Simply play for one swing. New belief into play!
4/9:
Played New belief with success: SP100% stock, up going stocks go up, play for one swing (2nd leg up in first 3 hours).
Belief system I need to change: Anticipating 2-3 swings. Aim for one swing intraday plays.
Prior to Open:
ES levels: 2711
Overnight:
Upside 2740, 2750, 2770 2780. 2803, 2811.
Downside: 2707, 2700, 2688, 2680,
2660.
Anticipate more sell off in last 30 mins prior to long weekend. (Turn out to be wrong belief).
Health insurance stocks may boom given to Sander's presidential end. PGR (Having ETF list is helping me, ETF IAK is health care provider).
DIS has good premarket trading, subscription improved.
Created Today list watchlist.
Stocks to watch: MDT, DIS, MCHP, IMOS , PGR
Stocks in play: DIS.
Day began with mediation, Trading Mantra,
Did I revised top tasks of trading: Yes.
Summary:
+ve for the day:
Avoided all noise, Mind was calmer.
visualization. First time, This should dictate the way I navigate. Paying attention to body.
No anxiety in executing.
Played new belief: Placed long trades during pullback. Forgoing bear belief . AIG/KHC/BAC/GFI were winners. AIG worked very well.
More calm mind. Using TOS platform. Sticking to 2D5Min chart and /ES tick. Watching for R/S, Gravity points..
Spent more time seeing tape.
Monitoring 5 min bar for stocks to play and execute, avoiding 1 min bar. This is good sign
-ve:
Should have taken 1-2 good quality hour break.
Belief that market is due for pullback and it will sell at last hour esp before long weekend is hindering my ability to see the market as it is. Still driving the car in wrong direction.
Carrying the short position over the weekend. This was not my plan. Option Close 5 minutes before close, cut down the positions.
Things to improve:
I will visualize what I could have done mentally and replay it on-demand in TOS ( axp and F, and /ES).
Action Task: Slight hesitation to put buy order, and SPY moved up so fast. I should have placed the order for bigger 5 min bar picture, as it was minute tick.
Just play for one swing.
Trading habits:
1.#: Impulsive Trading: Yes, added more position during last hour because of belief.
2. # Practicing systemic money management: No
3. # Pulling trigger or following my plan: Yes
4. # Blowing off your after hour homework or preparation: No
5. #Overstaying my welcome in a trade: Yes, in AXP and F.
6. # Listening to other people's opinion: No
7. # Staying out of market when I am confused:
8. # Allowing too many distractions: No
9. # Surfing the internet and reading emails at as diversion: No
Bad Habits: score: 3.
Good Habit: 6.
G/B: 6/3.
Less mistake you make, more profits you make. Good driver.
My strength:
Being calm.
For me /ES works after 10 am.
Tasks need further attention:
High priority: visualization. Ondemand play.
Low priority.
Avoiding finger bar to avoid stopped out.
Beliefs:
Useless Beliefs:
-Belief that stock in play rocket up right away after open. Useful belief, wait for 5 min stabilization.
-Belief that Positions will have 2-3 swings. Right belief is to aim for one swing and get out. My winners are getting losers because of this belief. Make are that 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-relate with other indicators which are secondaries.
For short term trades, focus on only one swing.
Trading Beliefs:
Aim for one swing:
Wait for news stock to set up. Play only when you see R/R clearly.
Weekends plan:
Set up IBK trading platform and get used to it.
Play on demand TOS. /ES, stocks I played today.