Rob C's Trading Journal - starting Feb 1 2019

[Rob C 826]

Friday 2/22/2019

Lots of rule breaking today. Took a trade though it did not satisfy setup checklist. Took a trade though it did not have a "powered by" indication. And took a trade though it was right on the verge of a VETO criteria. Quite disappointed with myself.

Well being score of 5/10. My one allowable trade was with AMD.

The setup/power (note they are highlighted in red it did not have the correct criteria)

AMD did have 1M vol on the first minute which triggered me to look at it.Though AMD had a very bearish 2min candle, it did not cleanly break the tech level (24.06) to have an actual setup. the "Vish" setup only has two criteria, a very bearish candle and must break a tech level. Having only one out of two criteria satisfied is not remotely a setup. Though the price did bounce off the tech level 3 times, to have a "curtsy" you do need to cleanly break through the tech level as well. I remember exactly what I was thinking, "it needs to reach 24.03 at least to be considered breaking the tech level, but than it would reach the Bollinger-band and then trade would be Vetoed." Thus there is no trade to take. So instead of moving on to a different stock, I took the trade anyway and got stopped out.

 

What I did good today: I kept to my 1min 45sec no trade rule.  Exited the trade correctly. Took correct share size. Kept to my 1 trade/day max rule, though I really wanted to revenge trade.

How did I challenge myself today? I turned off my P/L window again for the forth day. Also, I kept to my 1 trade/day rule. Successfully kept to my 1min 45sec no trade rule.

What I did bad today:  Traded AMD again!!! Traded without an actual setup, trade was not "powered" and almost at Veto level. A really bad day.

What can I do better tomorrow: Even though I only traded once, I actually over traded. Must keep working on that. Must wait for the setup.....

Edited February 22, 2019 by Rob C

[Rob C 826]

Summary of my week ending 2/22/19

So this is a summary of my 3rd week of trading in which I journaled for the BBT community to view. This was also my 6^th week of trading with the solitary goal to reduce my over trading. This is also my 3^rd week I went on a self-imposed 1-trade a day maximum, which went well initially, with a week of good trading. Second week was quite disappointing. My third week would have been OK if I didn’t break my setup rules today.

Results:

Negative things this week

1)    Broke my setup rules once this week

2)    Traded AMD twice this week. Trying to stop trading my “comfortable stocks”

3)    Took a 1min ORB with 2min ORB setup rules.

 

Positive things:

1)    Never hit max loss

2)    Journaled every day this week on the BBT site.

3)    Hid my P/L window, which is a first time in 10 months (6m SIM). Never looked at it until end of the trading session.

4)    Kept to my 1 trade/day max this week.

5)    Share size, taking at 1^st partial and stop outs were back to normal this week.

6)    Started a rule not to trade before 9:31:45 to prevent 1min ORB trades.

 

Next week:

1)    I finished “The Daily Trading Coach” book (3^rd time) this week. So I will start rereading “Trading in the Zone” this weekend.

2)    I think after 3 weeks on the 1 trade/day rule, and understanding why I broke that rule last week, I will modify the rule for next week. I will allow a maximum of 2 trades a day IF my first trade is a winner. I can’t trust myself if my first trade is a loser. The urge to revenge trade is too strong. Especially, when the loss is caused by a mistake. But after a winner, which is also a well executed trade, I instinctively don’t want to trade anymore and ruin the day. So I assume I will be pickier after a win. I will give this a try.

[Rob C 826]

Start of my 4th week live on DAS (previous 3+ months live on Etrade-Pro) and journaling on BBT site.

            Risk: $25/trade

            Max allowable trades per day: only 1. I am having an over trading issue that I am trying to resolve. So I have a self-imposed limit of one trade per day. But I am allowing myself this week of a second trade if my first trade was a winner. Since I revenge trade, I don't trust myself to trade after a loser.

 

Monday 2/25/19

Well being score of 5.5/10. But very nervous about trading today. My lack of discipline on Friday and the whole weekend to think about has caused my nerves to be an issue. 

My two allowable trades were with AAPL and KHC. AAPL was a small winner so, without any rule breaks, so I was allowed a second trade.

I really like AAPL in the premarket so it was top of my watchlist. I waited for the second 1min candle to finish (not easy for me) and break the tech level (174.66) I drew from premarket. The price did a curtsy at this level so setup was good. I got a great fill and price took off quickly. I took my 1st partial at 1R. I know from the chart below you may wonder why didn't I take a 2nd partial at 2R, but have a look what happen in the middle of the 3rd candle:

It actually backtracked to my B/E and I exited. Yes if I gave it 1 cent more leeway it would have reached 2R. But at the moment that is my rule. It may not make sense <5min because you will get S/O often and miss moves. But I am currently unable to handle a winning trade turning into a loser. So I must stop at B/E.

 

The 2min ORB setup checklist:

Setup	Powerered by	Veto
Simple	The Curtsy	Wrong way
The Step	2nd 1m Vol	B-Bands
Mini ABCD	421 VWAP	R/R 2-7 to 1
Vish candle	DTL break	Break VWAP 2m candle
	Strong 1st	>0.5 ATR
	HiLo break	Not on watch-list
	Englf PM

So good setup and good execution allowed me a second trade today.

 

I was watching MU for a 5min ORB, but didn't want to take it since there was a strong tech level it needed to break first. I was feeling quite nervous and really questioning myself since I haven't taken a 5min ORB in many weeks. Due to that I lost discipline and switch my chart to KHC when Andrew says he was looking at it. The large wick in the wrong direction automatically vetoes the trade for my personal setup rules. But I took it with Andrew. I haven't done that since SIM. 

But luckily the market was kind to me and immediately stopped me out. And I really mean it. Can you imagine if that was a winner and what bad habits that would have started!!! 

 

 

What I did good today: I kept to my 1min 45sec no trade rule.  Followed rules on my first trade.

How did I challenge myself today? Took a second trade, though nervous about it. Had AAPL on top of my watch-list even though it was not on the watch-list on the morning show.

What I did bad today:  Followed Andrew on a trade, though it did not satisfy my setup rules.

What can I do better tomorrow: Follow rules, better not to take the trade.

[Rob C 826]

 

Tuesday 2/26/2019

Well being score of 6/10. My nerves are still high. I just had two days in a row of breaking my setup rules, so starting not to trust myself. My one allowable trade was with HD.

HD looked very good on my setup checklist, but I executed poorly.

Lots of momentum power. The price did the curtsy on the TL (Tech Level), 2^nd min vol was strong and had a strong place to take my first partial (maybe too strong since it bounced from it). I took the trade as it broke the 184.04 tech level. My stop was the 50 SMA. It spiked back through the 50 SMA (barely) which spooked me, but I really should not have tried to S/O. I had my first hot key mistake in February where I “sold all” instead of cover and thus doubled my position (something E-Trade Pro stops you from doing). In hind sight I should have re-evaluated the trade and see that it never really hit my stop loss point and either stayed in or cut my shares in half. But when it touched the 50 SMA again(but not break through) nstead I panicked and hit “cover all.” I regretted it as I pressed the button. I didn’t miss out on much though, it made it to my first partial and that’s all. But it was poorly executed. I took the correct shares that enables me to wait for a clean break of the 50 SMA, but I dropped the ball. So not very happy.

What I did good today: Kept to my setup rules. I kept to my 1min 45sec no trade rule.  Entered the trade correctly. Took correct share size. Kept to my 1 trade/day max rule.

How did I challenge myself today?  Traded outside of AMD/AAPL/MU. Did not even place them on the watch-list or give them a chart.

What I did bad today:  Did not let the price get to my stop out, which is a clean break of the 50 SMA. Instead I stopped out when price touched it. I consider this a really bad mistake. I use to be quite good with my stop outs.

What can I do better tomorrow: Besides to focus on my stop outs, I should also consider not making a trade if the stock has TOO STRONG of a first target. HD had a daily and premarket tech level at the same spot. This might have created a too strong of a TL and thus in reality is my final target. Then my risk/reward ratio is below 2. Thus. I should either not take the trade or go into it assuming it will be a scalp and exit fully if it reaches my target.

 

Edited February 26, 2019 by Rob C

[Rob C 826]

Wednesday 2/27/19

Well being score of 5.5/10. Not as nervous about trading today than the previous two days. I did follow my setup yesterday (though poorly executed) and that gave me a bit more trust in myself.

My two allowable trades were with SE and BBY.

The 2min ORB setup:

 

SE created a “step” setup on the 1min chart. Though the 2^nd candle had good volume, the “power” came from the separation between the 1min VWAP and 2min VWAP (almost 1% gap). I waited very impatiently to 9:31:45 EST to take the trade (my new rule). Price did pop a bit but I was getting impatient since it was hovering just below my first target, so I took a partial anyway. But, the market was good enough to reprimand me by popping 20 cents 2 seconds later. The price did reach my 2R level (there were no good levels to aim for partials so I was using xR) where I took another partial. After making a new 1min low I showed that I didn’t learn anything 2 minutes before and exited the trade. The instant I exited the price popped 2%. Which is fine, I apparently needed another lesson in patience.

Since my first trade was a winner I am allowed another trade. I saw the 5min ORBs were already running and I didn’t want to chase. I saw BBY setting up for an ABCD. But, I needed to use my newly taught patience. The way I have my ABCD setup is there needs to be at least three 1min candles bouncing off the same tech level. But, it only bounced off the tech level (VWAP) twice at that time. So I waited for the 3^rd bounce, which it did. The plan originally was to buy just as it bounces off of VWAP. But while I waited I was getting concerned about the 69.02 tech level (which was a premarket level – that is why it is yellow, daily levels are green on my chart). So we had a premarket level, the $69.00 level and the previous 1min candle respected that level as well. Since the entry above that level still had a >2 to 1 reward to risk ratio (with the high of the day as a target and just below VWAP as a S/O) I decided to wait for it to break of that level for an entry. So when it did I went long.

Soon after I realized that I went full share size, though on 2^nd trades of the day I decided I should go half shares. So just after a small pop I sold half my shares. Now this left me in an odd situation which I hadn’t thought about. In theory I am still in the same trade with the same S/O (VWAP). But I just took a profit, so my instinct is to exit at B/E. I hadn’t thought about this scenario and was torn. So when in doubt, get out. And I exited at B/E. Now that I had some time to ponder, I have set the guideline to stay in the trade with the same S/O in that situation.

 

What I did good today: Kept to my setup rules. I kept to my 1min 45sec no trade rule.  Entered the trade correctly. Waited for my setup on both trades. Kept to my 2 trade/day rule (if first trade is a winner).

How did I challenge myself today?  Traded outside of AMD/AAPL/MU. Did not even place them on the watch-list or give them a chart. Traded an ABCD setup.

What I did bad today:  Impatient on my first trade with SE. First partial too early and exited too early.

What can I do better tomorrow: More patience is needed, especially on my exit. Will start to document specific exit rules for me to follow.

 

 

Edited February 27, 2019 by Rob C

[Rob C 826]

Thursday 2/28/19

Well being score of 4.5/10. My one allowable trade was with AMD.

Traded terrible today. Broke 5 different trading rules. That may be a record for a nonHulk day. Broke 3 setup rules, though none of them consciously, just very carelessly. And broke 2 execution rules.

The 2min ORB setup:

I was playing a bit of musical chairs at the open. JD was on my main chart. Though moving it was not setting up for my 2min ORB criteria. Then I moved MU to my main screen. Then MU’s set up went a stray. Then I watched AMD from one of my smaller charts and it was setting up. AMD had a STEP setup and there was a drawn tech level (though weak – yellow) but it was across the 50SMA making it a stronger tech level. I don’t know if the price showed any respect to this level, since I was transferring it to my main chart at that time of it moving past it. As soon as AMD was on my main chart I saw it was just pass the TL. For a split second I thought to check the time, if it’s too early, but didn’t and took the trade.

Rule break 1) The price was well beyond the Bolinger band and thus vetoes the trade. The smaller chart doesn’t have the B-Band and I was rushing and didn’t notice it before I took the trade.

Rule Break 2) Terrible risk/reward. From my small chart, I thought I had a good R/R from VWAP to the 200SMA. I did not verify this on my large chart before I took the trade. Then 1 sec after entry the price went up which then brought a strong tech level (at 23.48), a few cents above my entry, into my view on the chart. If I saw that tech level the terrible R/R would have vetoed the trade.

Rule Break 3) I should have at least checked the clock. I took the trade a few seconds earlier than the 9:31:45 limit rule. Thus a few seconds waiting would have given me the time to double check the trade and realized how bad it was.

Rule Break 4) I had a well being score of 4.5/10 so I was supposed to trade half share size, but I went full share size. Honestly I just forgot. Carelessness.

Rule Break 5) Once you realize you are in a bad trade you need to immediately get out. I didn’t. Finally when the tech level was shown to bounce 3 separate 1 min candles, thus showing a setup for a short, being long seemed pretty ridiculous. I exited with a  0.4R loss.

What I did good today: Well at least I got out above my planned stop out.

How did I challenge myself today?  Some stress I needed to fight through being the last day of the month. I usually trip at the finish line, so there was risk I would go hulk today and destroy an OK month of trading. But, at least I stayed to my one trade rule and prevented that.

What I did bad today:  Broke 5 rules and traded AMD again!!!

What can I do better tomorrow: I am always going through my setup checklist. When I finish going through it in my mind, I go through it again with the new data the market has brought me in the last few seconds. So I don’t consciously say to myself, “does it pass the checklist?” Because if it didn’t I would have vetoed it. But, today's failure brought a good point. When I transfer the ticker to the main chart, which has the most information, I must re-evaluate before taking the trade based on the larger chart with more indicators. If I miss the trade, so be it.

 

 

Edited February 28, 2019 by Rob C

[Rob C 826]

 

Friday 3/01/19

Well being score of 5/10. My nerves were high due to a really bad trading day yesterday. My one allowable trade was with JD.

So much for listening to my own journal entry yesterday and review checklist completely when I move a ticker to my main chart. So when I moved JD to my main chart I did not zoom out and check for tech levels on the 1min chart. There was a tech level at 28.62 I didn’t see. It was clear on the 5min chart but I was too focused on the 1min chart looking for an entry. So I took the trade long with a Reward/Risk=1 which vetoes the trade. I should have waited a few minutes more and take the trade closer to VWAP with a better R/R or not trade it at all. Traded bad on a Friday again.

 

 

 

What I did good today: Stuck to my 1 trade/day rule though revenge trading fever was high.

How did I challenge myself today?  I did increase my risk level from $25 to $30 today, since I did have a month of no max loss and was positive in February. I didn’t notice any difference.

What I did bad today:  Broke a setup rule again!!!

What can I do better tomorrow: I guess it takes more than once to teach me a lesson. I must look for tech levels (that I miss on my small chart) when I move the ticker to my main chart.

 

Edited March 1, 2019 by Rob C

[Rob C 826]

Live trading summary of week ending 3/1/19 and month of February.

Though I have been trading live for 4 months, this is the first month I felt real progress was being made. I had to go extreme with my rules for this month (only 1 trade allowed per day). But, it has really helped reduce my instinct to over trade (from extreme to just bad). It was the first month I did not go hulk. It was the first month I never hit max loss. I did break the 1 trade/day rule once on a revenge trade. It was also my first month with a positive equity.

For March I will stick with the one trade a day rule, though I will allow myself a second trade if the first trade was a well executed winning trade. I can’t trust myself after a losing trade. Since my equity was positive and did not go hulk in February I am increasing my risk per trade from $25 to $30.

In February I reread both the Daily Trading Coach and Trading in the Zone.

Stats for February:

Total # of trades	21
Hulk Days	0
Max Loss Days	0
Broke max trade rule	1
Hoy Key Mistakes	1
Good Trade %	43%
Neutral Trade %	33%
Bad Trade %	24%

 

As for summary of the week ending 3/1/19. Not a good week.

Good Trades	Neutral Trades	Bad Trades
3	1	3

Four out of five days I would consider as bad trading days. Adding 2/22/19 Friday was also quite bad, I am left with only one good day out of the last six that I was happy with my trading. This has left me with very high doubts about my trading again.

So next week need to work on checklist especially being careless with the Risk/Reward. Problems need to be fixed internally and externally. As for internally, I will verbally go through my checklist (I video on all my trades with mic on, so it will be recorded) before I take a trade. This is a bit embarrassing to admit that I need to do after trading for 4 months live. As for external improvements, it seems this month on DAS I never got over the habit of having my tech levels automatically listed for you the way Etrade-Pro does. So I was sloppy double checking my levels before a trade. So beside increasing my margins, I will place a note on each chart (I assume DAS has a way for you to do this) from now on listing the two neighboring major levels above and below the opening price.

[Rob C 826]

Monday 3/2/2019

Well being score of 5/10. My nerves were really high due to a really bad week of trading. My two allowable trades were with AAPL and JD.

I took a 2min ORBU with AAPL. My setup checklist:

I was planning to enter the AAPL trade when it broke the 176.11 tech level. Though not mandatory for the “Simple” setup since it was a premarket level (in yellow) not a daily level. When it bounced strongly from VWAP I entered the trade under the tech level. Nerves were really high during the trade, though setup was good, checklist was run through before the trade, S/O point was chosen, and share size was correct. But, didn’t matter, nerves were still shot.

Without good TLs to take profit I chose 1R, 2R and 3R.

 

After a good trade I do allow myself a second. I was looking for a 5min ORB, but AAPL was setting up the best. But I don’t really want to trade a stock I just did. So my attention went to JD which had a very bullish 5min candle. Now I don’t have the 2min ORB rule for Vish setup (need to break a TL) on my 5min ORB setup. Maybe I should. I do use Andrew’s rule that it must break the body of the 5min candle. So I had a stupid conversation with myself, that if I wait for the 5min candle break or the TL break I will no longer have the 2 to 1 reward to risk satisfied. Thus, there is really no setup. Instead I took the trade before the break of the 5min candle while we has a 2/1 ratio. If you have read my journal entries from last week, this is not the first time I have done this. To make things worse I took the wrong share, to the high side. Which made a bad trade worse. I have been having issues with share size recently, but to the low side.

Checklist (I currently don’t use the “momentum power” requirement that I use on the 2min ORB). The trade did not satisfy the checklist.

What I did good today: Stuck to my 1+1 trade/day rule. Stuck to my 9:31:45 EST rule. Had a good trade with AAPL. Did perform a checklist double check right before my first trade.

How did I challenge myself today?  My nerves were through the roof today, but still controlled them and traded.

What I did bad today:  Broke a veto rule again!

What can I do better tomorrow: All veto rules must be followed. They are stronger than setup rules.

 

Edited March 4, 2019 by Rob C

[Rob C 826]

Tuesday 3/5/2019

Well being score of 5/10. My nerves were again really high due to a really bad week of trading. But, they calmed down alot when the opening bell rang. My two allowable trades were with CTRP and KSS.

I took a 2min ORBU with CTRP. My setup checklist:

I did wait a few extra seconds after it broke the tech level to make sure I was passed the 9:31:45 EST trading rule of mine. CTRP had a bullish 2min candle and must break a TL to be a valid setup, which it did. It also showed respect of the TL so it was “powered” as well. There was a TL just above my entry at $40.07. But I tend to think of TLs near the dollar mark as weaker, since it might have been a misplaced line that I drew and the real TL was at $40. I consider dollar marks for stocks over $10 not that powerful.

So the trade was on and my stress decreased. But then just after I took the trade I hear Andrew on the chat saying he is looking at CTRP, but he is waiting for a pull back. Uh oh! So I assumed I entered too early. But then Andrew took the trade not long after I entered. So the price hit the $40.07 level and bounced from it. Uh Oh! Retraced quite a bit, but still above my planned S/O. I do have a bad habit of not trusting the levels I draw. It finally broke the level and I took some profit at my first target. It did not reach my 2^nd target. Then I exited at B/E. Share size was fine as well.

My second trade was with KSS. I had no idea, until I reviewed the trade well afterwards that the 5min candle was the size of ATR. Which vetoes the trade. But I don’t think the candle size was that large today. The 5 min red candle at 9:20 EST was much larger giving the appearance KSS can easily move today. So I don’t think that was that bad of a mistake.

I like the bullishness of the 3 last 1min candles. So I was going to wait for the 2^nd 5min candle to break the body of the first or have the price break the 69.15 level I had marked. When it just barely broke the 69.15 level it immediately recoiled and I got stopped out below VWAP.

So the question is, did I really wait for it to make a clean break at the tech level before entering the trade? Or I didn’t wait for the clean break, or it didn’t happen and I should not have entered the trade. For some reason what was going through my mind was a little cloudy on this trade. Usually I can recall well. So when I watched the video, I see I clearly took the trade before it broke the TL, breaking a rule. Since I don’t remember what I was thinking on this trade. I am listing it as a veto rule violation and bad trade.

After KSS finally did break the 69.15 level it had a good run. So the trade plan was correct, just poorly executed.

The setup:

 

What I did good today: Stuck to my 1+1 trade/day rule. Stuck to my 9:31:45 EST rule. Had a good trade with CTRP.

How did I challenge myself today?  My nerves were still really high, but still controlled them and traded.

What I did bad today:  Broke a veto rule again! And must have traded off of emotion because I don’t even remember what I was thinking when I entered the KSS trade. I remember the plan but not the entry.

What can I do better tomorrow: Going to say it again. All veto rules must be followed. They are stronger than setup rules. Also I should trust the levels I draw more. Over the past couple months I have noticed I seem to place the levels correctly. But I sometimes ignore them, thinking I’m a rookie so it was probably not correct…. Then it bounces off the level….

 

This week seems to be starting like my first 3 months live. I make money at the open and then I give it back to the market. Part of the reason I was positive in February could have been simply due to my one trade rule. So I make money at the open and I have no chance to give it back. Anyway at least my 2min ORBs trades pay for my learning curve on my 5min ORBs.

Edited March 5, 2019 by Rob C

[Rob C 826]

Wednesday 3/6/2019

My worse day since I have been journaling on BBT and the only day (since the BBT journaling) I had a stop out greater than -1R. Now what is odd, is I don’t feel that bad about it. It was a good learning day. Broke some basic rules so I needed to be slapped around a bit. And after the big loss my feeling to revenge trade subsided in a few seconds. Since the day was over so early I thought maybe to jump on the SIM, instead I thought to call it a day and spend some time working with Trade Ideas.

I had a low well being score of 4.5/10 so I am supposed to trade with half shares (that doesn’t sound good already). My one allowable trade was with BZUN.

My checklist (lots of red):

I think the setup was so strong I was REALLY sloppy checking the vetoes. I even took a wrong trade yesterday with a candle ~ATR and didn’t learn my lesson. I also broke my 9:31:45 EST trade rule by a full 15 sec. If I would have waited I also would not have taken the trade. And it was a mile above VWAP. By 9:32 EST the stock actually looked like a short.

 At 9:31:35 EST

Now things get actually worse. Due to my low well being score I was supposed to take half share size. I forgot. Also, if I have never taken a trade with a stock before I usually cut back on shares a bit. I also forgot. So instead of taking about 1/3 normal size I took full share size.

Just before I took the trade I checked the spread and it was fine. I waited for a clean break of the $43.7 level, then went long. The price instantly spiked down, giving the impression I got a good fill. But actually disaster already occurred. Before I took the trade the volatility wasn’t that bad. Stock was steadily going up with minor pops/drops, so I gave it a tight stop out point. The moment I took the trade my entry price was just barely above my S/O point. So I should immediately get out of the trade. But instead I did something I need to ponder for awhile why I did it. I moved my stop loss down to below the next tech level. So now I have way to much risk on the line. Price fell, broke the TL and I exited. But it also had some slippage to make it even a larger loss. From the video I see the spread immediately tripled the moment I took the trade, thus it costs me to exit.

So even being stupid, if I followed my share size rules for the day I would only have less then -1R loss. Instead I have more than -2R.

 

 

What I did good today: Stuck to my 1 trade/day rule. The feeling to revenge trade disappeared quickly. No lingering emotional effects. Just went about my day in good spirits. Usually something like this bothers me all day.

How did I challenge myself today?  Recovered emotionally from the bad trade quicker than I can remember.

 What I did bad today:  Broke two veto rules! And broke 9:31:45 EST rule as well.

What can I do better tomorrow: Just saying to myself I need the follow the rules more, isn’t helping. I need to take the trade less emotionally and have more mechanical precautions. Need to step back and look at the trade before taking it. These things are obvious mistakes, not nuisances. Will spend some time today thinking what action plan to take.

 

[Rob C 826]

Thursday 3/7/2019

My Garmin did not upload so I did not get the refresh data until 1 hour after the open. I felt marginal so I was debating to trade live today. But my nerves were so much better so I decided to trade at half size. When my Garmin finally updated I had a wellbeing score of 3.5/10 and should not have been trading live.

My allowable two trades were with MU and KR.

My MU checklist:

I listened to my video when I verbalized my checklist. I stated a step setup with a first target at 38.13 and a second target at 38.31. ATR small, broke VWAP and just below B-bands. So it is amazing that I actually didn’t see the major tech level at 37.93 voiding the trade. So I entered the trade and immediately saw the 37.93 level and new the trade was a bust and needed to get out. The price started moving up and I took a large partial at 37.93 then exited at B/E. Then after watching the video I saw that the price jumped above the B-Bands just before I took the trade, also vetoing the trade. The price dropped below the B-band shortly after but I should have saw that as well. At least I kept myself out of a loss.

My second trade was with KR. I carefully listened to my video of the trade because I was worried I mirrored Carlos. But it looks like I announced my checklist before he called it and entered the trade before he did as well. The 4^th 1min candle was very strong, it broke the 1min VWAP and KR had really good levels above it to take partials. Then it tested VWAP and bounced from it so I went long using the 1min VWAP as my stop. It was a false breakout and quickly dropped. I got out at my planned S/O just before I heard Carlos call his exit out. So I am sure I did not mirror his trade. Looks like an OK trade.

 

What I did good today: Stuck to my 1+1 trade/day rule. Nerves were better today and I was eager to trade. Kept to my 9:31:45 EST rule. Quickly discovered and recovered from the bad MU trade.

How did I challenge myself today?  Kept myself from blowing up my account on a day my wellbeing was unknowingly quite low. Forced myself to trade half sizes. Checked all ATRs, reviewed them just before open and checked them again during the prechecklist before the trade.

 What I did bad today:  Broke veto rules again, but this time not consciously. I could blame it on the low wellbeing, but MU tech level was too obvious for that. Strong focus is good, but too focused can really get you in trouble.

What can I do better tomorrow: I like the recitation of the checklist before the trade. Both as a reinforcement and today as a post-mortem. Will continue using it and hopefully it will help me taking a step back and observe myself before the trade.

 

[Rob C 826]

Friday 3/8/2019

My nerves much better today than earlier in the week. I had a wellbeing score of 5.5/10 and eager to trade. Then I saw that AAPL, AMD and MU were all in play. Then I was REALLY eager to trade.

I kept thinking all morning, just one goal, don’t break any veto rules.

A pretty good session of trading and learned a lot. I usually trade terrible on Fridays so it was nice to have a good day going into the weekend.

My allowable two trades were with AAPL and AMD.

My AAPL checklist:

AAPL had a very bullish candle and when it broke the 1min VWAP the setup was complete. But it would break my 9:31:45 EST rule if I took it then. So I waited until it broke the 2min VWAP as well. I took the trade about 5 seconds short of my rule but conscious of it and knew this was not an 1min ORB. A few seconds later I hear Andrew is shorting MU. Uh oh! I am long a tech stock when Andrew is short. But I checked SPY and told myself AAPL is more of an extremely large consumer company and the stocks may not run together like AMD/MU. I told myself this though I have seen them run together. But luckily the price started to move. I took a partial at my first two targets. The price actually did reach my 3^rd target but bounced too quickly to take it. Then the price dropped so fast I exited the trade above B/E.

When I took the trade it looked like this:

My second trade was a 5min ORB on AMD. AMD also had a very bullish candle. I went long when it broke the 1min VWAP. I have done well taking trades in between the 1min and 5min VWAP as if the 5min VWAP pulls the price to it. It reached my first target but didn’t make it to my second. Then when it made three consecutive 1min lows, 3 cents above my B/E, I exited. Of course the price immediately reversed and had a big run without me. But that did teach me something about exiting.

When I exited AAPL there were no tech levels between the price and my B/E. Thus nothing to hold it back. But AMD had a MA (that the price already respected) between the price and my B/E. So it was worth 3 cents more to find out if it would bounce off the MA. I need to think about this more when I exit.

What I did good today: Stuck to my 1+1 trade/day rule. Nerves were better today and I was eager to trade. Though I did not keep to my 9:31:45 EST rule I did delay the entry to try and obey. Did not break any veto rules.

How did I challenge myself today?   Checked all ATRs, reviewed them just before open and checked them again during the prechecklist before the trade.

 What I did bad today:  Exited 1 cent too early on AMD and missed the big run.

What can I do better next week: Continue to focus on not breaking veto rules. Think about tech levels when exiting.

 

Have a good weekend

 

[Rob C 826]

Live trading summary of week ending 3/8/19.

This week feels like last week, in that I had a bad week, but I don't feel that bad about it. The previous week I had 5 bad trading days out of 6, but was happy I finished the month of February with out a max loss and positive equity. This week I now had only two good trading days out of last 11, but Friday was a really good day and my nervousness really decreased Thursday and Friday. So I actually feel OK about the week.

The poor trading was primarily due to not catching what I call "veto" rules. Obvious rules, when broken, voids me from taking the trade. Usually following these take no effort and its usually the setup itself that I have trouble following my rules. But this week I was breaking veto rules. Most of the time it was carelessness. Just wasn't looking for them. By the end of the week I made a large effort to be conscious of them and at least on Friday didn't break any of them.

Good to bad trade ratio was 50%, which was quite disappointing.

I did raise my risk to $30 a trade this week. I was stuck at $25 a trade for 4 months. But I finally had a positive equity month with no hulk days which allowed me to increase my risk. I didn't feel any difference so will keep it at $30.

Next week's focus is improve adherence to the veto rules.

[Rob C 826]

Monday 3/11/2019

My nerves were really bad today. My day job will be unusually stressful later today and I didn’t have time (due to work) over the weekend to study charts and reread my journal. So I felt very unprepared today. I had a wellbeing score of 4.5/10 so took half share sizes.

My allowable two trades were with AAPL and BA.

My AAPL checklist:

I broke my 9:31:45 EST time rule by a full 30 sec. But AAPL had a setup I really like (Step and Curtsy). Once the price goes well above the tech level it “curtsied” to you lose the setup. So I took it early. This made my nerves go through the roof and I started taking partials at half levels (at 0.5R/1R/1.5R/2R) which is really bad execution. I didn’t even hold the last bit for the run up.

My second trade was with BA. It had a mini ABCD and I was waiting for the “3 point touch” rule I use on ABCDs. If it respects a tech level 3 times then take the trade on the last bounce. But I have never taken a long ABCD below VWAP before. So I was nervous to take it. Then I heard Andrew took it long, which gave me the confidence it should be OK. I didn’t mirror Andrew and waited for the 3^rd touch and went long. I took my first two partials better than AAPL, but still didn’t hold my last bit for the run up.

What I did good today: Traded two good setups . Kept to my 1 + 1 trade/day rule. Traded through my nervousness.

How did I challenge myself today?   Since my nerves were causing me to take early partials I lowered my partial size to make up for it. I always take a large first partial when trading <10 minutes and even larger one <5 min. But, since I was taking an early partial I greatly lowered my first partial size on AAPL. Not an easy thing for me to do.

 What I did bad today:  Took partials way to early, did not let my winners run.

What can I do better next tomorrow: Take partials correctly and let the winners run.