Daytrading the QQQ

Chuck Krug

Chuck Krug

About me: 40 years old, been dabbling in trading since forever.
Sub par trader, using this journal to write down my mistakes and hope to become a mediocre trader sometime.
Hopefully you'll see me do some things right too. :)
Broker: Interactive Brokers
Method: Trend Following.
 
Day 1 of my journal:
sold short 100 qqq at 77.27 (9h37)
jumped the gun a little bit. saw that the second candle on the 5 min chart was going to be a lower low and a lower high, which makes a downtrend.
In retrospect: good entry
stop at hod 77.45
added short 100 at 77.03 (10h00) because of failure of bounce
move stop to 77.1 (just above bounce)
remark: good entries, in line with my plan and discipline

stopped out filled at 77.09 for a +.06 on 200 (10h25)
not that good, shouldn't have given away that much of my profits.
was too focused on where I could add my 3rd position.

sold short 100 qqq reason: failure of this bounce and still in downtrend 76.51(11h41)
quickly covered at 76.64 (11h46) because the bounce looked like to have some legs. remarks: not optimal conditions -0.13
sold short 100 qqq 76.58(11h59) reason: bounce finally faltering
hindsight remark: trade what you see, not what you think. covered at 76.68 -0.1 stop a bit tight.
sold short 100 qqq 76.57 (12h06)
covered 76.72

End result: 900 shares traded: -$26 + commission, total -$35.
Remarks: shouldn't have traded with a headache and diarrhea.
Anyway tomorrow is another day.
Tuesday was a better day, so I'm still up for the week. Let's see what tomorrow brings.
 
ok
entered long 5 min ago at 78.07
with a stop at 77.94
a bit too tight to my liking, but anyhow
motivation was: 2 higher highs and lows on the 5min
looking to add here on pullback
 
Quote from Chuck Krug:

... jumped the gun a little bit.
... saw that the second candle on the 5 min chart was going to be a lower low and a lower high, which makes a downtrend.
... In retrospect: good entry

... failure of bounce
... good entries, in line with my plan and discipline

... not that good, shouldn't have given away that much of my profits.
... was too focused on where I could add my 3rd position.

... failure of this bounce + downtrend
... quickly covered : the bounce looked like to have some legs.

... bounce finally faltering

==> hindsight remark: trade what you see, not what you think


.... shouldn't have traded with a headache and diarrhea.
More...

few comments came to my mind:

1) It looks like you feel that you had a good entry solely when the trade is a winner.
==> do you have any good entry resulting in a losing trade?

2) You are pyramiding while "dabbling" in trading.
==> any reason why your plan is not much simpler till consistent profitabiliy ?

3) Trend trading ?
- Downtrend as defined by LL and LH.
- Trade bounce

So as to make it easier, are you going to trade only downtrends?

4) Is there a way for you to monitor your health and avoid taking trades when the health is not optimal?
 
raising my stop to 78.13
seems to be some resistance in the 78.20- 78.3 area
willing to take a small profit and look to re-enter
PS: I don(t know if this is a good idea, doing this life.
i was originally going to do this eod
as a journal and to improve and learn from my mistakes
we'll see
 
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