holding VWAP in multiple time frames.

The 1min and 2min charts the candles was creating a pendant.

You went long on a white candle

You stopped out right where you wanted (that is a skill that took me awhile).

 

What could be better. Of course this is easier to see in hind sight. I would have likely missed them as well.

Volume died down

Entered the trade in the middle of the end of the pendant. Usually you want to wait for the break of the pendant to know which direction the price will move.

Risk to reward seemed low. There were three tech levels above the entry. The first was highly respected on the 1min and 2min chart and one candle on the 5min. The next 2 levels were respected once on the 1min/2min/5min chart. So unsure of your target. 

If waited for an entry for a clear break of the 28.35 level (by 3 or 4 cents) the strong tech level would have been cleared and the pendant broken. R/R would still not be too good with a target of the 28.44 level with VWAP-5min as your stop. But you could plan to take a partial profit at that level in hopes of reaching the 28.51 level. At least if that was the plan, the trade would not have been taken.

 

Again not an expert. But hopefully you can find some use in my comments.

Rob C

 

 

Edited September 12, 2019 by Rob C

[choonsiang.ong 31]

Dear Rob C,

Thanks for giving your 2 cents worth. I think it is really beneficial so I will be able to identify my weakness and improve from there. 

When you mentioned about pendant, what does it represent? Does it mean consolidation or price is going to come down? 

How to identify on the pendant on 1 and 2 min chart? 

CS

[Rob C 826]

 

I tried to use the word pendant instead of wedge. Wedge gives some increase in probability of direction. It could represent upward/downward pressure. Pendant just shows consolidation and you have to wait for the breakout of the pendant to know which direction. You can see a pendant on the 1min, 2min and 5min chart. The top part of the pendant is pretty clear, the bottom is more subjective here. So it could be drawn differently. 

 

Edited September 14, 2019 by Rob C

[choonsiang.ong 31]

Hi Rob C,

Thanks for your time and help in explaining what is the pendant. I trust that waiting for the breakout of the pendant serves as a confirmation to which direction is it heading towards. 

For the wedge, I googled online and managed to find a rising wedge (attached pic). For such rising wedge, does it mean the buyers will lose its steam and should go short? What kind of confirmation that you will be looking at? 

Thanks!

[Rob C 826]

It's funny I have heard wedges discussed in both directions. As for the example you shown above I have read that type of wedge as buying pressure tightening the wedge as buyers are winning. Or as sellers are holding the resistance and sooner or later they may win. Honestly I am not experience enough to know. So I take wedges like pendants and wait for a break. If the break is in a direction I had a bias from other technicals, great and I would trade it in that direction.

Aiman and Thor has created a video on that topic. I haven't had a chance to watch it yet. I am sure its more informative than anything I can bring to the table.

[choonsiang.ong 31]

Hi Rob, 

You are such a humble person and thanks for your sharing. Please dont say that you are not experienced. I guess I am worse off than you.

It will be really glad if you can share the video from Aiman and Thor so we can have a good discussion on pendants and wedges...  lol.. 

 

[choonsiang.ong 31]

16 Sep 2019

I took 2 trades (short on AMIT and long on HAL) 

1. AMIT - ORB down at 1 minute chart and I don't have much patience compared to Andrew and start to partial out and took profit.

2. HAL - Saw in both 1 and 5 chart where it is sitting on MAs, serving as support. The trade took off and start partial out to take profit. 

For both trades, I need to learn to be more patient and to wait it to fall/rise to next important levels. 

[Rob C 826]

3 hours ago, choonsiang.ong said:

 

It will be really glad if you can share the video from Aiman and Thor so we can have a good discussion on pendants and wedges...  lol.. 

 

I think its this one. But I haven't watch it yet. Though I definitely plan to.

https://bearbulltraders.com/lessons/week-12-thor-price-level-breakout-strategy/

[choonsiang.ong 31]

Hi Rob C, 

Thanks for sharing the link. I will definitely watch it as well! Cheers buddy. 

CS

[choonsiang.ong 31]

17 Sep 2019

Overtrading Day

1) GLW - Took 2 trades on this. 

• I short the trade and thinking to let the winners run. After it touched 27.43 , it went back up and I got stop out. I should have partial out / move my stop loss to breakeven. 

• I took a LONG trade when I saw it taking off from WWAP at 5 min chart. Not the best entry and R:R. Sold off at 28.2. 

2) SNAP - I took 2 trades. 

• I SHORT in my 1st trade when I saw the candle crossing WWAP in both 1 and 5 min charts. In the end, I got stopped out. 
• 2nd time, I went LONG, thinking that WWAP serves as a support in 5 min chart. In the end, I got stopped out again when it starts moving downwards. 

For SNAP, I think I am not good in waiting for confirmations / too much FOMO within me hence I done really bad in this trade. Hope someone can enlighten me on this. 

Thanks .

 

 

 

 

Edited September 17, 2019 by choonsiang.ong

[Rob C 826]

There is a lot of good about your SNAP trades. The first one is a continuation of three red 5min candles and a test of VWAP break. And you took the trade on a reverse hammer with vol increasing. Your second trade is a long after the price tested VWAP at least 5 times and finding support. And absolutely great stops. With stops like that you can trade for years while you increase your skill level, with little impact to your account. The issue is mainly risk to reward. I only trade after 10am on SIM so I don't have too much experience, but the trades become much less tolerable to low R/R than the live trades I take near the open. For the short there was a strong level forming at 16.30 that really reduces your R/R. And for your long you already have the 16.42 level marked which also gives the trade a low R/R.

In general your trades look like you are on track, just need some fine tuning. I would say it took me about 5 months of trading live before I reached your level.

[choonsiang.ong 31]

Thanks @Rob C buddy for your analysis and confirmation. Just hopping that I will continue to learn and get better each day. 

One thing that I didn't take notice is the volume increasing. Thanks for pointing that out. 

Appreciate your kind inputs and keep these coming! 

Cheers! 

 

 

[choonsiang.ong 31]

18 Sep 2019

I told myself not to overtrade and only take trades which are considered good RR. 

• I took 2 trades on CHWY

            - On 5 min chart, I SHORT and thinking it is a WWAP reversal. However it went into consolidation mode and didn't break down to the low of day. So I decided to exit with a small profit. 

-  On 5 min chart again, I LONG this time where I saw it sitting on WWAP. Some goes the 1 and 2 min chart. I could have let it run but really FOMO and I exit the trade and took profit. 

• OSTK - When I saw that all charts are harmonious and staying below WWAP, I wish to SHORT below WWAP on the 2,5,15 min chart (arrow pointed). However it is a missed trade where I keep on pressing the short key but didn't get filled

• ROKU - When I saw that all charts are harmonious and staying below WWAP, I wish to SHORT below WWAP on the 2, 15 min chart (arrow pointed). However  It is a missed trade where I keep on pressing the short key but didn't get filled

Overall it is a green day for me and I am happy. However also a bit sad when I didn't manage to get the last 2 trades. 

Do members here experienced the same issue as me where you tried to for short but didn't get filled? 

 

[Rob C 826]

Great trading day. Good discipline on keeping the number of trades low. 

Yes getting your shorts to fill is its own skill. If you wait for confirmation of the move there may not be any shorts to fill. It has happen a lot to me since I like to wait for confirmation.