New insights.
4/13:
New insights: Guestimating pullback time based on first hour /ES.
Finding 3 thrust MACD on hrly and deploying it on 5 mins. Needs further research.
10 Min before, Had unexpected argument with spouse and 15 min after market open, daughter was cranky. Need to coordinate work/life timings with wife to avoid such things. My goal in life is not to get angry, don't let my mind act on it.
Good thing I closed my positions for good one swing which I held it over the weekend. Good Profit taken. One good swing as I was yearning and planning! Good Job.
I initiated 2-3 small positions with R/R.
Since Market is moving downward, shorting opp will around 1-2 pm.
+ve For Day:
Did not stick to chair, kept moving around.
Able to explore TOS premarket news/upgrade/downgrade. This is something new I will explore.
11 am: Did 100 jumping Jack. Keep doing it, it takes only 5 mins.
12:30 to 2:30 Break, shower, eat and off market mind.
2:30-4. Did some trades, with good R/R, small position size. These trades are adding to my experience.Thought shorting but was watching /ES and looking for 3 thrust moves high % change stocks. This will be new play book.
-Ve: Did not set IB platform for OCO charting.
Need to observe my inner feelings all day.
GME: Thought I was out with profit, but somehow buy limit order was cancelled. Realized it when I was going though out routine monitor. Need to make sure orders are intact. This case I closed out the position right away.
Morning Prep:
ES levels: 2765
Overnight:
Upside 2770, 2795, 2810,
Downside: 2750, 2740, 2720, 2707, 2700
Lowest: 2711
GLD: Support 1730, 1700.
Upside: 1755 above more bullish.
/CL: S 22, R 24,25, 27, 27.50, 30.
/ZN: 137295.
Dominant thesis: Downward, upto 50EMA on 30 min chart, with 20EMA acting resistance
Alternative Thesis: 2780, 2810 and above.
Turn out to be big downward movement on first 60 mins. Can place a trend line to see reversal.
Task:
Monitor SP100, sector ETF for Top down approach,
% Change gainers/losers. Did well.
Created Today list watchlist: Yes, premarket movers helpful
Learnt watching WORX. Size small with wider gap on 5 min chart.
Day began with mediation, Trading Mantra,
Summary:
+ve for the day:
Avoided all noise, Mind was calmer.
No anxiety in executing. As I had good profit, later part of the day I was desperate to make money. I decided not to loose >1/4 of total gain. And I kept position sizing small accordingly. Important learning point is not take expect profit from each trade. Few trades will make the day and week. Rest of the trades, controlling risk.
Played new belief: Placed long trades during pullback. Today was hesitant to play like AMZN, NFLX when they pulled back to 20 EMA. Need to have firm belief.
Did not fall pray to useless belief (market sell half last 1 hour).
-ve:
Morning disturbance.
Did not do daily review prior to trading.
Things to improve:
I will visualize what I could have done mentally and replay it on-demand.
Monitoring Task: Making sure OCO order intact in all active positions.
Just play for one swing.
Trading habits:
1.#: Impulsive Trading: No.
2. # Pracising systemic money management: Yes
3. # Pulling trigger or following my plan: Yes/NO.
4. # Blowing off your after hour homework or preparation: No
5. #Overstaying my welcome in a trade: No.
6. # Listening to other people's opinion: No
7. # Staying out of market when I am confused: Yes.
8. # Allowing too many distractions: No
9. # Surfing the internet and reading emails at as diversion: No
10.# Overtrading: No.
Bad Habits: score: 1
Good Habit: 9.
G/B: 6/3.
Less mistake you make, more profits you make. Good driver.
My strength:
Being calm.
Able to see when pullback happens and guestimating specific time. This is new insight today.
Tasks need further continuation attention:
High priority: visualization. Ondemand play.
Being Objective and assessing risk and managing it.
Low priority.
Avoiding finger bar to avoid stopped out.
Beliefs:
Useless Beliefs:
-Belief that stock in play rocket up right away. Useful belief, wait for 5 min stabilization.
-Belief that Positions I take, Anticipating that they will have 2-3 swings. Right belief is aim for one swing and get out. My winners are being losers because of this belief. Make are rule, Don't give away more than 50% of your open profit.
-Tight stops helps in these: No, wrong belief.
-Cannot make money trading low vol stocks. Not if you want to make millions. Focus on futures and FOREX.
Useful Beliefs: Market are using R/S support lines , sometime so efficiently. Trading only when price hits them and avoiding trades in between is important thing.
Price actions pattern first and then co-orelate with other indicators which are secondaries.
For short term trades, focus on only one swing.