Matthew's Journal - Learning the Mountain Pass

[MatthewT. 0]

5/13/2021

Feeling pretty good with how I traded today. I'm definitely gaining more and more trust in myself to do what I'm supposed to do. One small b/e loss on $BABA and one mostly successful green trade on $AAPL.

 

Trade #1 - $BABA - Long - B/E Loss

If I could do over I would've set my B/E hotkey and had an even smaller loss. 

 

Trade # 2 - $AAPL - Short - Win

Missed some on this one, but this was my plan. Got all out once the stock moved back across VWAP. All I would change here is my 4th partial. Would like to have taken it closer to the low.

 

 

 

To view my full Mountain Pass Trading Journal please visit: https://docs.google.com/document/d/1wEcXkeS09E280c-Nx4wwqEs62okY0dpi12JWbXp-PZ4/edit?usp=sharing

Edited May 13, 2021 by MatthewT.
New Trading Day

[PeterD 49]

Today was a tough day. $SPY and $TSLA trades I get. The $X trade I'd not have taken....easy to say now, of course. Anyway, let's hope tomorrow provides more opportunities.

[MatthewT. 0]

Thanks for the feedback, Peter!

It does make me feel better that it was a tough day in general.

And I agree,  $X was not a smart trade. I have a rule that says I'm supposed to stop after any losing trade and journal the trade before continuing. I didn't do that today. I broke my rule and jumped into $X almost immediately after being stopped out of $TSLA...and it cost me! 

[Roberto 10]

Spy trade is ok to me, although I though the derivative spy ticker was the way to trade intraday. 

I don't trade TSLA much, but that stop seems tight for the ATR. 

I hit $X today 3x on pullbacks, but that's the way it goes. 

I couldn't trade those charts without short term trend and Bollinger Bands... 

 

[MatthewT. 0]

1 hour ago, Roberto said:

Spy trade is ok to me, although I though the derivative spy ticker was the way to trade intraday. 

I don't trade TSLA much, but that stop seems tight for the ATR. 

I hit $X today 3x on pullbacks, but that's the way it goes. 

I couldn't trade those charts without short term trend and Bollinger Bands... 

 

Hi Roberto, 

Thanks for the feedback. Unfortunately I'm not familiar with the $SPY derivative you mentioned.

Also, my plan is to trade the Mountain Pass strategy as taught by Peter here https://bearbulltraders.com/course/strategy-essentials/lesson/reversals-2/topic/mountain-pass-trading-the-double-top-bottom-pattern-peter/ which doesn't use trend lines or Bollinger bands.

[Roberto 10]

I was thinking TQQQ instead of SPY.

Yeah, if you want to learn it that way, go for it. There are other ways to identify double tops too. 

Bollinger's book is an excellent resource to expand on Peter's system once you get comfortable with it. 

[MatthewT. 0]

18 hours ago, Roberto said:

I was thinking TQQQ instead of SPY.

Yeah, if you want to learn it that way, go for it. There are other ways to identify double tops too. 

Bollinger's book is an excellent resource to expand on Peter's system once you get comfortable with it. 

Ah ok, I've never traded TQQQ before, but I'll keep it in mind.

And Bollinger's book  sounds interesting, will definitely give it a read.

Thanks again!

[Roberto 10]

I'm currently reading this book, which is based on Bollinger Band strategy

https://www.amazon.ca/Dynamic-Technical-Analysis-Philippe-Cahen/dp/047189947X

[MatthewT. 0]

12 minutes ago, Roberto said:

I'm currently reading this book, which is based on Bollinger Band strategy

https://www.amazon.ca/Dynamic-Technical-Analysis-Philippe-Cahen/dp/047189947X

Sweet. I'll add it to my list as well! 

[Roberto 10]

It's a bit different, older, but interesting. Look for a used copy or something cheap on the internet.