Is it allowed to do personal trading diaries in this section? I'm trying out a mix of day and swing trading, and I'd love to get roasted on my mistakes with technical analysis. I still struggle to read candles in real time and to pinpoint valid support and resistance levels. Here's two trades I did this week, first arrow is entry, second arrow is exit. In both cases, I thought I'd identified a clear floor, and then the plot thickened...
DD Day Trading Diary
- Thread starter Dollardogs
- Start date
MU is from Friday. NVDA is today.
NVDA has been weak most of the day, and was a great short when it broke through yesterdays close right after you bought it. I only trade relative strength and weakness, so I've shorted NVDA a couple of times today and they both worked out. KMX has been the best for me so far today though.
Not sure about MU. The NQ was down on Friday and the YM was up. AMD had just come out with earnings that morning and couldn't get anything going.
Here's an alt view of NVDA fwiw.
Bigalow T-line - https://elitetrader.com/et/threads/...t-right-here-baby.335635/page-15#post-5162295
You've done 979 trades today? Sheesh.
Oh, gotcha. I'm not familiar with IB.
Yeah, in both cases, I seem to have found false support, bought, had to ride out an uncomfortable dip. NVDA I so goofed up I was just glad to get out even 20 mins later. Helpful tip on watching the prior day's close. Besides the sector weakness, anything specifically technical I'm missing here? Should I be waiting for a stronger momentum candle when it's a setup like this to confirm support? I just keep thinking I've found support, only to watch my foot go thru the floor!
No, just two recent trades where I seemed to make the same mistake: false bottom jobs.
Btw, are you Bigalow yourself or just a fan? I've been watching his T-line videos, interesting.
I don't watch sectors. If a stock hits my scanner and is weak, I'll short it if I see a very specific setup. Inverse for a long. After all of these years, I've seen a sector be strong and a stock in that sector be very weak. I honestly didn't remember what the hell KMX did until after I looked it up after the close. Ah yes. CarMax. Who gives a shit? Not me. It was a weak stock so I shorted it again and again and again. Just following exit rules every time. I ONLY care about things that are strong or weak relative to the market. And BTW, after 25 years, all I use is bar charts on various time frames. No indicators other than volume profile on TOS.