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Day Trading Stocks with Discretion


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Day Trading Stocks with Discretion

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  #101 (permalink)
San Francisco, CA
 
Experience: Beginner
Platform: IB
Trading: Stocks
 
bijeremiad's Avatar
 
Posts: 410 since Jul 2011
Thanks: 284 given, 332 received

5 losers. -$80 net.

Trade 1 was ok timing, right direction. Was a little surprised in the strength of the sell of. Got stopped out at break even after running $1 in my favor. That is a little much to give back on a trade. Need to think about how much I want to give back after big moves.

Trade 2 was the first pullback after the strong sell off. I need to wait for the second chance. Markets rarely trade in a pure zig zag. They bobble and bounce, which means you will often get a second chance at the same or better price, but without the same heat. Full stop loss.

Trade 3 was taken after price bounced off support around $149.40 for the fifth time today. I have been in a string of losers, which was making me shy with my stops. Now the bounce was after a lower high, so I did have some right to be defensive. But a string of losers will force break even trades when profits are nearby. As was the case here, could have picked up $200 on this trade if patient.

Trade 4 was the second pull back on a strong push up. If this resistance level was broken, it would be a new multi-month high, so i was willing to wait to see if it played out rather than just trying to scalp this one at resistance. Stopped at break even.

Trade 5 was a second pull back after a strong sell off and a push off the resistance of $149.40 that was support 6 times today. I thought this was the pullback after the break out. No dice - full stop. Again, if I had waited for the second "entry" by which time maybe I would have seen the weakening signs.

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  #102 (permalink)
San Francisco, CA
 
Experience: Beginner
Platform: IB
Trading: Stocks
 
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Posts: 410 since Jul 2011
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Adding this week's trades...

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  #103 (permalink)
San Francisco, CA
 
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Trading: Stocks
 
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Posts: 410 since Jul 2011
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4 losers. -$60 net. Fourth day of consecutive losses.

Trade 1 could have been an amazing trade. $151 was the top. Break through that and the sky is the limit. Looks like a day trader had a similar idea. Look at the spike of volume at 7:18am on the run up and the spike at 7:36 near the way down. Probably a $7000-10,000 trade if it was one person who pulled it off. I was in it only to see if it took off. Not today.

Trade 2 was after the second pullback on the sharp sell off <$2 of travel, not what I would expect from even a range day, but price did not push through the $149.50 level for long. I got out for half a full stop.

Trade 3 shows the long series of losses taking its toll. Now I had taken heat once already (rarely do I need to take heat twice, I am usually just wrong by then), but I let a push through the 21 EMA shake me out of what could have been a $100+ trade.

Trade 4 was a short after the trendline was broken. Market went into chop afterwards, which took out my stop.

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  #104 (permalink)
San Francisco, CA
 
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Trading: Stocks
 
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Posts: 410 since Jul 2011
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4 winners. $520 net. 4-day streak broken with record day.

Trade 1 was a test of yesterday's close. Price did not push higher, took the short. Was quick to move the stop to BE, but patient afterwards. Jammed stop when I hit $1. Was happy with this exit. The earlier trades in the day tend to have wider stops because the volatility is higher, so if it goes my way, I should get out, and then have another chance to enter again on pullback when vol is lower. Like what happened with Trade 2.

Trade 2 was off a pullback. The previous bar at 8:12am had a pretty good tail on top, which coincided with previous resistance. As I approached $1 profit, i was very aggressive with the stop.

Trade 3 was a pullback looking for continuation after the lower low. Moved stop once to break even. Then jammed the stop after price tested $147.50 for the second time.

Trade 4 was taken after price pushed through the EMA21 after the double bottom formation. This was a counter trend at the point of entry; although there was a slight pullback at 10:09am. I was concerned about resistance at $148.75, so I set a target just $0.50 higher than entry, and just inside $148.75. Big mistake. Left 5R on the table. I was expecting price to flatline after 10:30, like it did at noon.

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  #105 (permalink)
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  #106 (permalink)
San Francisco, CA
 
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Posts: 410 since Jul 2011
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Two trades. 1 winner, 1 loser. $160 net.

Trade 1 was a little early. Would have been nice to catch all that nice easy down trend slope. I need to think about being more patient for the second entry (like at 7:30a or 7:48a). Stopped out just 10 minutes too early. Instead, I spent 9-10am waiting for a reversal (not suspecting trend day). Almost got long around 10am.

Trade 2 was more of a desperation trade. I suspected I would have resistance and possible a bottom for the day at $147, but I was sick of watching the trend down without me. I probably would have bailed at break even at 11:09am, except I wasn't watching then. Jammed my stop at $1 profit, 5R trade, at 12:12. Only 45 minutes left in the session wasn't expecting another leg down. Left 4R on the table there.

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  #107 (permalink)
San Francisco, CA
 
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1 winner, 2 losers. $220 net.

Trade 1 I waite for the pullback after the breakout at $147. Maybe could have gotten BE at 7:27am, but wasn't in the right trade at this point.

Trade 2 shorted after the push back through $147 and the bounce off the same level. Price bounced for 10 more minutes, then got a good move. Once I hit $1 of price in my favor, I was watching my stop very closely . Really debated when to jam my stop. Managed to get to $1.50 of price in my favor, a nice 7.5R trade, and took it. Left another 2R on the table, but price was over $1 away from the 21EMA, which doesn't happen often.

Trade 3 was a little embarrassing. It was at least with trend, and part of a continuation triangle, suggesting pressure was still on the downside. AND the 21EMA had had a chance to catch up to price. I also had visions of $ugarplums in my head because $145.60 was a multi-multi-day low after a huge gap up on earnings. If this level broke, we could close the gap, which would be a big day. HOWEVER, Mr. Market also bounced off $145.35 not once, not twice, but three times - holding its ground. Then on the fourth push lower, ever so dropping below the prior three, it closed up. My mind should have been screaming TRAP, but but instead it was thinking about how I was going to add to my winning trade as price broke down further. Sigh. Second full loss for the day ended trading.

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  #108 (permalink)
San Francisco, CA
 
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2 losers. net -$40

Was away from desk for most of the day. Not a great day. Gap up was half the move, only really $1 of range for most of the day.

Trade 1 was an attempt to jump on the gentle up ramp. Out at BE.

Trade 2 was a little silly give the day and the run in the markets. The trend line was broken, but not much of a signal beyond that.

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  #109 (permalink)
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Fifth week of profitable trades, although, one of those weeks was just barely: 691, 10, 473, 97, 800.

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  #110 (permalink)
San Francisco, CA
 
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Posts: 410 since Jul 2011
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2 winners, 2 losers. Net $51.

Very tight range day. Only really $0.80 of range.

Trade 1 was a continuation of what could have been the trend after a HH/HL. Stopped out for a modest gain.

Trade 2 was a continuation of trend after another HH/HL. This turned out to be a trap. Full stop loss in 1 bar.

Trade 3 After the next low did not break the previous low, I got long again - targeting to get back to $150.20. No dice, was taken out for a tick. It happens.

I thought I was done for the day, but then at 12:33, I saw a large order go in as we crossed $150. Hypothesis was it was a day trade looking to make a few pennies on tens of thousands of shares. Given we were in a tight range day this would likely reverse strongly if it didn't pan out. If it was one guy, he probably made $1-3k, nice work. But price stalled at $150.20 again. I jumped in off the 1min chart on a breakdown. Took a little heat and then end of day volume stepped in and took price below $150, and I got my push down for the close.

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