Thunder dome

[A_aron 27]

Date: 1-26-21
Stock: AMD
Strategy: Directional
Entry: 94.74
S/L: 94.31
Risk: 0.43
Plan of attack:
 Take profits at 2R which as around the previous day high.

 Why did you take the trade?:
On the 5min chart candle was holding above the 26ema, slow stochastic crossing over, MACD on 15 min very bullish and lines crossing over ( at the time),  volume was confirming price action for the most part.

How did you feel after taking the trade?:
  confident. 

What did you do well?:
I made the trade solely off of the 5 min 15 min chart. I didn’t look at the 1/2min chart which was a good thing but also a bad thing.  Looking at the whole picture is something I wanted to work on., Today I looked at 75% of the picture instead of 25%.

 What can you improve on?:
Stop hesitating, I jumped in later than I wanted. Looking at it on the chart it looks like I was chasing the stock. I promise I wasn’t .
I got caught up in wishful thinking for my exit. I thought that it would break the previous HOD.
  Sill looking at the whole picture
Pay attention, I changed a feature in my hotkeys and ended up screwing up an order and limited my trade.

[A_aron 27]

Date: 1-26-21
Stock: WKHS
Strategy: 5 min ORB
Long/Short: Long
Entry: 28.76
S/L: 28.35
Risk:  0.41
Plan of attack:
 On 5 min chart make entry when it breaks the top of the opening and 2^nd candle. Take partial out at 2R and move stop up to 1R

 Why did you take the trade?:
ORB on 5 min. Held the 26 EMA. Rising volume with rising price, anomaly present.  

How did you feel after taking the trade?:
 Confident.

What did you do well?:
Manage risk, have a plan and sticking to the plan. 

What can you improve on?:
 After I make a trade don’t go looking at other stock right away. See if the current stock present any other setups. 

Question?
Would this be an appropriate ABCD set up on the 5 min. Haven’t sat down and studied this strategy yet.

[A_aron 27]

Date:1-26-21
Stock: BBBY
Strategy: ORB 5min
Long/Short: Long
Entry: 30.32
S/L:30.05
Risk: 0.27

Plan of attack:
 5 min ORB take partial out at 2R and move S/L to 1R  

Why did you take the trade?:
Price action broke through the VWAP and all of the EMAs, previous day low. Wanted to make my entry a little bit early b/f it broke the top of the 5min candle.  

How did you feel after taking the trade?:
-          n/a

What did you do well?:
ID which direction the stock was going to move.  

What can you improve on?:

-          watch out for slippage. My entry was way above what the price action was at ( MARK).
-          Calculate the amount of risk necessary to not get stopped out form the noise. If I had traded a smaller share size I could have had the same amount of risk and place my S/L below VWAP.

[Adam Lewis 64]

38 minutes ago, A_aron said:

Question?
Would this be an appropriate ABCD set up on the 5 min. Haven’t sat down and studied this strategy yet.

If you're looking for a place to start studying ABCD set ups then the 5 min chart is a great place to start! There are a series of them, and yes for me it would be a very clean 5 min set up.

[MattfromNZ 55]

2 hours ago, Adam Lewis said:

Sorry it didn't work out today Matt. Take stock and figure out where you went wrong. This is all part of the journey remember!

One general comment overall, as opposed to looking at any of the trades here (your notes are pretty clear already) - at which point here would you say 'you know this isn't working out, let's stop for today'? Your second ORB entry is better than the first (I think the first entry is too tight for an ORB), and it does move into profit before falling back and stopping out. Ok, so two trades didn't work out on the open, but they were disciplined trades that followed a strategy. The third trade, yep that's a bit of a chase and you did well to come out B/E. So three trades in, none of them have worked out and the third one was beginning to lack a little discipline. Is this the point where you either say 'I'm done with BBBY today', or even 'I'm done today'? I speak from experience, in the past I've wondered why I've kept digging once in a hole!

Thanks man, I think today was a bit of a perfect storm, and it caught me off guard since I did so well yesterday. I like your thinking, and no I don't have any rules yet for when I need to stop trading a particular stock, or stop trading for the day, or even just needing some time out, go run around outside for 10mins or whatever I need to do. Today highlights the importance of that, so thankyou for bringing that up.

The other thing I think I need to do is start developing my playbook. I have 2 main strategies so far (ABCD and 5min ORB) and although I've been working hard on them, I am yet to write a down a list of rules for me to strictly follow, but rather I've been following mental "guidelines". Defining my rules would hopefully decrease my error rate, and also help me know if I am trading well or not (because a win or loss on it's own does not define that).

[MattfromNZ 55]

56 minutes ago, A_aron said:

Dude, this was a beautiful trade, look at the arc on that thing!

[MattfromNZ 55]

58 minutes ago, A_aron said:

Date: 1-26-21
Stock: WKHS
Strategy: 5 min ORB
Long/Short: Long
Entry: 28.76
S/L: 28.35
Risk:  0.41
Plan of attack:
 On 5 min chart make entry when it breaks the top of the opening and 2^nd candle. Take partial out at 2R and move stop up to 1R

 Why did you take the trade?:
ORB on 5 min. Held the 26 EMA. Rising volume with rising price, anomaly present.  

How did you feel after taking the trade?:
 Confident.

What did you do well?:
Manage risk, have a plan and sticking to the plan. 

What can you improve on?:
 After I make a trade don’t go looking at other stock right away. See if the current stock present any other setups. 

Question?
Would this be an appropriate ABCD set up on the 5 min. Haven’t sat down and studied this strategy yet.

This would also be a 15min ORB, because it lined up beautifully with the close of the first 15min candle. Either way this was another great trade. I Highly recommend that you look into ABCD's because they complement ORBs very nicely.

[MattfromNZ 55]

1 hour ago, A_aron said:

I also tried to take BBBY one long as a 5minORB and got stopped out. I had my stoploss at VWAP and the price crossed (but rejected) VWAP 3 times before it went up. Thinking that maybe I need a more generous stoploss, or perhaps when it's bouncing around so close to VWAP it's not a good ORB? This one bounced around for 12mins before it finally went up.

[Michael Sanchez 53]

On 1/26/2021 at 10:45 AM, MattfromNZ said:

I also had a few trades like this today where I entered, and bailed because of lack of confidence. 

AWE man!! well your entry was perfect in my opinion. I can not judge seeing that the price action may have spooked me on the 1 min chart. 

[Michael Sanchez 53]

22 hours ago, A_aron said:

Date: 1-26-21
Stock: AMD
Strategy: Directional
Entry: 94.74
S/L: 94.31
Risk: 0.43
Plan of attack:
 Take profits at 2R which as around the previous day high.

 Why did you take the trade?:
On the 5min chart candle was holding above the 26ema, slow stochastic crossing over, MACD on 15 min very bullish and lines crossing over ( at the time),  volume was confirming price action for the most part.

How did you feel after taking the trade?:
  confident. 

What did you do well?:
I made the trade solely off of the 5 min 15 min chart. I didn’t look at the 1/2min chart which was a good thing but also a bad thing.  Looking at the whole picture is something I wanted to work on., Today I looked at 75% of the picture instead of 25%.

 What can you improve on?:
Stop hesitating, I jumped in later than I wanted. Looking at it on the chart it looks like I was chasing the stock. I promise I wasn’t .
I got caught up in wishful thinking for my exit. I thought that it would break the previous HOD.
  Sill looking at the whole picture
Pay attention, I changed a feature in my hotkeys and ended up screwing up an order and limited my trade.

Wow, this was a clean trade. Great entry, exit and management. A+ man!!!!! 

[MattfromNZ 55]

Here is PLTR. I tried Peter's Mountain Pass strategy here for the first time, twice.

First mountain pass, barely met the criteria, but did just (5-20 time periods between peaks, pullback 20-50%). The stock pulled back from a level just higher than the previous pullback, which for me was a bad sign and I got out. Glad I did.

Second mountain pass is not nearly as "mountain pass" looking, and now that I think about it, it doesn't actually meet the pullback criteria (20-50%). Oh well, like I mention below, it did look like a head and shoulders, and big volume spike for the last little push to the peak was a good sign. I made 2R on this trade.

I was eying that ABCD on the 5min chart. What has been getting me into trouble lately is entering underneath areas of resistance and being stopped out when the price reverses. The previous 2 peaks were definitely potential resistance and I got out as soon as I realized this. I'm not sure how wise it was (cause the price was definitely extended) but I entered at the break of the HOD. Maybe I should have paid more attention to John's HOD strategy, but I am thinking it may have been beyond the scope of my ABCD strategy. It worked, but I didn't get a 2R reward out of it.

This was my "lucky" trade of the day, again on PLTR. I come back to my computer after the break and find this:

Which ended up becoming this:

My only regret about this trade is that my stoploss was too conservative and I could have made twice as much with a better one (I made 4.5R on this). I did think about adding, but I was definitely not expecting a move like this, and at the time it seemed too risky.

[Michael Sanchez 53]

[Michael Sanchez 53]

14 hours ago, MattfromNZ said:

Here is PLTR. I tried Peter's Mountain Pass strategy here for the first time, twice.

First mountain pass, barely met the criteria, but did just (5-20 time periods between peaks, pullback 20-50%). The stock pulled back from a level just higher than the previous pullback, which for me was a bad sign and I got out. Glad I did.

Second mountain pass is not nearly as "mountain pass" looking, and now that I think about it, it doesn't actually meet the pullback criteria (20-50%). Oh well, like I mention below, it did look like a head and shoulders, and big volume spike for the last little push to the peak was a good sign. I made 2R on this trade.

I was eying that ABCD on the 5min chart. What has been getting me into trouble lately is entering underneath areas of resistance and being stopped out when the price reverses. The previous 2 peaks were definitely potential resistance and I got out as soon as I realized this. I'm not sure how wise it was (cause the price was definitely extended) but I entered at the break of the HOD. Maybe I should have paid more attention to John's HOD strategy, but I am thinking it may have been beyond the scope of my ABCD strategy. It worked, but I didn't get a 2R reward out of it.

This was my "lucky" trade of the day, again on PLTR. I come back to my computer after the break and find this:

Which ended up becoming this:

My only regret about this trade is that my stoploss was too conservative and I could have made twice as much with a better one (I made 4.5R on this). I did think about adding, but I was definitely not expecting a move like this, and at the time it seemed too risky.

Wow great trades Matt. Even if PLTR was based on "luck" you did a great job taking partials and managing your risk. Good stuff!!!!

[Michael Sanchez 53]

[MattfromNZ 55]

29 minutes ago, Michael Sanchez said:

As you know, I was in the same trade, and it looks like our entries were identical. I used a tighter stoploss for this trade because I was confident, so I managed to get my first partial at 2R, before being stopped out at break even. If I didn't this drop would have probably triggered my stoploss. I definitely don't blame you for getting out. My mind is divided as to whether it is better to stay in or not, but I think I'm leaning towards getting out because it broke the ABCD pattern.