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Day Trading Stocks with Discretion
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Day Trading Stocks with Discretion

  #251 (permalink)
Elite Member
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Futures Experience: Beginner
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Favorite Futures: Stocks
 
bijeremiad's Avatar
 
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Thanks: 283 given, 325 received

Day 12 on $im, March 15, 2013

Trade 1. Day opened down weak, but price retraced higher. As price tested the high of the day I went short after a double top and two bars of weakness. Stop was just outside the double top. Stopped out. Perhaps I should have been more mindful of how strong the up bars where (long green bars going up). But otherwise happy with the trade. How a losing trade should look.

Trade 2. Price had taken out yesterday's high. While my journal sheet says "breakout" the market had spent one bar testing that level. I got in as price went higher. Could also be considered the first pullback after a break out (but price didn't really run that much before the retest). Probably should have considered getting out when the channel was broken. I was also in the trade for 53 minutes vs my average loser at 15 minutes or breakeven at 30 minutes - a little long for a loser. But only lost what was risked.

Two full stops. Day shuts down.

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  #252 (permalink)
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Day 13 on Sim, April 8, 2013

Lots of days passed since last entry. Again me trying to figure out how to account for certain loss trades and procrastinating. Decide to just get moving again.


3 Trades, 2 "scrathces" 1 loser. Net -$58.

Trade 1. Price bounced off the 52-week high. After third bar closed without pushing higher I got short. Had a good run in my favor 71 cents (1.75R) in just 3 min. I took this to mean I had caught a runner and I wanted to give it room, but twelve minutes later I was back at my entry, and took 8 cents of slippage beyond the break even stop.

Trade 2. Price had been bouncing above the EMA21 and trending upward. I got long expecting price to trend higher. Did run 69 cents in my favor but failed to push past the HOD. Probably could have gotten out below the EMA21. But took a full stop loss.

Trade 3.
Price was holding above the EMA21 and trending upward. I got long after a dramatic push lower on high volume. I bailed when price retraced. All the better, i would have been shaken out on the next long bear tail that was accompanied by very high volume.

I also marked some points on the chart in purple where I was considering positions. Some good, some not.

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  #253 (permalink)
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bijeremiad View Post

Position sizing
R4. Position size will be 100 shares (stop <$0.40) or 200 shares (stop <$0.20).
R5. 200 shares if ATR5 < 0.20. Some discretion ATR <0.25
R6. No trades when ATR5 > 0.50
G1. If position size of 200 shares then NBBO - order price < 0.10.

You might want to look at position sizing a little differently.
I take the difference between my entry and my stop and divide it into my risk.

With a $40 risk if the difference between the entry and stop is 40 cents I buy 100 shares.If it's 25 cents I buy ($40/25) 160 shares. If the difference is 50 cents ($40/50) I buy 80 shares, This allows you to use S&R as a logical place to put a stop. I haven't had any problem buying odd lots with IB and the commission is still $1.00

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  #254 (permalink)
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Day 14 on Sim, April 9, 2013

Two trades, two losers, -$118. Only in the markets for two minutes. Not the best day.

Trade 1 Price came up off of yesterday's close to bounce off of yesterday's high. When it appeared to bounce the second time, I got short. 60 seconds later I was past my stop with 26 cents of slippage.

Trade 2
Price felt aggressively bullish, so when I saw price come back to yesterday's high, I got in expecting a test of that level and continuation. 60 seconds later I was past my stop with 28 cents of slippage.

Both miserable fills. I went back to the T&S and looked for how this could be. Better prices were to be had, but they were short lived. Market was moving quickly.

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  #255 (permalink)
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Day 15 on Sim, April 10, 2013

5.5 trades. 2.5 winners, 1 scratch, 2 losers. Net $265.

Trade 1 Price opened strong and retraced quickly off yesterday's high. But the retrace was shallow and scooping, grazing along the EMA21. I chased the entry for 10 cents and the ask finally dropped to fill my buys. But price kept going down. No trades occurred at my stop, and I was worried about slippage from the previous day, so I hit the bid. You can see nobody in the real market panicked like I did.

Trade 2 But price didn't let up after I was out. So 15 minutes later I was fishing again. Got in with just 3 cents of adverse move against my entry. Market took off. The run feels a little parabolic and I worry about getting left on the top of a spike. at 8:18, I notice the market has slowed down. 5 min later I put in a limit to exit for $275 profit, a 6.9R trade. Except that price went on for another 8.0R. Ack.

Trade 3 was more impulsive. Watching the market run up after my exit only made this worse. I jumped in at market when I thought I saw another move higher. But this push was shorter lived. I put my stop at BE, but had some slippage. 2.1R between the two trades.

Trade 4 Faked out one more time looking to ride the monster wave. Too early. Stopped out.

Trade 5+.5 Was a more patient entry, back at the EMA21. Then after a higher high, I added one more position. Had stop on first position at break even. Was a little weak in the hands and punted before price tested the HOD again. Then closed the initial position just below the EMA21.

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  #256 (permalink)
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Scoreboard

Here is the equity curve for the first three weeks, just to keep things in context. Have taken a beating the last couple weeks. The dark line is net loss, the lighter line is gross loss. Negative either way you look at it.

Bad trades are documented. Had a few of those. Two other things in this analysis that haven't been present before: 1) Trade errors. I will make an effort to tabulate those when I do a full analysis of trade sample.
2) Slippage. So far I have had about $240 of slippage over 51 trades. About $5/trade. That eats a lot of the edge I was seeing in the last sample, which averaged $15/trade.

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  #257 (permalink)
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Day 16 on Sim, April 15, 2013

5 Trades. 2 winners, 1 scratch, 2 losers. Net $108.

Trade 1 Break out trade past the low of the day, headed towards yesterday's low. Good run, but I got spooked by a high volume bar and bailed.

Trade 2
So spooked that I got long on not much of a reversal. Could have waited for a little more confirmation. Was only in the trade 9 min. It was counter trend, so kept a tight stop appropriately, but did chase a little on the exit.

Trade 3 Had the right idea and direction. Was a little early. Had I held I would have been ok, but it would have been a long trade for little to gain.

Trade 4
Simple pullback to the EMA21. This far into the day, I should have been looking for price targets rather than runners. Gave back too much here.

Trade 5 12 minutes to close and I am still chasing trades? Trade error. Stops were set backwards, triggered immediately.

Trade 6 Right idea, but was early. And out with slippage. Miserable way to end the day.

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  #258 (permalink)
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Day 17 on Sim, April 22, 2013

3 trades. 1 winner, 2 cratches. Net +$189.

Trade 1 Strong open. Fished for an entry as price crept up the EMA21. Had a moment of concern as volatility came in during a 25k volume bar, but price held. Ended up exiting near resistance line of $173. 4.9R trade.

Trade 2 Wondering if I had gotten out early, also worried about being stuck in a trading range. I get long on a complex pullback setup. Price didn't push up past the previous SH, so I bailed. Happy to be out.

Trade 3 Price came down and rested around $172.50. I get long after 9 minutes of testing that level. I was called into a meeting just minutes after initiating the position, so I try managing it on my phone. I set up a tight bracket and bailed after price turned back just once. Too bad, it went on for another 5R...

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  #259 (permalink)
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Day 18 on Sim, April 23, 3013

Ah days like these: 2 trades, 2 losers, only 15minutes in the market before i am done. Net -$118.

The day looks ugly in a pretty tight range, bouncing off the high of the day

Trade 1 Huge volume bar (22k) pushed price down, then price holds $0.50 higher than the previous SL and above yesterday's high. I get long. Price runs strongly for two bars. Feels good. I even noted price was near a previous 52 week high. Price came off that level. I was watching the broader market (SPY/XLY) too much. Let price go too far. But it felt with trend, so I should have given it that room to run.

Trade 2 I put too much faith in the 52-week high which was rejected in my last trade. Price went through it to grab some stops before coming back down. Only in trade for 30 seconds.

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  #260 (permalink)
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Day 19 on Sim, April 24, 2013


4 Trades: 2 scratches, 2 losers. Net -$104.

Trade 1 Was a little early on the pullback to the EMA 21. took immediate heat. I got 1 push down with little follow through. Bailed at break even. Was glad to be out.

Trade 2 Got a good push higher on high volume (12.5k). Should be encouraging, but got worried that trapped traders could push price lower. But lows of previous SL not challenged. Jumped out at BE. Wish I had held.

Trade 3 After seeing price dawdle around $173 and still watching the high volume bar from the last trade, I got short. Disaster. I guess I thought there would be a trading range after the move down - ignoring how picture perfect the reversal bar looks at 8:13. No follow through down, but was given four chances to get out at break even. Ugh.

Trade 4 I chased a double top here. Clearly a counter trend trade. Should have been more impatient with my stop. No need for full stop + slippage.


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