Thunder dome

[Adam Lewis 64]

54 minutes ago, MattfromNZ said:

For now though I am super concentrated watching for what the best stocks will be for potential 5min ORBs.

I think as long as you've got a plan and a purpose to what you're doing then it's fine. Targeted practice is key! I feel like the open provides so much opportunity, and I want to learn how it can be used. Sometimes this works out, other times it doesn't. Given I can only trade for the first 40 minutes or so each session, it seems crazy for me to not try and figure out what happens in the first five minutes.

[MattfromNZ 55]

I had a big day of trading today. I trades until after 2pm EST and made 13 trades. I had mixed results but I feel good about the day cause I learned a lot, and I did manage to come out green, meaning that I had 2 green days this week, and a green week. I would like to share first another VWAP bounce (reversal) trade, because this strategy has been working so well lately:

I made an few experimental trades today. This one was a lightning bolt pattern, but made on the previous day close line rather than the VWAP:

My ABCD pattern trades have been a bit dry lately. There were some good ABCD setups around today though. Here is one on APHA:

[Adam Lewis 64]

My best trade of the session was a break event trade, and this in a session where I did make some other trades that made up to +1.5R profit (although the whole session finished -1R). However, I actually think this is a really good trade and even though I got out BE I'm pleased with it for several reasons. It was a 1 minute ABCD short on AMC. The stock sold off after bouncing off VWAP, came back, touched the 9EMA and began to sell off again. My entry signal was a new 1 minute low, stop back above the top of the range. I moved into profit, but then saw a double bottom forming on all of my charts (1, 2 5min) and the stock coming off what seemed to be a support level. I asked myself 'if I wasn't already in this trade would I take it now?'. The answer was a clear 'no', so I came off BE.

So what do I like so much about this trade? The following points all sit well:

• This was my first trade of the session and it came some 25 minutes into the session. I'd been very patient waiting for an entry.
• The set up was correct, an ABCD short with a pull back to the 9EMA, holding below the 9EMA.
• My entry was correct, entering at a new 1 minute low.
• My stop was well placed, above the top of the pull back range.
• My R:R was good. If AMC was able to break the bottom of this range then there were no support levels below it, nothing but clear space to fall into and setting me up for a nice profit.
• I managed the trade well, thinking clearly and when seeing good reasons to come off it (the double bottom and confirmation of a support level) I came off the trade.

After I exited AMC proceeded to return above VWAP. I'd have been stopped out for an R if I didn't come off the position when I did. Therefore, very pleased with this one even if it's a BE. Saving a -1R is as good as gaining an R. 

[MattfromNZ 55]

On 3/19/2021 at 9:18 PM, Adam Lewis said:

My best trade of the session was a break event trade...

 

That's some good trading and risk management going on there Adam!

[MattfromNZ 55]

We have been neglecting our forum lately 😞! Thought I would post a successful 5min ORB that I had on QS this morning. This one had a classic "Andrew and Carlos" style 5min ORB shape where it crosses VWAP, pulls back and rejects VWAP, then continues lower. Almost 3R made on this trade.

[A_aron 27]

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