Live Journal Exercise – Learning to Trade an Edge like a Casino

[Mike B 624]

April 4, 2019 -  $SGMO (Unsure how to classify it)

I took a 5 min ORBD on $SGMO, my first entry was a hotkey error and I went long instead. I exited and re-entered, when I checked my open positions I had (1) share. At that point, I exited the trade and moved on to looking for 15 min Orbs. I didn't find any, so I switched to simulator to sim if I could replicate the issue on $SGMO. I could not, so I have no idea why I only got filled with (1) share. 

Sample Set Results

      P G S P E 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Edited April 5, 2019 by Mike B

[Mike B 624]

April 5, 2019 -  $AMD (Missed Entry)

I was hesitate and missed an entry on $AMD for a 5 min ORBD. I was worrying about being wrong instead of just taking the trade that had a great setup. I think the rough week of trading errors and just not executing well contributed to my hesitation today. Overall though I was pleased that I did not compound it more by chasing a trade or entering a trade that did not meet my setup criteria. I will call it a win this week.

Sample Set Results

      P G S P E 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Edited April 9, 2019 by Mike B

[Mike B 624]

April 8, 2019 -  $MU (Distracted)

I was ready to take the entry on $Mu and got interrupted, so I missed the entry on $MU around the 8 minute mark. By the time I got situated back into my trading station, it was like the market data was moving faster than I could process. I just felt behind in everything I was looking at. As it is a travel day, I packed it up and head to the train station.

Sample Set Results

      P G S P E 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

[Mike B 624]

April 9, 2019 -  $AMD (Stopped out)

April 10, 2019 - $AMD (Partial)

Missed posting yesterday as I had some unexpected traveling occur. Below are the past two days trades. Overall I was happy with the trading; however, today I missed an entry on $DAL (15 min ORBD), because I worried too much about being wrong instead of just trading the setup. Still working on that issue. 

Sample Set Results

      P G S P E S P 8 9 10 11 12 13 14 15 16 17 18 19 20

[Mike B 624]

April 11, 2019 -  $AMD (Partial + 1)

Took a 15 min ORBD on $AMD. I got a partial, and took another half out near the profit target. I exited when the stock came back to my first out. Overall I was satisfied with my execution of the trade. 

Sample Set Results

      P G S P E S P P 9 10 11 12 13 14 15 16 17 18 19 20

[Mike B 624]

April 12, 2019 -  $AMD (Partial + 1)

Took a 5 min ORBD on $AMD. I got a partial, and took another half out near the profit target. I exited when it broke the 9 EMA. Another good trade on $AMD. Eventually, after a strong pullback it went down near my profit target.

Sample Set Results

      P G S P E S P P P  10 11 12 13 14 15 16 17 18 19 20

[Mike B 624]

April 15, 2019 -  $WFC (Stopped, Profit Target)

My first trade I got stopped out. I remained calm and after the stock had a couple of indecision candles with high volume, I took my second shot at the stock when it broke the opening range again. I rode it up to the profit target. I had one hotkey mistake as I added to my position instead of covering everything. I quickly recovered and exited the trade.

After reviewing the trade, my profit taking could have been much better. There was no reason to take my second out until I hit my profit target and I should have let rest run until another technical level or indicator that the move had ended. As William H would say, there was no new 1 minute lows.

Sample Set Results

      P G S P E S P P P  S G 12 13 14 15 16 17 18 19 20

[Mike B 624]

April 17, 2019 -  $MU & $AMD (Stopped x 3)

Painful day today. I definitely did not execute my trades well. All three trades, I did not do any risk to reward analysis prior to entering. The worse of the three was $AMD. I entered without a profit target or any basic analysis, just that I looked over and saw the 1 minute chart looked good for an entry, so I entered. I was also in the second $MU trade at the same time. I cannot think of a time live that I have traded two stocks at the same time. Anyways, I exited $MU before my stop because I loss faith in it, not that there was really a technical level to get out and focused on $AMD. Once I did that I realized I probably should not be in the $AMD trade either, so I exited. The one thing that you cannot see on the $AMD chart is that price action was moving towards VWAP.

I will say the one thing I am proud of is that I did not go past my daily max loss and I truly was not bothered by the monetary losses, it was more that I was not executing my entries and risk to reward analysis. I think I was forcing the trades instead of letting the setup develop, because looking back it looks like I was stopping out when I should have been entering.

Sample Set Results

      P G S P E S P P P  S G 12 13 14 15 16 17 18 19 20

Edited April 18, 2019 by Mike B

[Mike B 624]

April 18, 2019 -  Nothing

I had limited time for trading this morning. I was watching $CRON and $BX. There was a possible setup on $CRON, but I was not comfortable with the price action around VWAP, so I choose to sit on the sidelines. $BX was to crazy of price action for me to get in.

Sample Set Results

      P G S P E S P P P  S G 12 13 14 15 16 17 18 19 20

[Mark D. 435]

great job not getting chopped up. a black day is always better than a red! 

[Mike B 624]

April 22, 2019 -  $AMD (Stopped)

I had a good setup for the 15 minute opening range breakdown. All my indicators and confirmations were present for the strategy and I saw the double bottom form around 9:45 mark which failed to break through the VWAP. I took an entry when the 5 minute candle engulfed which occurred around the same price as the stock breaking the 15 minute opening range. It was an A1 setup that just did not breakdown. I stopped out at my planned stop. 

The only thing I should have done differently, was exited after the stock bounced twice off of 27.45 within the same 1 min candle with high bids. I have traded $AMD enough to know that the stock usually reverses direction when this occurs. Overall it was a good trade and I did not violate any of my rules.

Sample Set Results

      P G S P E S P P P  S G 12 13 14 S 16 17 18 19 20

[Mike B 624]

April 23, 2019 -  $KO (Partial x 2)

It was good to have a trade go in my direction after my entry. 0 for 4 can take a toll on you.  I saw $KO sell off at the open and I figured it was people taking profits, but because of the good earnings report I was looking for a bounce back. I saw the hammer doji on the 15 minute chart and along with the moving averages below the price action on the 1 min. I was looking for a little more of a pullback towards VWAP, but when the stock broke above the 2 previous 1 minute high candles, I decided to enter.  I executed the entry and first two covers well. The third cover I was wanting to let it run to my profit target, so I was willing to hold it longer. Because the moving averages were well below the price action I was willing to hold it past the second 5 minute candle that failed to make a new high.

Sample Set Results

      P G S P E S P P P  S G 12 13 14 S P 17 18 19 20

[Mike B 624]

April 24, 2019 - No Trading Day today

I was only available to trade the first 20 minutes and did not have anything that met my edge. I almost got into $EBAY around the sixth minute, but the price action was to jumpy for me.

Sample Set Results

      P G S P E S P P P  S G 12 13 14 S P 17 18 19 20

[Mike B 624]

April 25, 2019 - $CMCSA (Stopped - kinda of)

I stopped out today on $CMCSA, but it was not because of a technical level; rather, it was because of mechanical issues with my internet connection. I entered the trade a little early as it turns out, I thought it was going to take off quicker, instead it consolidated. During the consolidation, my ping speed start fluctuating from 200 - 800ms causing my DAS to have lag with the price action. My clock was skipping 3 secs at a time. This is the negative of having to trade off of a WIFI hotspot. This is the first time it has happened while I been in the middle of a trade. I tried to hold through it, but as it got more and more eradicate, I decided to cut my losses before it got to out of hand and closed my position. 

When I did my journal, all I could say is I should have held on for another two minutes. Not a good thing as it just made me more frustrated, so I had to remind myself it could have very easily gone against me and I would not have been able to get out.

Sample Set Results

      P G S P E S P P P  S G 12 13 14 S P S 18 19 20

[Mike B 624]

April 26, 2019 - $AMD (Stopped/Partial x 2)

Trade 1 - I got in a little early on the first trade as I was looking for it to bounce of the moving average and go back down. I had a little FOMO as all the chip stocks were selling off and I was not getting in. When $AMD pullback back and than broke the 15 minute opening range I went short. I got out near my stop loss and started looking for another entry on $AMD, $INTC, or $MU (even though I was not inclined to trade $MU).

Trade 2 - When I saw $AMD pop above VWAP and failed to pass through the 50 SMA on 1 minute, I started looking for an entry. I entered when the stock dropped with volume and broke the previous day high. My first partial was a little early as I should have let it go all the way to the support level, my second partial was at the low of the day and than I was looking for $27 as my profit target. Instead the stock bounced back and I exited at my break even. 

Sample Set Results

      P G S P E S P P P S G 12 13 14 S P S S P  20