6/19 Weekly Review
I took it very slow this week. Wont say lazy, but I didnt do the normal amount I do every morning. I shortened the amount of time I put into finding which stocks to play and solely focused on the intraday action. Because after all, thats the only time you make money.
The first 4 days were great. Market was not that crazy, didnt have a ton of setups all the time. I waited so much just for things to look good before I got in and it really paid off. I was happy with how I was doing.
Then friday came, and its not even friday that was the issue, it was just IQ. I gave back a whole day of gains just from 4 trades on it that I sized WAY to much on for some reason. I had left the desk for an hour and came back, saw it, decided I needed to get in now or ill miss, and sized up in front of a train of a weak market. Paid for it. So dumb I really dont know what I was thinking.
Other than that though the week was A+ I didnt make ANY compliance errors aside from too big size on TSLA and IQ. So I fixed my wait til its clean and clear issue, fixed my PT problem, and still stayed aggressive and got good moves. And I made good money no surprise.
NUMBERS
+$546
+39R
36/82 44% WR
91% Compliance
21 breakeven
14 full -1R loss of 46
Avg win +$38
Avg loss -$19
Solid numbers. Would be a lot better if that IQ trade didnt happen, but cant always focus on the what could be's gotta stay focused on whats next.
Problems from last week
-Settling for less
Did not have that problem this week. I knew what I needed to wait for and took what I needed to.
-Risk management.
Only twice did I have bad size on trades that didnt need to be that big. Overall did very good.
-Trading to trade
Didnt have a problem with this until friday. Because I was down so much from that IQ trade, I started looking for and found a lot of trades. Probably could have gone without some, by none were a definite no I shouldn't take it.
-Profit taking
Was not a problem this week. Did what I needed to.
Goals from last week
-Stop gambling.
Didnt take any odd trades. Everything belonged.
Let your trade work
-No early exits. Followed process
-Walk away when necessary
Never needed to. Never got to that point. Even on friday I was still ready to find a good trade. Didnt force anything. Managed myself well.
NEW PROBLEMS
Re entering.
A few trades this week I had some decent wins in. The trade stops me out. Fine. But it resets and continues higher in the original direction. After I have a winning trade it usually means I was correct in my longer term idea. And they play out that way, but the way I trade is from move to move. And thats fine. What is not fine, is not getting back in on that idea and trading the longer term idea over and over again.
Once the stock has gotten above the HTF level im looking for it to get and hold above, that alone is reason enough to be looking for re entry on any kind of pb to some level. TL, vwap, the level itself.
Sizing.
There are a few trades this week that 100% do not deserve to have big size thrown at them. Usually that means the stock is above HTF levels, but under another or vwap. Something along the lines of 'its good, but not as good as it could be.'
SOLUTIONS
Ive had the re entry problem for as long as I can remember. I catch the 1st move, exit all as it wants to retrace, maybe catch a breath, build lower before headed higher again. I have to stop thinking I am done with the stock once I catch my 1st win. These are all based on longer trend ideas, and when im right the 1st time, most of the time ill be right throughout the day.
If I get a win off a HTF level and the stock is still strong and holding above levels it should be, then I must always be looking for re entry. I have to keep watching it, and get in on any immediate pullback levels for bigger idea.
With sizing, I cant lose focus. If the trade is not clean, or smaller star rating, I dont need to be putting up more than ~60$ of risk on it.
It goes back to knowing what the star rating is going to be before I enter the trade. And recognizing if its actually clean and clear. Anything less than 8 does not deserve bigger size.Anything not clean and clear does not deserve bigger size.
FINAL THOUGHTS and GOALS
Overall it was a great weak. Super patient, traded well, sat and did nothing when I needed to. Im happy with it. Ready for more action this next week.
1. Stay aggressive. Get big in your best setups and put the risk on.
2. After a winning trade, do not look to leave the stock for good. Look to get right back in any pullback to significant levels so the big idea can play out.
3. Take the best and leave the rest. Dont put risk on, on any trade that is not clean and clear.
The first 4 days were great. Market was not that crazy, didnt have a ton of setups all the time. I waited so much just for things to look good before I got in and it really paid off. I was happy with how I was doing.
Then friday came, and its not even friday that was the issue, it was just IQ. I gave back a whole day of gains just from 4 trades on it that I sized WAY to much on for some reason. I had left the desk for an hour and came back, saw it, decided I needed to get in now or ill miss, and sized up in front of a train of a weak market. Paid for it. So dumb I really dont know what I was thinking.
Other than that though the week was A+ I didnt make ANY compliance errors aside from too big size on TSLA and IQ. So I fixed my wait til its clean and clear issue, fixed my PT problem, and still stayed aggressive and got good moves. And I made good money no surprise.
NUMBERS
+$546
+39R
36/82 44% WR
91% Compliance
21 breakeven
14 full -1R loss of 46
Avg win +$38
Avg loss -$19
Solid numbers. Would be a lot better if that IQ trade didnt happen, but cant always focus on the what could be's gotta stay focused on whats next.
Problems from last week
-Settling for less
Did not have that problem this week. I knew what I needed to wait for and took what I needed to.
-Risk management.
Only twice did I have bad size on trades that didnt need to be that big. Overall did very good.
-Trading to trade
Didnt have a problem with this until friday. Because I was down so much from that IQ trade, I started looking for and found a lot of trades. Probably could have gone without some, by none were a definite no I shouldn't take it.
-Profit taking
Was not a problem this week. Did what I needed to.
Goals from last week
-Stop gambling.
Didnt take any odd trades. Everything belonged.
Let your trade work
-No early exits. Followed process
-Walk away when necessary
Never needed to. Never got to that point. Even on friday I was still ready to find a good trade. Didnt force anything. Managed myself well.
NEW PROBLEMS
Re entering.
A few trades this week I had some decent wins in. The trade stops me out. Fine. But it resets and continues higher in the original direction. After I have a winning trade it usually means I was correct in my longer term idea. And they play out that way, but the way I trade is from move to move. And thats fine. What is not fine, is not getting back in on that idea and trading the longer term idea over and over again.
Once the stock has gotten above the HTF level im looking for it to get and hold above, that alone is reason enough to be looking for re entry on any kind of pb to some level. TL, vwap, the level itself.
Sizing.
There are a few trades this week that 100% do not deserve to have big size thrown at them. Usually that means the stock is above HTF levels, but under another or vwap. Something along the lines of 'its good, but not as good as it could be.'
SOLUTIONS
Ive had the re entry problem for as long as I can remember. I catch the 1st move, exit all as it wants to retrace, maybe catch a breath, build lower before headed higher again. I have to stop thinking I am done with the stock once I catch my 1st win. These are all based on longer trend ideas, and when im right the 1st time, most of the time ill be right throughout the day.
If I get a win off a HTF level and the stock is still strong and holding above levels it should be, then I must always be looking for re entry. I have to keep watching it, and get in on any immediate pullback levels for bigger idea.
With sizing, I cant lose focus. If the trade is not clean, or smaller star rating, I dont need to be putting up more than ~60$ of risk on it.
It goes back to knowing what the star rating is going to be before I enter the trade. And recognizing if its actually clean and clear. Anything less than 8 does not deserve bigger size.Anything not clean and clear does not deserve bigger size.
FINAL THOUGHTS and GOALS
Overall it was a great weak. Super patient, traded well, sat and did nothing when I needed to. Im happy with it. Ready for more action this next week.
1. Stay aggressive. Get big in your best setups and put the risk on.
2. After a winning trade, do not look to leave the stock for good. Look to get right back in any pullback to significant levels so the big idea can play out.
3. Take the best and leave the rest. Dont put risk on, on any trade that is not clean and clear.
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