CS - Day Trading Journal

[choonsiang.ong 31]

10 Oct 2019

Today is the MOVING AVERAGE day for me. Took 2 trades and both are green. 

$BBBY - Saw 2 red indecisive candles at 1 min chart. Once I saw it moving above VWAP, I took a LONG position. I move my stop to break even and I got stopped out. If not it will be a very good upward move. 

$DAL - Saw a inverted hammer at 2 min chart and 1 min chart moving downwards from VWAP. I immediately entered the trade to the SHORT side and managed to cover all positions before it bounce back to VWAP again.

Very happy with my performance today. I should stop trading now to prevent over-trading. All the best guys!

 

[Rob C 826]

A solid day trading!! Great discipline to stop while you are green!!

[Mike B 624]

Nice Short on $DAL, looks like we got almost the same entry.

[choonsiang.ong 31]

21 hours ago, Rob C said:

A solid day trading!! Great discipline to stop while you are green!!

Thanks buddy for always been there to encourage! 

[choonsiang.ong 31]

11 Oct 2019

Today I took 3 trades (2 green and 1 red) . Overall still green. 

1) $MU - Took SHORT when it is bouncing off VWAP and the share took a sharp upward turn and I got stopped out. I realized that I am shorting towards 50MA. Bad move and didn't check my chart clear enough. 

2) $FAST - Many traders in the chartroom heard Andrew saying to take a LONG and I took it but he didn't. It is a very good move upwards and my biggest win for the day!   

3) $ROKU - At 2 min chart, I saw the candle bouncing off the 200MA and it serves as a strong resistance. I took it SHORT and covered all of my positions before it went back up. It was a very small move but I was lucky to cover everything. 

2 green days in a row and I am happy. Hope to continue to maintain consistency when in LIVE account. 

 

 

 

[WilliamH 67]

Great journaling Keep it up!

[choonsiang.ong 31]

Thanks @WilliamH for your great encouragement! 

[choonsiang.ong 31]

14 Oct 2019

Took only 2 trades on our best friend, also know as $MU.

First trade - I saw the candle bouncing on VWAP and thought it may take off and I went LONG. I was on the wrong direction where I got stopped out. 

On my second trade, I saw it moving downwards and bouncing as a resistance in 2 min chart. I immediately took the trade SHORT and manage to exit at one of the lowest point. 

Today is breakeven for me. 

My learning lessons should be not to LONG the share if there is a MA above the trade (in 2 min chart).

Any bros who would like to contribute 2 cents worth are most welcoming! 

Thanks!

 

 

 

 

 

[Rob C 826]

First let me applaud you on the discipline I see in your trading everyday. This is the toughest part of trading and when you have it the rest comes a lot easier.

My first question, are you making trading decisions on the 1min and 2min chart only? They are a little close in time frame. The 1min/5min or 2min/5min or all 3 is better.

So the first MU trade looks OK on the 1min. The MAs are moving up. Looks like an ABCD is being created so its OK the volume dried up a bit which it does commonly on the "C" part of the setup.  I also like that it retested VWAP and still bounced higher. The only issue from the 1min chart is the 45.10 level is a REALLY powerful on being the PDC. But you have  labeled it the same as the 45.05 level so it doesn't seem so strong. Sometimes I do enter a trade before the break of PDC so I can catch the move after, but only on volume. But here you were hovering under the PDC with low volume.

Then on the 2min chart things didn't look as good. The 200MA, which is heading downward is a strong resistance level. Unless your stop was tight and the 200MA is your target. Then on the 5min chart there wasn't a new high after the VWAP break, not giving you an entry point. 

So I see why you took the trade, especially when looking at the 1min chart. I do recommend you have the PDC (previous day close) labeled a little different, unless you can still track it. I can't so I have it labeled differently. And I made the mistake of still using the 1min chart, as my primary well after the open. It took almost a year before it became comfortable using the 5min as my primary and the 1min/2min for confirmation and entries. Especially after 9:45am. So hopefully you won't make the same mistake as me and get comfortable using the multiple time frames early in your career.

[choonsiang.ong 31]

On 10/15/2019 at 1:27 AM, Rob C said:

First let me applaud you on the discipline I see in your trading everyday. This is the toughest part of trading and when you have it the rest comes a lot easier.

My first question, are you making trading decisions on the 1min and 2min chart only? They are a little close in time frame. The 1min/5min or 2min/5min or all 3 is better.

So the first MU trade looks OK on the 1min. The MAs are moving up. Looks like an ABCD is being created so its OK the volume dried up a bit which it does commonly on the "C" part of the setup.  I also like that it retested VWAP and still bounced higher. The only issue from the 1min chart is the 45.10 level is a REALLY powerful on being the PDC. But you have  labeled it the same as the 45.05 level so it doesn't seem so strong. Sometimes I do enter a trade before the break of PDC so I can catch the move after, but only on volume. But here you were hovering under the PDC with low volume.

Then on the 2min chart things didn't look as good. The 200MA, which is heading downward is a strong resistance level. Unless your stop was tight and the 200MA is your target. Then on the 5min chart there wasn't a new high after the VWAP break, not giving you an entry point. 

So I see why you took the trade, especially when looking at the 1min chart. I do recommend you have the PDC (previous day close) labeled a little different, unless you can still track it. I can't so I have it labeled differently. And I made the mistake of still using the 1min chart, as my primary well after the open. It took almost a year before it became comfortable using the 5min as my primary and the 1min/2min for confirmation and entries. Especially after 9:45am. So hopefully you won't make the same mistake as me and get comfortable using the multiple time frames early in your career.

Dear @Rob C,  

Thanks for sharing your experience and definitely a great enlightenment for me. 

 

[choonsiang.ong 31]

14 Oct 2019

I only took 1 trade today on $X and I should stop as I am done with my daily goal. 

On 1 min chart, I saw an hammer (may turn uptrend) sitting on the 200MA. My profit target is on the 200MA on the 2 min chart and I am glad that it went over it and I manage to exit after that. 

Today is a Green Day and I am happy. Live to trade another day. 

 

[Rob C 826]

It was great you were able to take profit with just one sell. I don't have the discipline to do that yet.

I was curious where your potential stop was on this trade?

[Mike B 624]

7 hours ago, Rob C said:

It was great you were able to take profit with just one sell. I don't have the discipline to do that yet.

I was curious where your potential stop was on this trade?

I have the same problem. The thing that has helped me out is developing exiting rules, just like I have entering rules.

[choonsiang.ong 31]

It was great you were able to take profit with just one sell. I don't have the discipline to do that yet.

I was curious where your potential stop was on this trade?

I have the same problem. The thing that has helped me out is developing exiting rules, just like I have entering rules.

 

Dear @Mike B and @Rob C, 

 

I usually set my exits below / above the MAs when I long / short the trade. 

 

And for this trade, I place my stop loss below the orange (200 MA). Hope it helps. 

 

 

[choonsiang.ong 31]

15 Oct 2019

Today was a disastrous day for me.

I took 3 trades today and I hit my max loss. 

1) $NTRA - I saw a few confirmations in various chart 

• 1 min - Sitting on 50 MA
• 2 min - Candle sitting on VWAP and saw a hammer (previous 2 candles) sitting on the VWAP. I am thinking of a reversal. Yeah. 
• 5 min - Candle sitting on VWAP

Took 2 LONG trades at around the same points but in the end got stopped out (refer to 1 min chart). I think I have traded correctly. Self consolation. Lol. 

2) $PAGS - I saw a few confirmations in various chart 

• 1 min - Located below VWAP.
• 2 min - Located below VWAP.
• 5 min - Located below VWAP.

I went SHORT and took a small profit to cover my huge loss today. 

Today is a RED Day and I am glad I am on SIM.   Live to trade another day   

Edited October 17, 2019 by choonsiang.ong