Tom N - Day Trading Journal - Looking for feedback...

[Christopher 129]

 

SHAME! SHAME! SHAME! 

Nice reversal on GPS, notice the volume when it turned too, the volume is off the chain and the price barely moves, that's the institutions and big money dumping shares to the greedy buyers late to the party! If you get in at the top of a reversal the stock will almost ALWAYS bounce either off the 9 on the 1 or the 9 on the 2 or hopefully the 9 on the 5 (a nice place to take profit). 

gj! 

 

 

[NAVEEN 5]

Hi - Just ran into this journal. On your $NKE trade, thoughts on why saw a reversal? Triangles/ price level breaks is one of my go-to strategy and I would have went short right at the point where you exited, looking for the break at your second entry.  

[tntp45 53]

On 6/27/2020 at 6:05 PM, Christopher Patterson said:

SHAME! SHAME! SHAME! 

Nice reversal on GPS, notice the volume when it turned too, the volume is off the chain and the price barely moves, that's the institutions and big money dumping shares to the greedy buyers late to the party! If you get in at the top of a reversal the stock will almost ALWAYS bounce either off the 9 on the 1 or the 9 on the 2 or hopefully the 9 on the 5 (a nice place to take profit). 

gj! 

Thanks Chris !

Good points on the 2 minute chart, it breaks and stops much cleaner there...

Appreciate the comments !

-tn

[tntp45 53]

21 hours ago, NAVEEN said:

Hi - Just ran into this journal. On your $NKE trade, thoughts on why saw a reversal? Triangles/ price level breaks is one of my go-to strategy and I would have went short right at the point where you exited, looking for the break at your second entry.  

Thanks Naveen;

$NKE was falling pretty good and I was eyeing for a reversal...I wanted to enter at 9:50 when the first candle showed some green, I waited for a confirmation candle but it continued to fall to another red candle...

at 9:53 we got another green candle and when 9:54 opened higher and was going green I went in long...with the stop at the bottom of the 9:53 candle...

 

Shorting this stock all day would have been the right play for the day !(hindsight 20/20)

The 20 EMA held resistance for this stock all day...

That's why we want to Day Trade !!  Did you play this stock on Friday ?

[tntp45 53]

2020-6-29 <SIM>

Breathe in...Breathe out...

Ok, I admit...I am a little frustrated after today...

I went in with some pre-conceptions on my stocks for my watch-list given the morning news.  

Specifically $BA, my theory was the stock would be bullish, and indeed it was...but I lost substantially across the day.

How can one have done the correct research (pick the stock in play) and have a correct momentum theory and still lose...

Back to the basics is the only thing I can come up with...

I felt like I got stopped out a lot today...maybe my stops are in the wrong place, too tight, or just all out reading the price-acition wrong.  Yep, frustrated...

Look at this awesome chart on $BA today

Opens at 181, closes at 194...has a beautiful trend lines...how do you not make money here ?

My approach here is analytical.  Dissect it, identify the issues and come up with a plan to resolve them...

$BA Trade 1

Stock drops below the 5 minute range, I go short and get stopped out.  Not once, not twice, but three times...seems funny now.

My rule triggers me for my first break...(three losses in a row = break)

5 Minute      1 Minute

After one, looks like revenge trading...new rule (?) Only one shot per ORB (?)

Trade 4 & 5 $BA

Realizing that $BA is moving positive and it has set an ABCD pattern I am long at 10:03, later entry and less than ideal share size with only 103 shares.

My thought process was, "this could be the trade of the day, I could probably just hold this all day and come out a hero"

The stock goes up and stalls and I sell at 183.72 for a +1.82R...

• Happy to put some green on the books...
• Not happy I am not letting full or partial position run all  day...

...So I fire again and rebuy, get stopped out and lost 1.29R...

Trade 6 $BA

I shorted at 10:37 after it broke that 9 & 20 for a reversal...

Took a profitable partial, then it jumped back on me while trying to change my stops in the montage...

-.04R

$BA Trade 7 and beyond...

$BA cracks the major technical over-night high level and I called it out, "This stock is going to 195!"

Trade 7

Long in the consolidation phase of ABCD at 13:32 and stopped out !! (WT?)

Held for 22 minutes, that could be a record !

Trade 8 

Hitting it again in these mutliple ABCDs...

Long and stopped out...

This one is a little more obvious to me...I am using the 9ema on the 1 minute chart as a stop, way to tight.  Trying to pick up larger share size, costing me over and over again...

   

Trade 9

$BA breaks through the barrier of $190 (I called this one!)

I go long, it pulls back and I add another 100 shares...I sell the 100 for a small profit...and I end up bailing out on the larger share for a small loss...

What am I thinking (???)

Trade 10

Long again at 14:54 at 190.24

It pulls back and I am confident of the 190 support so I double my size

No big momentum up so I partial at 191.16 and close the balance at 191...

I actually made 2.56R here...hmmmm...

My last couple of trades were so sloppy, I can't even post them...

Total $BA Trades = -3.97R

==========================================================================

Afterthoughts:

Well...I thought with this detailed journal there would be some obvious things to jump out at me...

Only a few things...(not what I was hoping for)

     Study the basics of ABCD....

     Maybe need some scheduled breaks if I am going to be trading all day...

I am going to keep going through these, seems that I should have some more constructive items to work on after today...

Will find them and keep improving !

 

= Ok, one more afterthought.  If I can focus more on a better entry.  This allows for a multiple of things 1) Bigger share size so I can partial and take profits and 2) I can leave a fraction in that should be somewhat substantial in order to take the longer runs.

= Concentrate on proper stops...

 

Edited June 29, 2020 by tntp45

[tntp45 53]

2020-6-30

Turned off the computer and went to the beach 35 minutes after the market opened.

Not my day.

Coming back fresh tomorrow !

P.S. Who took $LULU today ?

[Christopher 129]

I was watchin it in the morning, I think the spread was a little too large and I ended up dropping it, normally I stay away from stocks that are $100+ I don't have that great of a reason other than it seems to be that stocks that trade sub $100 have a lot more respect for whole / half dollar amounts /shrug.

Hope all is well man, keep it up!

[tntp45 53]

@Christopher Patterson I think that is solid advice, to stay away from $100+ stocks...Need to think about adding that in as a rule...

[tntp45 53]

2020-7 - 1 & 2

Tough day overall on 7-1.

But I made some nice positive trades in the afternoon by watching the scanners in the BBT chatroom.  Felt pretty good since my watch-list had gone stale, I felt the scanner gave me some good additional trading opportunities.

Green Day on 7-2

I ended up 1.1R but was as high as 3.5R.  Kept trying to go for my goal of 5R for the day...

One of the things I read on Andrew's book was if a trade was not going your way to exit it right away.  I felt I did a great job of this on 7-2.  This has been a big change for me as I have really have been trying to let trades run all the way to goal or stop.  Also trying to swing for the homeruns.  It feels different to be quick on the exit trigger, but I think it is making a positive impact.  Will keep monitoring the strategy..

Really only traded one symbol $PFE all day and also took one SPY trade.

Just a few trades to share:

Trade 2 

$PFE  +1.55R

Took for a reverse ABCD at 9:34  in and out...

 

11 AM Trade $PFE  -1R

1/2/5/15/ORB and HOD

This was a trade I was excited to take.  I had alerts on my PC and my phone for this this stock to reverse and come back and break this  level. (34.62)

I got an excellent entry with 2000 shares, ready to make the homerun of the year.  You have to ignore the 34.85 line on this graphic, since I clipped that later it is reflecting the high of this trading day.  There was no sign of resistance on this trading day.  I was convinced that it wasn't going to slow down until it hit 35 and would have the opportunity to continue.  Well....It rose pretty good but then gave two back to back indecision candles at 11:34 and 11:35.  Had I been able to exit (or even partial) at this point I would have closed another 2.5R.  I wanted the homerun so bad I stayed all in.  Then my house got crazy and I had to take my daughter.  Stopped out for a 1R loss.  Still hurting.

How would you have played this ?

Afterthoughts:

Feeling great about having a green day.  Feeling great about bailing out on bad trades with zero or close to zero loss.

Still pushing trades as opposed to waiting for perfect setups.

Traded the SPY for a +1R.  Thinking I should add this in my game when the signals are there.

Good use of the TI scanners in the PM yesterday.

Happy 4th to All !

 

Weekend Goals:

Study double bottom setups.

I have two books that were recommended: Market Wizards and Volume by Price.  Need to put a dent in both.

Practice in Replay with the homework posted from BBT.

Study commission structure and impact for IB.

Add 10% partial buttons.

Add Kyle's HotKeys to "Laptop" setup

 

 

[tntp45 53]

2020-7 - 1 & 2

Tough day overall on 7-1.

But I made some nice positive trades in the afternoon by watching the scanners in the BBT chatroom.  Felt pretty good since my watch-list had gone stale, I felt the scanner gave me some good additional trading opportunities.

Green Day on 7-2

I ended up 1.1R but was as high as 3.5R.  Kept trying to go for my goal of 5R for the day...

One of the things I read on Andrew's book was if a trade was not going your way to exit it right away.  I felt I did a great job of this on 7-2.  This has been a big change for me as I have really have been trying to let trades run all the way to goal or stop.  Also trying to swing for the homeruns.  It feels different to be quick on the exit trigger, but I think it is making a positive impact.  Will keep monitoring the strategy..

Really only traded one symbol $PFE all day and also took one SPY trade.

Just a few trades to share:

Trade 2 

$PFE  +1.55R

Took for a reverse ABCD at 9:34  in and out...

 

11 AM Trade $PFE  -1R

1/2/5/15/ORB and HOD

This was a trade I was excited to take.  I had alerts on my PC and my phone for this this stock to reverse and come back and break this  level. (34.62)

I got an excellent entry with 2000 shares, ready to make the homerun of the year.  You have to ignore the 34.85 line on this graphic, since I clipped that later it is reflecting the high of this trading day.  There was no sign of resistance on this trading day.  I was convinced that it wasn't going to slow down until it hit 35 and would have the opportunity to continue.  Well....It rose pretty good but then gave two back to back indecision candles at 11:34 and 11:35.  Had I been able to exit (or even partial) at this point I would have closed another 2.5R.  I wanted the homerun so bad I stayed all in.  Then my house got crazy and I had to take my daughter.  Stopped out for a 1R loss.  Still hurting.

How would you have played this ?

Afterthoughts:

Feeling great about having a green day.  Feeling great about bailing out on bad trades with zero or close to zero loss.

Still pushing trades as opposed to waiting for perfect setups.

Traded the SPY for a +1R.  Thinking I should add this in my game when the signals are there.

Good use of the TI scanners in the PM yesterday.

Happy 4th to All !

 

Weekend Goals:

Study double bottom setups.

I have two books that were recommended: Market Wizards and Volume by Price.  Need to put a dent in both.

Practice in Replay with the homework posted from BBT.

Study commission structure and impact for IB.

Add 10% partial buttons.

Add Kyle's HotKeys to "Laptop" setup

 

 

[tntp45 53]

2020-7-6 <SIM>

+0.07R  Green Day, we'll take it !

Trade 1, Trade of the Day !

$UBER +2.42R

1 Min ORB

Went short on the second candle, took a few partials for a nice winner.

Hindsight 20/20, should have left a portion in to continue to run, but wanted to take a nice win !

Trade 2 & 3

$UBER -.92R

Tried to call a reversal, went long, failed -.92R.

Trade 3

Tried for reversal again, went long...took a positive partial...bailed when the stock reversed to break even for the trade...

Trade 4

$UBER -0.29R

Went for reverse ABCD pattern...failed and bailed out -0.29R

Trade 5

$SQ -.063R

Definitely saw this chart and went wow FOMO !  Huge chart so far...

Tried to call a reversal (Don't short a strong stock !!!)

Short and bailed for -0.63R 

Trade 6, 7, 8, 9...

$SQ 

So TraderVue grouped these together, which makes me think that FOMO was hitting me good and I started pushing trades...

Trade 6

$SQ 

Went long on a step of the ABCDs that $SQ was hitting...

Went long,  tried to exit two minutes later but hit the wrong key and double my size...then sold...

Break-even with this mess, but it should have triggered a Time-Out on my rules (Hot Key Error)

Trade 7 

$SQ -.1.01R

Tried to call another step in ABCD, stopped out...

Actually like this trade...

Trade 8 

$SQ +.71R

Re-fire on the ABCD

No partials and bailed out early..left money on the table...but Green !

Trade 9 

$SQ -.71R

Tried to call an ABCD, but first I think that this doesn't fit the pattern.  Cost me  0.71R.

Good thing is I stepped away from my trading.  Came back and decided there were no good entries.

Also completed my full journal with still an hour plus to go.

Not sure if I am done trading, but it feels good to go through all the trades.

Afterthoughts:

Great first trade !

Left profit on the table for a few trades because I closed the full position.  New Focus !  Will let 10-20% run.

Don't short strong stocks.

Saw a double top and a double bottom that implemented the 50MA that Peter likes to use.  Need to pay more attention to these.

Feeling good, feeling positive !

-tn

===============================================

I closed this journal out at 3pm EST, I went back into the scanners in the chatroom and saw that $SPCE was taking off (haha)  Anyway, picked up a red day from -0.88R to a positive green day !  Will take it !!!

Trade 10

$SPCE  -0.22R

Tried to take a reversal, short...bailed -0.22R

Trade 10

$SPCE +1.17 R

Formed an ABCD pattern.  I felt extra-good coming in after the hammer candlestick the minute before.  Partialed all the way up...I did leave a couple hundred shares in...but I quickly realized if I took the profit it turned my day green.  So I took it !!!

More Afterthoughts:

Just realized the TraderVue recognizes duplicates trades.  So with that I can upload trades as the day goes on and journal as opposed to waiting for the market to close.

Need to get to my daily goal of 5R.  Should I adjust to 3R (?)

 

Edited July 6, 2020 by tntp45

[tntp45 53]

Hello All;

Took a some time off from trading.  Took the family up to the mountains in Colorado to take a break.

Brought my laptop.  Traded this morning, journal entry coming...

[tntp45 53]

2020-7-20  <SIM>

Trading Remote in Beaver Creek, CO !

Brought my laptop with no extra screens.

Appreciate being in MST vs. PST and getting that extra hour of sleep !

+1.86R on only two trades.  GREEN !!

TRADE 1 $MRNA +.77R

1 MIN ORB

Green Trade.  I was up 2.5R almost immediately, dropped to 1R tried to get a partial and then got out for the rest...

Thoughts?

TRADE 2 $SPCE 

Reverse ABCD pattern +1.09 R

 

Felt pretty good about this one...

Planning on trading tomorrow, then back on the road to head home !

Afterthoughts

Got up early, exercised, good watch list.

GREEN DAY !  TWO GREEN TRADES = 100%

After I got out of my last trade I just watched $SPCE and did not enter...felt good about not over-trading...wanted to hold on to the win !

 

[tntp45 53]

2020-7-20

Placeholder...will come back and finish...

[tntp45 53]

2020-7-24

Back at home with my full workstation...

Question regarding Kyle's HotKeys...  This happened to me multiple times to me today where my orders did not get filled immediately.  Which of course means that the price ran up over the 5 cent mark.  Question:  Should I immediately cancel the order and start over ?  I was a little shocked at this so I did not react.  Each time the price fell back into to range of the order and was filled.  I was still confident in the pattern, so I let it run...

<SIM>  Max loss day...

Trade 1  $AMD -1.52R

One Minute ORB

First, there was quite the delay for me to be filled.  I assumed it was because the stock passed the 5 cent marketable limit order mark.  The stock came back down and I was filled.  Strange fill price as my order should have gone in at 65.42 as that was the top of the base of the one minute candle.  With that it wicked down and I was stopped out for a -1.53 loss.  Thoughts ?

Trade 2  $AMD -1.45R

Five Minute ORB

Base of 5 minute candle at 66.05 fill one minute later at 66.43...

Stopped out for a -1.45 loss...

Trade 3  $AMD +0.09R

ABCD & VWAP Bounce

I felt good about this trade.  Small share size because it got away from VWAP.

I partialed at HOD for only 10% because I was convinced that it was going to be super strong and should at least to go the next whole dollar amount of 67.00.  This allowed me to move my stop to break even.  Then it fell back and I was left with a lousy 0.09R.  

Afterthoughts; should I have taken more at HOD?  Probably, if for no other reason I seem to have overly-optimistic goals for some of these stocks.  With that if your goal was HOD, you would not take the trade because that would only be a 1:1 Risk to reward.  I am not sure, stock with a great catalyst and a good pattern.  I know that I did not want to partial more because of the small share size and when I was green it was not by a lot...

Trade 4  $AMD -1.32R

VWAP Bounce

Nothing but a bad trade, did not let the candles complete to confirm.

Just trying to jump in.  Certainly an anger trade from making no money the trade before.

Trade 5  $AMD -1.02R

VWAP Bounce

Repeat notes from trade 4, bad trade...need to wait for confirmation candles...

STOP FOR THE DAY WITH -5.23 R

Afterthoughts:

Well let's start with the positives

Woke up early, went through the entire morning show.

Good watch list, screens setup.  Stayed on one stock until the action stopped (or I stopped)

No HotKey errors.

Stopped trading and got out, went to my journal.

I have often thought when I have a bad day, I need to stop and drop into SIM.  Hahaha...I am in SIM.  So I am going to move myself to complete my journal and then if I go back in I figure those will be just practice trades.  Will let you know if I jump back in.

Full journal complete

Constructive thoughts:  

I was having a decent month.  Although I have had small green days they were green and no big losses.  No big green days, but I figured this was a step in the right direction.

Frustrated with a couple of things.  1. The fills not completing and then filling later.  I think if it does not go I need to cancel all orders and then re-evaluate.  I believe it was three times the orders went late and then filled on a pull back, probably an excuse to not take the trade.  2.  Also frustrated with losses being more than one R.  I am using Kyle's HotKeys, probably would be worse without them.

Take Aways:

Need to start recording my screen.  Any input ?  The simple way to do it seems to be with Quicken, although DAS has this function as well.

WAIT FOR CONFIRMATION CANDLES.

Utilize cancel all orders HotKey.

Somewhere I read that when traders comeback positive ready to trade they end up overtrading and losing money, and when they come in cautious they make better decisions.  Makes me think this applied to me today as I have not been on my desktop setup for a couple of weeks and traveling for the last couple of days.  Carlos says to be cautious on Friday's so you enjoy the weekend.  Wish I could say that, will have  to enjoy it anyways !

Have a good weekend !