The Weekend Trader

Thanks for sharing your trading with the board. I like your plan. In fact it's a lot like my intraday plan for the NQ (Pete's Place) in that we both trade pullbacks.

If you are considering suggestions, I have noticed guys here on ET that trade stocks a lot always keep around 1/2 long positions, and 1/2 short positions. This is sort of a natural market hedge. In other words you don't change your method, you would just make sure to mix in both long and short trades.
 
WEDC, VRSO stopped out at 1x Risk.

SNDV still in INITIAL phase

WIND triggered long this morning, in INITIAL phase.

Things seem to have gone to shit this morning so I have cancelled all other orders.

I am going to take the above suggestion and throw some shorts into the mix. Maybe at lunch time I'll write a pullback scan for shorts for tomorrow.
 
SNDV moved to BREAKEVEN phase, stop is now near entry at 9.50

WIND still in Initial phase. Although todays trading in WIND looks kinda like a shooting star now.... might have to close this trade early and go short if it triggers as a short tomorrow.

I would have thought there would be more of a bounce then what we got.
 
I think that possibly we could be in for a big whammy here.

So looking to short

INTC below $27.20, stop at $28.40
ATYT below $14.30, stop at $15.17


QQQ, I'd like to see this pullback to $33.50 - $34 before considering a short.

These probably won't trigger tomorrow, but maybe :D
 
Nothing muching going on...

WIND,SNDV still open in same phases. SNDV going to sell everything at 2x risk at 10.20 if I can because this stock is just too illiquid.

Trades for Friday

I really want to get short for october, tomorrow or early next week should be the high.

So trade on deck:

Short INTC at 28.4 stop at 28.95 1x risk 27.85 2x risk -27.3


I might enter this trade later.
short QQQ at 32.93 stop at 33.43 1x risk 32.43, 2x risk 31.93


(also stalking DIA, but i think i will abstain for now)
 
Because of the gap none of trades were triggered friday.

So this week I had 2 losses of 1x Risk.

SNDV and WIND still open both at a profit so i didn't lose much.

Reflections on the week:

1. Lack of discipline...
a. i chased qqq a few times and got burned (not detailed in this journal), I didn't really have a good plan. So I am going to limit trades now to what is out lined in the journal.
b. Got greedy on SNDV and decided to let it ride... now it fell back below 2x risk profit and i didn't sell any :(. Solution... stop modifying orders during the day! Take the profit and run!

2. Day trading rule...
I discovered that it could be possible to be taken out by the PDT if you open too many positions during the day and then get stopped out. Solution... only have as many candidates entered as I have daytrades left.

3. Internet usage at work
I discovered that I can no longer even look at the market, let alone run TWS at work. This is fine, I will go to a fully automatic method soon. Should help with my lack of discpline.

4. Missing out on a move
I had a few really good long setups that i didn't take because i was convinced the market should go down. I am going to make sure that I have no real bias, as my bias can be wrong.


Orders for monday:

I had trouble finding any good setups. The potential longs i looked at already moved up on friday, and the potential shorts i looked at haven't pullbacked enough yet :)

I did find TEX as a short:

Short below 19.55, inital stop at 20.01, 1x risk at 18.99, 2x risk at 18.48.

Good luck everyone!
 
SNDV - BREAKEVEN phase, stop at 9.50
WIND - moved to BREAKEVEN phase, stop at 6.02

open orders, short TEX below 19.54
short HON below 26.99


WIND is surprising me with its strength. 2x risk is at 6.81.
 
Sold 1/2 of SNDV at 10.20. Letting the rest run, moved stop loss up to 10.20.

Wind still in breakeven phase, waiting for stop out or partials there.

Had some short/long candidates out there, but nothing bit.

This style of trading is like fishing. First you figure out how big of worm (position sizing) to put on the hook, and then you put in the water and wait and see what bites.

If it bites then you reel it in.

Boring as fishing too lol!

Summary: Realized 2 1x Risk losses, 1 1x Risk profit. Net 1x Risk loss.
 
Quote from ctrader:



Thanks! I will keep this in mind. I especially agree with your last point.

Cat woke me up early, so I found another stock:

XOMA, buy stop at 7.61, stop at 7.22. 1x risk at 8, 2x risk at 8.39.
More...

Ctrader,

Can you explain something to me.. In your #1 statement you are saying to buy stocks that are in an uptrend that pull back and looking like they want to continue up again.. this is not verbatim as you can see.

but with XOMA.. a daily chart shows that its in a downtrend from beginning of September or so.. what made you think this stock was going to head up again??? it seemed to me it was in a downtrend..

Looks like you bought at the bottom though.. good trade..

Flash
 
Hey,

Unfortunately I was asleep at the wheel. That order expired, and i didn't reenter it the next day... but thats the type of trades i am looking for. Another is SONS, I should've caught that one, that was a Weekend setup as well.


As far as determining prevailing trend... its hard. Where you saw a downtrend, i saw an uptrend. On the 1 year chart i can draw a uptrend line that hasn't been broken, so that was my argument for an uptrend. What you saw as a downtrend was actually what i saw as a pullback.

All depends at what level you are looking at things.

Thanks for stopping by.
 
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