Thunder dome

[MattfromNZ 55]

13 hours ago, Adam Lewis said:

Stock: NIO

Result: -1R loss

I recorded NIO yesterday as a potential 5min ORB entry to go short. Depending on how tight your entry was it may have  been possible to win an R or 2, however the price came up above the VWAP on the 3rd 5min candle and would have likely stopped me out, so I recorded that one as a loss. From there, as you know the price went a long way down. I record this too as a possible re-entry trade.

[Michael Sanchez 53]

Stock: FUBO

Strategy: SCALP

Why did you take the trade?: I took the trade because I saw that the stock had a lot of upwards momentum. The stock was gapping up and I did not want to miss the move. Classic case of FOMO.

Long/Short: LONG

Entry:  33.10

Risk:  30 cents 

S/L: 32.80

How did you feel after taking the trade?: I felt ridiculous because I told myself that I was scalping but in reality I just wanted to give myself an excuse to chase the stock 

What did you do well?: N/A

What can you improve on?: Not chasing trades and sticking to setups that work for me. I also should pick better stocks in play.

Questions?: NONE

 

[Michael Sanchez 53]

Stock: FUBO

Strategy: ABCD

Why did you take the trade?:  I took this trade because I thought I saw an ABCD pattern imminent (Clustering Illusion).  The fact of the matter was that this stock was way too extended and it was too far away from the 5min 9ema. 

Long/Short: LONG

Entry:  34.63

Risk:  50 cents 

S/L: 34.13

How did you feel after taking the trade?: I felt disappointed because I broke my rules again. The stock was way to far from 5min 9ema and I chased yet another stock. This will never happen again.

What did you do well?: N/A

What can you improve on?: Not chasing trades and sticking to setups that work for me. 

Questions?: ----

 

[Michael Sanchez 53]

Stock: UAL

Strategy: ABCD

Why did you take the trade?: I took the trade because I saw a reverse ABCD appearing. I saw that the price action was holding at the 1 min 9ema so I decided to take it. UAL also had earnings so I knew there was going to be a decent move today. 

Long/Short: SHORT

Entry:  43.22

Risk: 30 

S/L: 43.52

How did you feel after taking the trade?: I felt good about being able to recognize my setup and the price action

What did you do well?: Managing my trade. I would slowly slide my stop-loss down in order to protect profits. 

What can you improve on?: I should not have gotten out so soon and I should have had a tighter R/R.

Questions?: Where would you have placed your stop-loss based on my entry?

[MattfromNZ 55]

20 minutes ago, Michael Sanchez said:

Questions?: Where would you have placed your stop-loss based on my entry?

I would have put my stoploss at the low of the previous candle, That's kinda my goto in situations like this.

Nothing else to add on your trades, you summed them up good. I appreciate you sharing the good and the bad, it helps us all learn.

[MattfromNZ 55]

Ford was on my watchlist today. I did a few trades early. The ORB wasn't too bad, it just didn't go my way. The ABCD was stupid cause it was going against the 60min trend which was STRONGLY bullish. Somehow I missed the huge run in the middle, but had a good entry after a pullback. Check out that price action, haven't traded a stock that behaves like that before. The add was optimistic, but didn't lose on it. Then finally I thought the price would continue to go up after the big pullback. There are probably more signs to why this was a bad idea than what I recognize, but you can clearly see a reverse ABCD and a head and shoulders pattern. The price had crossed ALL THREE MA's on the 1min chart, and had broken the 9ma on the 5min for the first time in an hour. Anyway my net P/L for all for trades was -$14.91 which is 0.75R. I learnt a lot but the biggest learning for me here is WATCH MY DAMN WATCHLIST BETTER, so I don't miss amazing moves, sheesh.

[A_aron 27]

Matt

-          When you added to your position, what did you see that made you think that the price was going to continue higher?

Sanchez

-          I would of done the same thing Matt suggested or a little above the purple EMA.

-          I wouldn't beat yourself up too much about not holding on longer. There are two hammers one with high volume as well as increasing volume with increasing price action. Also the price action was being supported around the 42.43 area.

[Michael Sanchez 53]

4 hours ago, MattfromNZ said:

Ford was on my watchlist today. I did a few trades early. The ORB wasn't too bad, it just didn't go my way. The ABCD was stupid cause it was going against the 60min trend which was STRONGLY bullish. Somehow I missed the huge run in the middle, but had a good entry after a pullback. Check out that price action, haven't traded a stock that behaves like that before. The add was optimistic, but didn't lose on it. Then finally I thought the price would continue to go up after the big pullback. There are probably more signs to why this was a bad idea than what I recognize, but you can clearly see a reverse ABCD and a head and shoulders pattern. The price had crossed ALL THREE MA's on the 1min chart, and had broken the 9ma on the 5min for the first time in an hour. Anyway my net P/L for all for trades was -$14.91 which is 0.75R. I learnt a lot but the biggest learning for me here is WATCH MY DAMN WATCHLIST BETTER, so I don't miss amazing moves, sheesh.

This was an amazing ABCD pattern. You should give us a class on adding to our positions. That is a really tough thing to do. Great job!!!!

[MattfromNZ 55]

2 hours ago, A_aron said:

Matt

-          When you added to your position, what did you see that made you think that the price was going to continue higher?

The price had pulled back to the 9ma on the 1min chart. During this pullback the price dropped down and came up twice. Once it started to move up beyond that level I decided that, based on the way the stock was moving it was a good bet to add here. Like I said the way this stock moved was like no other stock I've traded before, going up so clean, and incremental like that. To be fair it was a very small pullback, and with the stock so extended it was kindof a risky add, that in the end didn't really increase my profit much.

2 hours ago, Michael Sanchez said:

This was an amazing ABCD pattern. You should give us a class on adding to our positions. That is a really tough thing to do. Great job!!!!

Thanks, I only started adding to my positions this week, so there maybe some luck involved. I use the freeroll button on the fixed risk hotkeys, not sure if you guys are using fixed risk, but this definitely simplifies the process and keeps your risk at 1R throughout your trade. The hardest thing is probably getting into the larger trends, before they become larger trends. Of course there is an element of luck to this, cause you don't know which will be the larger trends, but it seems to me that identifying trends EARLY is the secret to success. That point was made loud and clear with me missing the initial move on Ford today. By getting in early you can then then add on a pullback, which is where you would get in if you arrived mid-trend. I just think of adds as another trade, but your sharing the risk with your already successful trade, and your chances of success should be higher because you've been watching this stock like a hawk for the last 20 mins or whatever, you can see how it's behaving and you have had plenty of time to think about it. Those are my thoughts for now, but yeah don't think I'm quite ready to give a class yet, but happy to share more learnings and ideas that I have as I go along. 

[A_aron 27]

Date: 1-22-21

Stock: INTC

Strategy: Double Top

Long/Short: Short
Entry: 58.97
S/L: 59.10
Risk:  0.13
 -Stopped Out- by .01 cents

 Plan of attack:
 In terms of entry and exit= winging it, none.
 
 Why did you take the trade?:

-          FOMO on the double top.

 How did you feel after taking the trade?:

-          Frustrated.

 What did you do well?:
- Stuck to my rules of -2 in a row and all out at -3 total.
- Managing risk. Even though I was -3 I am still green for the week.

 What can you improve on?:

- STOP being hesitant. 

- You need to be thinking one step ahead of the price action. Its like racing, you need to be looking/ planning  at what is ahead of the turn, not at the turn itself.

 Chart: 1min,5min,15min

[MattfromNZ 55]

1 hour ago, A_aron said:

Date: 1-22-21

Stock: INTC

Strategy: Double Top

Long/Short: Short
Entry: 58.97
S/L: 59.10
Risk:  0.13
 -Stopped Out- by .01 cents

 Plan of attack:
 In terms of entry and exit= winging it, none.
 
 Why did you take the trade?:

-          FOMO on the double top.

 How did you feel after taking the trade?:

-          Frustrated.

 What did you do well?:
- Stuck to my rules of -2 in a row and all out at -3 total.
- Managing risk. Even though I was -3 I am still green for the week.

 What can you improve on?:

- STOP being hesitant. 

- You need to be thinking one step ahead of the price action. Its like racing, you need to be looking/ planning  at what is ahead of the turn, not at the turn itself.

 Chart: 1min,5min,15min

 

That's to bad man, this was a solid entry in my opinion. This could have been a VWAP reversal trade from Peter's webinar. He would have entered  exactly where you did but with the stoploss at the top of the body of the last 1min candle. Also for 5min ORBs I've been told for short positions to not put your stop right on VWAP, but just above it, and it makes sense because I have seen it again and again where the price pokes it's head above VWAP just for a second before popping back down.

[MattfromNZ 55]

My adventures with Intel today. I had a failed 5min ORB (-1R), A successful ABCD entry that was ruined after an add (-0.5R), an early re-entry where I seconded guessed myself and got out (-0.25R) and then finally a successful ABCD re-entry (+2.25R), which left me with a net profit of +0.5R.

Next I have PLUG. It's not the nicest looking ABCD pattern in the world that's for sure, but it worked out for me, even though I originally bailed and had to re-enter. I also thought we were going for another ride at 10:15am, but got stopped out at break even. Risk $20, P/L - $47.62

[Michael Sanchez 53]

14 hours ago, MattfromNZ said:

The price had pulled back to the 9ma on the 1min chart. During this pullback the price dropped down and came up twice. Once it started to move up beyond that level I decided that, based on the way the stock was moving it was a good bet to add here. Like I said the way this stock moved was like no other stock I've traded before, going up so clean, and incremental like that. To be fair it was a very small pullback, and with the stock so extended it was kindof a risky add, that in the end didn't really increase my profit much.

Thanks, I only started adding to my positions this week, so there maybe some luck involved. I use the freeroll button on the fixed risk hotkeys, not sure if you guys are using fixed risk, but this definitely simplifies the process and keeps your risk at 1R throughout your trade. The hardest thing is probably getting into the larger trends, before they become larger trends. Of course there is an element of luck to this, cause you don't know which will be the larger trends, but it seems to me that identifying trends EARLY is the secret to success. That point was made loud and clear with me missing the initial move on Ford today. By getting in early you can then then add on a pullback, which is where you would get in if you arrived mid-trend. I just think of adds as another trade, but your sharing the risk with your already successful trade, and your chances of success should be higher because you've been watching this stock like a hawk for the last 20 mins or whatever, you can see how it's behaving and you have had plenty of time to think about it. Those are my thoughts for now, but yeah don't think I'm quite ready to give a class yet, but happy to share more learnings and ideas that I have as I go along. 

AWESOME work man! I love using fixed risk hotkeys they make trading so much easier. I have been hearing a lot about the freeroll button but do not really understand it. Is there a webinar where Thor explains it by any chance?

[MattfromNZ 55]

Just now, Michael Sanchez said:

AWESOME work man! I love using fixed risk hotkeys they make trading so much easier. I have been hearing a lot about the freeroll button but do not really understand it. Is there a webinar where Thor explains it by any chance?

Thanks man. Yes, Thor explains the freeroll in his webinar, but it's fairly straight forward, you should play around with it in sim. Basically what it does is it uses your unrealized P/L to add to your position, and puts a stoploss at your break even point. Basically to use the freeroll button you double-click the chart to define where you want to put this stoploss, then when you push the freeroll button it calculates and buys the amount of shares required.

[Michael Sanchez 53]