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Day Trading Stocks with Discretion


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Day Trading Stocks with Discretion

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

My week ends on Mondays now. It was another week of big first day and bleed as little of it away during the rest of the week.


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  #182 (permalink)
San Francisco, CA
 
Experience: Beginner
Platform: IB
Trading: Stocks
 
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Posts: 410 since Jul 2011
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3 winners, 2 losers. Net $440. 4th best day on record. Could have been an all-time day if I wasn't so busy shorting into prior-day resistance.

Trade 1 Opened down and traded off the next bonce of the EMA21. Was watching the tape and the puttering out was pretty apparent. Then I bailed out after close to a $2 run down. I did have a plan to get back in, which led to trade 2.

Trade 2 was more a continuation of Trade 1 on the breakdown and continuation of trend. I got out shortly after entry as price bounced off resistance, and I had a plan to get back in if price pushed down yet again.

Trade 3 was looking for even more continuation, but resistance held firm. Stopped out.

Trade 4 was after missing the bounce at 8:15. Looking for a breakout. No luck.

Trade 5 was after I saw two failed pushes down past $154.50. Decided to get long for a failed break out (of which I was part of the failed breakout in Trade 4).

Stopped after 5 trades. Might have been able to trade the channel for the last 3 hours of the day, but focused on other things.

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  #183 (permalink)
San Francisco, CA
 
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Trading: Stocks
 
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1 winner, 1 scratch, 2 losers. Net $19.

Avoided losing money on a failed break out at the beginning of the day, and got long shortly after. Misread the stall at $155.50. Would have been a great day if my runner had been with 200 shares, but the ATR5 was too high, might have gotten shaken out with a $0.20 stop rather than a $0.40. Ok day.

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  #184 (permalink)
San Francisco, CA
 
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Posts: 410 since Jul 2011
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3 winners, 1 scratch, 1 loser. Net $185.

Trade 1 was an bounce off the EMA21. Was a little defensive with the stop. Thinking maybe range day, but I had also had recent success with failed breakouts, so i was looking for those too.

Trade 2 was thinking I had seen the low for the day and was respecting a run up. But was suspicious, as it was a countertrend day. Scratched out.

Trade 3 was flipping off the failed push higher. Traded like a range day, had a good exit.

Trade 4 was a little tight on the stop, looking at a double bottom, but vol kicked in and I was stopped out. That's ok, would take the trade again.

Caught Trade 5 after waiting through a consolidation. Small gain. Jumped out after price failed to push through $156, and I saw a lower high.

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  #185 (permalink)
San Francisco, CA
 
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2 losers. Net -$80. Two full stop losses. Was out of the trading day in about 8 minutes total. I thought I had a double bottom and a failed break out on a key level of $155. Got long and stopped out in about 60 seconds. Then price made another push up. Don't know why I was so determined to catch it, but tried again, and was stopped out.

Frustrating because it could have been such a great day with the simple trend down from 8:45a to 9:45a, and the more complex upward trend from 10:15a to the close.

It has been 6 trading days since my last full stop day, so at least it is good to see them space out a little more.

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  #186 (permalink)
San Francisco, CA
 
Experience: Beginner
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Trading: Stocks
 
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No trades in observation of Hurricane Sandy.

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  #187 (permalink)
San Francisco, CA
 
Experience: Beginner
Platform: IB
Trading: Stocks
 
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Posts: 410 since Jul 2011
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Markets still closed. Has been a little bizarre to not be checking the markets every so often to see what price is doing. Every once in a while I would look thinking "if I see consolidation the I will wait, but if price reaches the high of the day..." and then remember that nothing was happening.

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  #188 (permalink)
San Francisco, CA
 
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5 winners. $463, 3rd best day on record.

Trade 1 best run of the day. Was thinking of a long on the pull back to EMA21 given the strength of VFC on the open, but price never confirmed. So eventually shorted after two failed pushes up. Got out after extended push and approach of resistance area from last day of trading.

Trade 2 was looking for a complex correction. Traded exit like a range day, which helped.

Trade 3 was weak in retrospect. Too close to support for the day. Barely positive trade.

Trade 4 was trading the range for the day. Jumped out at $155.90, but had a plan to get back in if price went above $156.

Trade 5 was really a continuation of Trade 4, wasn't looking for much out of this trade bailed shortly after price saw first signs of hitting resistance.

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

The close of the market pushed my trading week to finish today. Best week on record. In fact I gained more this week than my whole first month 4 months ago. Also this was the ninth consecutive week of positive performance. Today also marks the end of a trading month (20 trading days), but I will put those numbers up in a separate post.


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  #190 (permalink)
PTA, Gauteng
 
Experience: Advanced
Platform: Self built + Sierra + TWS
Trading: Stocks and Options
 
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@bijeremiad your journal and progress has been inspirational to say the least. Well done on your performance!

If you dont mind, I have a couple questions for you:
  • From observing your trades you seem to give price very little room to move against you. You cut your losers extremely quickly if they dont behave as you want. Would you agree with that observation?
  • Do you use any orderflow analysis to complement your price action observations? Or is it purely S/R based?
  • Do you always trade All In All Out. What is your thinking for not trading All In Scale Out?

Thanks, and keep up the good work!

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