$CARP
04.29.20 $CAPR
Talk about an annoying day.. I say patient all friggin day waiting for my trade. I know a lot of people were in $CAPR most of the day but I didn't like any of the entry points in the morning session and didn't want to get involved with anything during lunch. After lunch it gets some really nice volume pushing back up and over long term resistance at $8.77 so I get long when it pulls back in a little. Five seconds later it flushes to the downside and stops me out 20% past where I had my stop set. I was in small size to account for slippage but didn't think I'd get hit that wide with it, so I waited all day to get blown out on a full size loss. Idk, at least I didn't tweak out and add to the madness. Taking the L!
$CARP
$CARP
04.28.20 $SPY & $ROKU
Three wining trades, one losing trades, a nice P&L day, but still unhappy with my trading. I didn't get to trade the first couple hours of the day because I was busy with other work. Meanwhile I'm watching the $SPY put in really nice and predictable level. Finally, I got a quick break from work so I could put in a trade.
My first trade of the day was in $spy. I was way late to the move and we were incredibly extended from VWAP so I hopped in short for a small piece looking for a rejection around $287. I got that rejection and came out in full pretty quickly. My second trade in $SPY was after lunch while I was in a trade in $ROKU where I felt uncomfortable. Anyhow, I got short expecting VWAP and resistance to hold up at $289. As I'm in this trade my $ROKU short stopped out and I started getting really uncomfortable in this position. I re-entered $ROKU because my stop was too tight originally but at this point, I felt really uncomfortable in both my $SPY trade and $ROKU. The moves I was expecting in both names was a push from VWAP, back to the low of day. I came out of both from my discomfort and had I just held my positions, instead of a nice P&L day I'd be writing about a grand slam home run right now. A little upset and frustrated with myself.
$SPY
$ROKU
My first trade of the day was in $spy. I was way late to the move and we were incredibly extended from VWAP so I hopped in short for a small piece looking for a rejection around $287. I got that rejection and came out in full pretty quickly. My second trade in $SPY was after lunch while I was in a trade in $ROKU where I felt uncomfortable. Anyhow, I got short expecting VWAP and resistance to hold up at $289. As I'm in this trade my $ROKU short stopped out and I started getting really uncomfortable in this position. I re-entered $ROKU because my stop was too tight originally but at this point, I felt really uncomfortable in both my $SPY trade and $ROKU. The moves I was expecting in both names was a push from VWAP, back to the low of day. I came out of both from my discomfort and had I just held my positions, instead of a nice P&L day I'd be writing about a grand slam home run right now. A little upset and frustrated with myself.
$SPY
04.27.20 $AAPL & $MRNA
Green on the day but I don't like how I got there or how I'm trading lately. My first trade was in Apple and I got long expecting the tradeline to hold support over yesterday's high but I was higher in price than I wanted to be when I entered so I started with a small position in case it blasted off. When it pulled in the rest of the way I added to the position. Then it failed on me. Rather than taking the L and walking away I got goofy. I laid in a short, that had I just held it would have worked perfectly. Instead I got short, got spooked, and took another loss. Then I got irritated with myself and started going back and forth between short and long, bouncing my P&L all over the place. I finally stopped and took a break. Later on I got short looking for a move back to the low of day. I got a pretty good entry on tight risk but the breakdown failed so I gave up and flattened the position.
$AAPL
My next trade was in $MRNA. I though I was reading a reversal so I got long at the low of day and got spooked and closed it, then throttled around for a couple more trades before throwing in the towel. I was doing this at the same time I was being an idiot in $AAPL.
$MRNA
$AAPL
$MRNA
04.24.20 $RCL, $MRNA, & $SPY
Nice little win on Royal Caribbean to the short side to wrap up the week. I struggled to execute a nice trade all week long so this felt pretty good.
$RCL
Royal Caribbean looked week, as did the rest of the market, plus I've had a short bias on this name for a couple weeks now. It's also been trading on really consistent levels so I felt really good about trading it. When I first entered the trade I was giving it up to the high of day so it had enough room to work. When it was struggling to get over VWAP I doubled my position and moved my stop down to the $37 area. When it pushed back down to the low of the day I cleared 25% of my position, then 50% on the extension down. Because both of my buy-backs were in the same candle it didn't separate them and showed and average buy price, which is why I had to split them in the picture. On the next extension I cleared the last piece of my position. My final target was $35.00 even and it did push into that price so I'm a little disappointed I closed early but at the same time, it was still a really nice trade and a really nice win, all be it a small win because I sized down for the trade (because I haven't been trading well).
$RCL
Royal Caribbean looked week, as did the rest of the market, plus I've had a short bias on this name for a couple weeks now. It's also been trading on really consistent levels so I felt really good about trading it. When I first entered the trade I was giving it up to the high of day so it had enough room to work. When it was struggling to get over VWAP I doubled my position and moved my stop down to the $37 area. When it pushed back down to the low of the day I cleared 25% of my position, then 50% on the extension down. Because both of my buy-backs were in the same candle it didn't separate them and showed and average buy price, which is why I had to split them in the picture. On the next extension I cleared the last piece of my position. My final target was $35.00 even and it did push into that price so I'm a little disappointed I closed early but at the same time, it was still a really nice trade and a really nice win, all be it a small win because I sized down for the trade (because I haven't been trading well).
$MRNA
At the same time I was trading $RCL I entered a couple different positions in $MRNA. My brother has a long position in the stock so I've had it on watch just out of general interest. It made a really nice morning drive of a key level at $47.00 and when it came into the tradeline and VWAP, I got long with my stop just below. I stopped out in my first position. When it reclaimed VWAP I entered it again expecting a push up to $50 but when it showed weakness, I got flat. When it started rolling over I hopped in for a short position but I had work to do other than trading that I needed to focus on so I closed the position so I could focus my efforts elsewhere. That ended up being a lucky move because It put me basically even on the name, whereas I would have taken a loss had I stayed in the trade.
$SPY
This was really a nothing of a trade. I liked the push over $282.00 and jumped in but after I was in the trade I didn't like the risk I'd have to carry to see it through. I wanted to see if it could get up around $283.50, which it did, but from where I entered I'd have to give it room back to $281.50 because it hadn't tested $282.00 yet. I closed it out pretty quickly and was glad I did because $282 broke when tested, which would have made me uncomfortable and stopped me out. I should have waited to enter this trade until after the test.
04.23.20 $AAPL $OXY
I just can't shake a win lately!
$AAPL
My first trade was in Apple. I missed the trade I really wanted from $278 but was busy working, so I couldn't take it. I waited patiently for this thing to press up then pull all the way back into the initial morning high at $279 and got a great fill on my entry. We were slowly moving up and I figured I'd get my first piece off during lunch at $280.45 and we just barely missed it. Then the WHO leaked information about a trial Gilead is working on and the entire market started selling off, so I had to stop out of my position. Come to find out, the leak was based on bad information (go figure) but we pressed lower anyway.
$OXY
Occidental got me again! I loved that this thing just rejected VWAP twice near the end of lunch so I got short right under VWAP. I got my first piece off at the dead low of the move but it turned on me. I was still confident in my trade and volume wasn't surging in as it was going against me so when it came back into VWAP I doubled my position short and tightened my stop. If the new idea worked, it'd be a great win. If not, I'd only be a little less than my initial risk. The idea didn't work and I stopped out. An irritating way to end the day, especially after the Apple trade. Ending the day with an L.
$AAPL
My first trade was in Apple. I missed the trade I really wanted from $278 but was busy working, so I couldn't take it. I waited patiently for this thing to press up then pull all the way back into the initial morning high at $279 and got a great fill on my entry. We were slowly moving up and I figured I'd get my first piece off during lunch at $280.45 and we just barely missed it. Then the WHO leaked information about a trial Gilead is working on and the entire market started selling off, so I had to stop out of my position. Come to find out, the leak was based on bad information (go figure) but we pressed lower anyway.
$OXY
Occidental got me again! I loved that this thing just rejected VWAP twice near the end of lunch so I got short right under VWAP. I got my first piece off at the dead low of the move but it turned on me. I was still confident in my trade and volume wasn't surging in as it was going against me so when it came back into VWAP I doubled my position short and tightened my stop. If the new idea worked, it'd be a great win. If not, I'd only be a little less than my initial risk. The idea didn't work and I stopped out. An irritating way to end the day, especially after the Apple trade. Ending the day with an L.
04.22.20 $AAPL
I sat this morning out because I was still frustrated with myself from yesterday. I wasn't in the right frame of mind to take any trades this morning. I wasn't seeing much anyway but I'm still incredibly disappointed with myself in how I behaved yesterday. What I was doing is exactly how people blow up their accounts. I worked my way back to profitable but that's beside the point and pointless. The behavior is unacceptable.
Anyhow, this afternoon I was feeling a bit better. Apple was pushing most of the day and was pretty extended from VWAP going into the final hour of the day. There was quite a bit of resistance at the $277.50 area and when it hit that level and failed on increased volume, I hopped in short with a really nice entry. My idea was that we'd reject the $277.50 area and work our way back to VWAP to close the day. I got within 6 cents of my first take profit but didn't quite get it when volume increased and price jumped heavy against me. The breakdown failed. My trade was still in play but I decided I would either hold to my stop or if price moved back below my entry, I'd flatted the position. We dipped just below my entry for a second and I got flat. Although price did eventually make it's way back toward VWAP, it never made it all the way there and I was running a tight stop in this position. Had I stayed in the trade I would have taken a loss. Instead I walked away with a (tiny) profit.I feel like I executed this trade very well even though it wasn't even a base hit. The point is, I had an idea and I executed on that idea. New information became available in the trade and I acted on it.
Anyhow, this afternoon I was feeling a bit better. Apple was pushing most of the day and was pretty extended from VWAP going into the final hour of the day. There was quite a bit of resistance at the $277.50 area and when it hit that level and failed on increased volume, I hopped in short with a really nice entry. My idea was that we'd reject the $277.50 area and work our way back to VWAP to close the day. I got within 6 cents of my first take profit but didn't quite get it when volume increased and price jumped heavy against me. The breakdown failed. My trade was still in play but I decided I would either hold to my stop or if price moved back below my entry, I'd flatted the position. We dipped just below my entry for a second and I got flat. Although price did eventually make it's way back toward VWAP, it never made it all the way there and I was running a tight stop in this position. Had I stayed in the trade I would have taken a loss. Instead I walked away with a (tiny) profit.I feel like I executed this trade very well even though it wasn't even a base hit. The point is, I had an idea and I executed on that idea. New information became available in the trade and I acted on it.
04.21.20 $AAPL & $MRNA
I'm actually writing this a day late because I'm pretty irritated with myself and how I traded yesterday. The reality is, there were no real trade ideas that I executed. I missed a couple great setups in the morning that I had framed and ready to go but work got in the way and I had to sit them out. I ended up trading out of frustration of what I missed then letting go of every ounce of discipline I had to revenge trade until I was profitable on the day. The day is green but the amount of trades I took is utterly absurd. I deserved to lose on the day, not walk away profitable.
04.20.20 &BA, $RCL, $SFET, & $SPY
Another Monday, another loss. Four trades in total but only two actual shots, one of which I'm not sure what I was thinking.
$SFET
I jumped in long expecting the tradeline and VWAP to hold support and the tradeline to push me up and through the high of day, just like $BA on Friday but the tradeline, VWAP, and the initial morning high all failed me. Solid setup and no different than the loss on Friday taking the same setup, I'd trade it again.
$SFET
I jumped in long expecting the tradeline and VWAP to hold support and the tradeline to push me up and through the high of day, just like $BA on Friday but the tradeline, VWAP, and the initial morning high all failed me. Solid setup and no different than the loss on Friday taking the same setup, I'd trade it again.
$SPY
I honestly don't know what I thought I saw on this trade. I hopped in short expecting the tradeline to hold it down and push to new lows on the day. Not a good setup. I don't even know what I'd call the setup if I had to name it. We were still above the initial morning high, we'd put in two additional highs, yet I got short? The chart was reading that any trade should be long, not short. Complete misread on my part.
$RCL & $BA
These are both trades I jumped into and immediately sold off. I read the turn from the high of day on Royal Caribbean dead on and took an entry of frustration, realized what I was doing, and immediately flattened the position. This would have been a monster short had I entered where I read the turn.. I jumped in short on Boeing with the break of $143.22 from the bear flag above that level. I went to take my first profit off and my computer froze. At that point I sold it off to get flat because my computer was being weird. After this issue I decided to just call it a day.
04.17.20 $BA, $SPY, & $AAPL
Really nice P&L day. I took a couple losses but had a really nice win in the $SPY. The end of my day I'm not overly happy with how I traded and I need to make some adjustments to my execution during power hour.
$BA
This was a really nice setup. It pushed from read to green on a steady increase in volume and put in a new high. I was expecting to see the initial morning high hold, which it did and is where I got long. I had support of the initial morning high, VWAP, and the tradeline crossing - REALLY nice setup! Support failed and I stopped out of the trade. Failed trade but I'd trade it again, given the same setup.
$SPY
This was a pretty sweet trade and a really nice read on price action based on what the volume was doing. The only thing I wish I'd have done differently is waited another couple minutes before entering my first short to get the full test of $284. I could have got a much nicer sized position had I done that. I entered my first short where I did in case there was rapid sell off, so although I wish I waited, had the rapid drop occurred, I'd have missed the trade entirely. When it pulled back in to test $284 officially I doubled my position with a really tight stop. My first two profit targets came off, no problem. We came back in to test $284 again but the volume was so light on the test I added back to a full size position. We dropped back to the low of day and I cleared 75% of the position to bring me back down to my original risk left in the trade - added to my profit nicely, and now had no additional risk on the table. A couple minutes later I felt like we were about to double bottom so I closed the rest of my position. Sure enough, we double bottomed. Really happy with how I executed on this trade.
$BA
This was a really nice setup. It pushed from read to green on a steady increase in volume and put in a new high. I was expecting to see the initial morning high hold, which it did and is where I got long. I had support of the initial morning high, VWAP, and the tradeline crossing - REALLY nice setup! Support failed and I stopped out of the trade. Failed trade but I'd trade it again, given the same setup.
$SPY
This was a pretty sweet trade and a really nice read on price action based on what the volume was doing. The only thing I wish I'd have done differently is waited another couple minutes before entering my first short to get the full test of $284. I could have got a much nicer sized position had I done that. I entered my first short where I did in case there was rapid sell off, so although I wish I waited, had the rapid drop occurred, I'd have missed the trade entirely. When it pulled back in to test $284 officially I doubled my position with a really tight stop. My first two profit targets came off, no problem. We came back in to test $284 again but the volume was so light on the test I added back to a full size position. We dropped back to the low of day and I cleared 75% of the position to bring me back down to my original risk left in the trade - added to my profit nicely, and now had no additional risk on the table. A couple minutes later I felt like we were about to double bottom so I closed the rest of my position. Sure enough, we double bottomed. Really happy with how I executed on this trade.
$AAPL
My first trade on Apple was based on the idea that since the 50-day moving average just broke and a key support at $278.15 broke, we'd see more to the downside. When the 50-day was tested, I got short expecting it to hold. What I failed to take into consideration were two main things - I should have been expecting $278.15 to hold and it didn't; lately, Friday's have rallied into the close. None the less the trade was only 50% my normal risk so it was a small position. My subsequent trades are what I need to work on. When it dawned on me that "we rally on Fridays," I thought for sure we'd move back up to VWAP so I started scalping the move higher. What I should have done was set my risk at the 50-day and let it ride to VWAP. I need to quit with the scalping. Even though it worked in this instance and I was able to cover my loss on the short, it's not how I like to trade and how I've lost plenty of money.
04.16.20 $BA & $CODX
Really a nothing of a day. I tried getting short Boeing but stopped out, then couldn't find a safe spot to get short again. All my targets were hit, which is pretty annoying. I think if I opened my stop up and sized down then maybe I couldn't have got into the trade but at that point the risk to reward wouldn't have been there. I took a second shot after I stopped out but didn't really like my entry and wasn't willing to carry the risk it would take to stay in the trade so I closed it out. Small loss on the first trade; even smaller win on the second.
I tried shorting the $SPY from VWAP, expecting VWAP to hold then push down to the $272 area but no dice. VWAP didn't hold and I got stopped out.
My last trade of the day was in $CODX. I've tried trading this before and have had some luck in both directions (good luck and bad luck). I'm pretty hesitant about trading small caps even though I know they can be huge winners. I just don't seem to have the greatest luck with them. Anyhow, I liked my entry but I was expecting the volume that hit on the candle where I got in to increase on the next candle. It didn't so I hopped out of the position. I was already in loss territory and there was no need to increase my loss at the end of the day if it went south on me. I got long a second time but realized I was being stupid so I flattened the position and called it a day.
04.15.20 $OXY & $BA
A little frustrated with the day but I didn't take a loss, so all is well I guess.
$OXY
My first trade on the day was in $OXY. It gapped down huge from yesterday's close and I was watching it flag. Near the end of the flag I saw the $SPY pushing to a new low on the day so I got short expecting the market to drag $OXY down with it. Where I was supposed to take my first take profit I accidentally closed my entire position. I made a new rule that if I make a mistake while trading I need to shut it down for the session, so rather than re-entering I accepted my mistake and sat idle until the afternoon session. I would have hit my second target at $13.00 but wouldn't have hit my third. None the less, the trade was profitable and my idea played out, mostly.
$BA
My second trade on the day was late in the afternoon session in Boeing. It went red to green on really nice volume and I tried getting in on the first pullback after that move but took a little to long and missed my shot. I kept watching it, mostly on the 15-minute chart, and thought if it pulled back into the 38.2 fib level from the low of the day, held, and volume picked up, I'd get long to ride it up and through the high of the day. It did what I was expecting so I got long but 15 or so minutes into the trade it just wasn't pushing like I thought it would so I closed the position. Maybe if this setup occurred earlier in the day it would have worked but I think it was just too close to the bell.
$OXY
My first trade on the day was in $OXY. It gapped down huge from yesterday's close and I was watching it flag. Near the end of the flag I saw the $SPY pushing to a new low on the day so I got short expecting the market to drag $OXY down with it. Where I was supposed to take my first take profit I accidentally closed my entire position. I made a new rule that if I make a mistake while trading I need to shut it down for the session, so rather than re-entering I accepted my mistake and sat idle until the afternoon session. I would have hit my second target at $13.00 but wouldn't have hit my third. None the less, the trade was profitable and my idea played out, mostly.
$BA
My second trade on the day was late in the afternoon session in Boeing. It went red to green on really nice volume and I tried getting in on the first pullback after that move but took a little to long and missed my shot. I kept watching it, mostly on the 15-minute chart, and thought if it pulled back into the 38.2 fib level from the low of the day, held, and volume picked up, I'd get long to ride it up and through the high of the day. It did what I was expecting so I got long but 15 or so minutes into the trade it just wasn't pushing like I thought it would so I closed the position. Maybe if this setup occurred earlier in the day it would have worked but I think it was just too close to the bell.
04.14.20 $UAL
One name, three trades, two ideas.
$UAL
United Airlines gapped up this morning, put in an initial morning high, then pushed through that high on increased volume. Not the highest volume of the day but an increase none the less. I was looking for the initial morning high and the trade line to hold support on a pullback, which it did. I got long and took 25% off in front of the high of day. It double topped and I ended up stopping out just below VWAP. That 25% take profit put my loss on this trade at literally a couple pennies.
When it was struggling to put in a high and double topping I started game planning a short if my trade failed and look to fade the gap. I got short too early with this idea. I have to quit getting short under VWAP before it tests. My first shot getting short stopped me out. When price action immediately dropped back below VWAP I knew I was right but got shook out. I re-entered the trade short and ditched 25% of my position quickly so I could take a little profit and lighten up my position. My next target was in front of the current low of the day then 25% in front of a pivot high from yesterday just over $30. I got to my second target and dropped 50% of my position then noticed volume wasn't increasing on the way down. When the low broke there wasn't much volume coming in and it was already on an extended pull downward. I spooked and closed the position. Turned out that was the right move but realistically I should have held to my third target. The pullback that occurred immediately after I closed would have made me incredibly uncomfortable, even with 25% left on the table, I'm sure. I need to get used to that though. Monster trade though!
I do want to note that I'm trying to take my profits based on the chart and not on reward vs risk ratio's. My last trade here is proof that if profits are taken per the chart and not the ratio, the value of the trade has potential to increase dramatically.
$UAL
United Airlines gapped up this morning, put in an initial morning high, then pushed through that high on increased volume. Not the highest volume of the day but an increase none the less. I was looking for the initial morning high and the trade line to hold support on a pullback, which it did. I got long and took 25% off in front of the high of day. It double topped and I ended up stopping out just below VWAP. That 25% take profit put my loss on this trade at literally a couple pennies.
When it was struggling to put in a high and double topping I started game planning a short if my trade failed and look to fade the gap. I got short too early with this idea. I have to quit getting short under VWAP before it tests. My first shot getting short stopped me out. When price action immediately dropped back below VWAP I knew I was right but got shook out. I re-entered the trade short and ditched 25% of my position quickly so I could take a little profit and lighten up my position. My next target was in front of the current low of the day then 25% in front of a pivot high from yesterday just over $30. I got to my second target and dropped 50% of my position then noticed volume wasn't increasing on the way down. When the low broke there wasn't much volume coming in and it was already on an extended pull downward. I spooked and closed the position. Turned out that was the right move but realistically I should have held to my third target. The pullback that occurred immediately after I closed would have made me incredibly uncomfortable, even with 25% left on the table, I'm sure. I need to get used to that though. Monster trade though!
I do want to note that I'm trying to take my profits based on the chart and not on reward vs risk ratio's. My last trade here is proof that if profits are taken per the chart and not the ratio, the value of the trade has potential to increase dramatically.
04.13.20 $OXY & $SPY
There's no way around it - I got beat up today pretty good. I'm not sure if it's as bad as the other couple days I've been beat up the last couple months but today was a pretty good beating.
$OXY
I grabbed $OXY short not expecting it to make it back over VWAP and sure enough, it popped right over, stopped me out, and fell right back below. Pretty stinking irritating. I tried it again and built a position throughout lunch but in the afternoon the $SPY reversed and started pushing so I hopped out for a small loss in the second trade. The first trade was a full size loss. Pretty shocked it couldn't make it back to the low of day.
$OXY
I grabbed $OXY short not expecting it to make it back over VWAP and sure enough, it popped right over, stopped me out, and fell right back below. Pretty stinking irritating. I tried it again and built a position throughout lunch but in the afternoon the $SPY reversed and started pushing so I hopped out for a small loss in the second trade. The first trade was a full size loss. Pretty shocked it couldn't make it back to the low of day.
$SPY
Like a white teen chick at Dutch Bros, I just can't even with this series of trades. I tried getting short when VWAP couldn't hold and it bounced back on me to stop me out. Later in the day I grabbed it short again and missed my first take profit by a couple cents; 'course, then stopped out. I tried it yet again to the short side then read the turn, reversed my position, and was two take profits away from closing the day flat. I got my first piece out just fine right where I wanted. My second piece I wanted out at $276.50 and literally the second my order hit, it railed against me. I said screw it and closed my position. That take profit at $276.50 would have put me close to even and getting back to the high of day would have got me flat. Pretty frustrating to get beat up like I did today. I guess it could have been and would have been worse had I not taken this last trade in the first place but still. Really frustrating day. We'll get it back!
04.09.20 $AAPL, $OXY & $WPX
Five trades: 3 losers, 1 legit winner, and 1 base hit to add to the P&L a little. Really frustrating morning but brought it home in the afternoon. Also a really exciting way to end the week!
$AAPL
This trade was pretty cool! Apple was pressing up against resistance it couldn't manage to make it over for a couple hours and the $SPY was pushing to a new low of the day. I looked at it and just thought, there's no way it make it through that level right now! I grabbed it short and stuck this trade exactly how I intended.
$WPX
This trade was a stone cold loser. I got long over VWAP expecting it to hold but had I paid closer attention to the volume on the push back over VWAP, I would have seen there was nothing to trade in this name. Not at this point anyway.
$OXY
I tried hitting $OXY to the short side expecting the gap up to fade but got stopped out twice trying to hit it. I keep reviewing the trade but it wouldn't matter where I'd have set my stop; when I entered the trade I was playing against a made hand. There was no way to defend against the random pop that happened around 7:20. I maybe could have slowed down my trading and not gone after the second attempt so soon after my original shot failed. Midway through lunch I caught it up at VWAP and crushed it to the short side. I'm disappointed though I didn't hold all the way to my final stop at $14.50. I didn't have overwhelming confidence it could get there but I should have given it the shot.
This trade was pretty cool! Apple was pressing up against resistance it couldn't manage to make it over for a couple hours and the $SPY was pushing to a new low of the day. I looked at it and just thought, there's no way it make it through that level right now! I grabbed it short and stuck this trade exactly how I intended.
04.08.20 $AAPL, $OXY, & $ROKU
I got chopped around today again and took a small loss on the day. On one hand I'm glad I kept the loss small. On the other hand, I traded too much and was too indecisive. My trade on $OXY was painful how much I got chopped around.
$AAPL
This trade was a pretty good idea. Not the greatest but it was okay. I noticed Apple was moving back to the high of day in a very defined channel. I hopped in to ride that channel back to the high of day. Small move but good trade with limited risk.
$ROKU
Roku was pretty infuriating. I got long looking for the pull back into the initial morning high to hold, after it broke through on the heaviest volume of the day. Not long after I got into the position I realized I was in a little too heavy, so I closed 25% of the position to limit my risk. I got up to my first take profit and took 25% off. I then read the volume and price action as a reversal so I closed my position. Then I got mad at myself for thinking I saw something I probably didn't see and this is where I went wrong. I jumped back into the position (with smaller size) then when it pulled all the way back into VWAP, I added looking for VWAP to hold support. I of course got stopped out. Not a major loss but pretty irritating. Later in the day I was hovering my mouse over the depth of market and clicked by mistake and got short on accident. I immediately closed the position and broke even on the accidental trade. I need to remember to close the DOM if I'm not in a trade.
$AAPL
This trade was a pretty good idea. Not the greatest but it was okay. I noticed Apple was moving back to the high of day in a very defined channel. I hopped in to ride that channel back to the high of day. Small move but good trade with limited risk.
$ROKU
Roku was pretty infuriating. I got long looking for the pull back into the initial morning high to hold, after it broke through on the heaviest volume of the day. Not long after I got into the position I realized I was in a little too heavy, so I closed 25% of the position to limit my risk. I got up to my first take profit and took 25% off. I then read the volume and price action as a reversal so I closed my position. Then I got mad at myself for thinking I saw something I probably didn't see and this is where I went wrong. I jumped back into the position (with smaller size) then when it pulled all the way back into VWAP, I added looking for VWAP to hold support. I of course got stopped out. Not a major loss but pretty irritating. Later in the day I was hovering my mouse over the depth of market and clicked by mistake and got short on accident. I immediately closed the position and broke even on the accidental trade. I need to remember to close the DOM if I'm not in a trade.
$OXY
This trade really got me fired up. My idea was that we'd pull back into that $15.20 level of support and launch right into close due to shorts covering. Every time I got into the position I kept getting stopped out. I couldn't figure out where exactly my stop needed to be. By the time I got one of the trades to work I'd been chopped up pretty good and we were so close to the end of the day I ended up closing the position just under resistance at $15.58. After hours it shot up to $16.50... Incredibly frustrating. I think the thing I should have done was lighten my position size and widen my stop from the beginning. I could have put it clear down at $15 with a lightened position and still cleaned up on the trade.
04.07.20 $AAPL & $RCL
Hindsight is a real beach.
$AAPL
My first trade was shorting Apple from pretty much the same setup as yesterday. I started my short just under VWAP and my stop was just over VWAP. I set a mechanical stop at $$269.50 but the dollar amount was arbitrary. It was more or less just a good place to put my stop if price broke through and above VWAP. When it came through and started putting a second bar in I figured there was no sense waiting for my stop to trigger - my trade idea essentially failed. I manually stopped out and direction immediately changed. That was pretty frustrating. Rather than revenge trading it I resized and got short with 25% of my original position size expecting VWAP to break to the downside. When it broke I doubled my position size and the trade started working out really nice. I got my first take profit off in front of the low of day, my second exactly where I had it scheduled half way to my final target, then got shaken out. I expected $266.30 to hold resistance and price broke right through that level with fairly consistent volume. I closed the position and once again it immediately changed direction. This time I just left it along. The second trade was a really nice win and there was no need to put more risk into the day when I stopped out twice, needlessly. What I should have done is reset my stop to my average price or just leave my original stop or move my stop to the break of VWAP. Had I done one of those things, I would have filled the gap and my trade for a REALLY nice win. Volatility means levels won't hold like they normally do. I didn't account for that and should have. Lesson learned though. Overall, I'm not mad about a winning trade but I could have traded it better.
$RCL
Small win from shorting Royal Caribbean again. I got short expecting $34.08 to hold resistance after it was tested. I took my first piece off in front of the low of day, which was $32.80. Within this move I was expecting the low of day to break fairly quickly but it stuck $32.81 and started turning around. I already had a decent win on the day and wasn't looking to take a loss to close the day so I exited my position and called it a day. Inevitably, I would have been able to get my second piece off but what can I do, hindsight is 20/20 and this trade wasn't doing what I thought it would do at the time I was in it. Still happy with it.
04.06.20 $AAPL, $ROKU, $SPY, $TLRY
Repeat from last Monday. This morning I didn't get caught in the chop like last week. I just flat out couldn't tell what was going on to save my life. We gapped up to open and I was expecting to fade the gap. I didn't realize the gap actually closed this morning.
Edit: I just finished reviewing my trades and it's absolute garbage. If I was my employee, I'd fire me. It's beyond unacceptable that I fired off as many trades as I did, most of which I had absolutely no foundation or belief in. This is why I'm still trading small size - because I clearly can't handle scaling up yet. It'll be time to take more risk when I quit being stupid. Once again, the only reason I know whether or not today is green or red is because I looked at my P&L. That's no way to make a career of this craft.. Really disappointed with myself.
$AAPL
My first trade here was getting short under VWAP with the high of day as my stop. It started balking at VWAP but went through and up through the initial morning high. I then got long and I couldn't tell you why. There was no setup. There was no reason to be in the second trade. The third trade I took because it came back into VWAP and VWAP held. Looking at it now it was a decent entry. The trade was going fine and when I went to take my first take profit, I added by mistake. Then I corrected that mistake but felt uncomfortable where I was in my position after the add, so I closed it out. Then I felt like it triple topped so I got short, added and was all over the place. True amateur hour. My first trade was fine. I was just wrong. Everything after that was stupid.
Edit: I just finished reviewing my trades and it's absolute garbage. If I was my employee, I'd fire me. It's beyond unacceptable that I fired off as many trades as I did, most of which I had absolutely no foundation or belief in. This is why I'm still trading small size - because I clearly can't handle scaling up yet. It'll be time to take more risk when I quit being stupid. Once again, the only reason I know whether or not today is green or red is because I looked at my P&L. That's no way to make a career of this craft.. Really disappointed with myself.
$AAPL
My first trade here was getting short under VWAP with the high of day as my stop. It started balking at VWAP but went through and up through the initial morning high. I then got long and I couldn't tell you why. There was no setup. There was no reason to be in the second trade. The third trade I took because it came back into VWAP and VWAP held. Looking at it now it was a decent entry. The trade was going fine and when I went to take my first take profit, I added by mistake. Then I corrected that mistake but felt uncomfortable where I was in my position after the add, so I closed it out. Then I felt like it triple topped so I got short, added and was all over the place. True amateur hour. My first trade was fine. I was just wrong. Everything after that was stupid.
$ROKU
Here I go again... Long from VWAP, decent entry, and could have held that position all the way to close and had a really nice trade. Instead I got long, closed it out, got short on a double top, got flat, got long, tried a scalp, got long and got stopped out, and wasted an entire day with nonsense. I don't even know how to review these trades because it's pure trash.
$SPY
This was actually a decent scalp opportunity and my fill was horrendous. the $SPY finally broke $263.33, a pivot/flat top high from last week and a major level of resistance. I hit the buy button at $264 and didn't get filled until $265. I tried again and pretty much the same thing happened but on my way out of the trade.
$TLRY
My first trade here was legitimate but it just didn't work. I was looking for the pullback into the high of day. It pulled in, I got long, missed my first take profit by a penny, I think, and got stopped out. I got long and closed 2 positions during lunch for who knows why. Stupid day.
04.03.20 $UBER
Pretty stoked on my trade today. I shorted $UBER from on top of VWAP down (almost) to the low of the day. I loved the double top on the morning and the nasty pullback into VWAP. When it hit VWAP I thought, we should bounce a little off VWAP and I'lll grab it short off of that bounce. When it bounced I was STOKED! My first two profit targets were hit with ease and it was such a nice feeling to be green in the trade for all but a couple minutes early in. I cleared my final take profit level at $22.22, then debated whether or not it was worth holding to target 4 or target 5 or wait for it to recover the tradeline then get flat. Had I waited for the tradeline to fail I would have finished this trade no differently than I did. In hindsight, I could have made it to my 4th target at $21.80 but was feeling good where I was in the trade and targets 4 and 5 were only on the table if we were making clear and identifiable moves to the downside. My read was that the move was more sluggish that clear so I took it off for a really nice win on the day. I left a little on the table but all and all, I'm really happy with how I managed this trade.
I've been thinking a lot about Wednesday as well. I'm glad I made myself sit down and review my trades before I went to bed Wednesday night. I feel like it really helped me regain focus to close the week strong.
I've been thinking a lot about Wednesday as well. I'm glad I made myself sit down and review my trades before I went to bed Wednesday night. I feel like it really helped me regain focus to close the week strong.
04.02.20 $RCL
After yesterday I'm really happy with my trade today (just one!). My trade idea was clear, risk was clear, and targets were clear. This trade felt very controlled and I feel like I executed it very well. Very different feeling today than yesterday, when I was all over the place and changing my mind constantly.
Price rejected the $25.25 area twice before lunch but failed to get up and over VWAP during lunch. I thought about getting short up just under VWAP but we were in lunch and unless volume dictates and makes a move clear, I don't like entering lunch time trades, so I held off. Coming out of lunch price rejected $$25.62 twice in a short period of time. I took a pretty low entry but was confident in a move lower and was anticipating a complete roll over to push down to the $22.50 area. I entered with my stop just over $25.62 and got my first two pieces out perfectly. My third take profit was down around $22.50 but at $24.00 there were some big orders hitting the DOM so I started debating getting flat right there. We were so close to the bell and I didn't want to hold into after hours, even though I think we'll open lower tomorrow, so I ended up flattening the position when orders started getting eaten up at $24. Really happy with how I traded this. It helps confirm that a single good trade is better than 15 ok trades.
Price rejected the $25.25 area twice before lunch but failed to get up and over VWAP during lunch. I thought about getting short up just under VWAP but we were in lunch and unless volume dictates and makes a move clear, I don't like entering lunch time trades, so I held off. Coming out of lunch price rejected $$25.62 twice in a short period of time. I took a pretty low entry but was confident in a move lower and was anticipating a complete roll over to push down to the $22.50 area. I entered with my stop just over $25.62 and got my first two pieces out perfectly. My third take profit was down around $22.50 but at $24.00 there were some big orders hitting the DOM so I started debating getting flat right there. We were so close to the bell and I didn't want to hold into after hours, even though I think we'll open lower tomorrow, so I ended up flattening the position when orders started getting eaten up at $24. Really happy with how I traded this. It helps confirm that a single good trade is better than 15 ok trades.
04.01.20 $AAPL, $BA, $INO, & $MSFT
I'm a maniac - knew I was trading a lot today but until I took my screen shots after the closing bell, I didn't realize how many trades I took. When the morning started I was expecting resistance levels to hold across the board and nothing held. Then I started thinking, ok, gap fill back up to yesterday's close - that wasn't it either. I think I need to come back to today to review at a later date so I can do so with a clear head. I'm honestly a little shocked by how many trades I took, especially in $BA. I'm baffled right now. Thank God for no trading fees...
Edit: It's 9:30 PST but the promise I made myself is that the day isn't over until I've written in my journal. I actually feel a little better now having written this out and though through my trades. I definitely made some errors with price direction and over-traded in that regard but there were a couple sweet trades in there. My major error was giving up on my ideas in $AAPL and $BA and changing sides. The trades I managed to the short side I feel like I managed well. Also, even though I over-traded and kept flipping sides I held to my stops and when I really felt like I was being stupid, i closed the position. Still not great but I'm glad that I at least held it together a tiny bit.
$INO
Garbage trade: I was expecting support to hold at $7.75 and looking for continuation back to and through the high of day. I failed to recognize that this was the third pullback since going red to green. The entry to trade $INO was the pullback into the tradeline over the initial morning high. Anything after that was a low tier entry. I should only be taking premium entries and should not have made this trade. The setup was weak at best.
$MSFT
I like that price was holding $152.66 and started moving away from that level. Again, not a great setup considering all the resistance from earlier in the day. I entered the trade but quickly realized this trade was sub-par and immediately exited as soon as that occurred to me. Another trade I shouldn't have taken.
$INO
Garbage trade: I was expecting support to hold at $7.75 and looking for continuation back to and through the high of day. I failed to recognize that this was the third pullback since going red to green. The entry to trade $INO was the pullback into the tradeline over the initial morning high. Anything after that was a low tier entry. I should only be taking premium entries and should not have made this trade. The setup was weak at best.
I like that price was holding $152.66 and started moving away from that level. Again, not a great setup considering all the resistance from earlier in the day. I entered the trade but quickly realized this trade was sub-par and immediately exited as soon as that occurred to me. Another trade I shouldn't have taken.
$AAPL
I first got short with my stop at the high of day but entered way too late. I did take into consideration that the move I was anticipating was down to $240, so there was plenty of reward to my risk but still, should have entered sooner. I should have just left this alone and let the trade work itself out. Instead, I added when it tested VWAP and failed, then moved my stop down to the high over VWAP. Dumb move. I stopped out. I then got long thinking this was going to make a move back up and over the high of day. Again, dumb... My initial trade idea hadn't even failed yet.When we broke through VWAP to the downside I thought, screw it. I should have stuck with my initial trade idea and set my stop over the morning high. All I had to do was leave my first trade alone and it would have been a nice winner. Why I sold this off so soon? I opened my P&L and saw I took myself back to green an closed it out rather than finishing the trade and making more money.
$BA
I don't even know where to start with this one... I never trade the morning drive but today, for some reason, I entered my first trade like 4 minutes into the day. I was expecting $140.68 to hold as resistance and had my stop directly over that level. I stopped out. Then I figured we'd test the initial morning high, $140.68 area, and VWAP and fill the overnight gap. I realized that was dumb and closed the position for another loss - small loss but another loss none the less.
Next I got short expecting VWAP to hold, looking for a move down to $128. VWAP broke on increasing volume so I stopped out. My stop should have been the high of day.
When we broke through VWAP again I looked at my reward vs. risk for the drop to $128, set my stop above the morning high, and got short. I feel like I scaled out of this trade well and should have left it there.
I thought we might be making a lunch time move back up to VWAP from that $131 level so I got long, realized I was being a dope, and closed the position.
Then, when price failed the $133 level a second time I re-entered short for the move down to $128. I started pealing pieces off and when the tradeline failed to hold it down, I closed it out and took my final profit.
