July 17 Weekly Review
Kind of a rough week. The market slowed down and digested a lot of moves, started moving sideways and building some. Not trending and usually that means we have less trend following moves out there. And no surprise that is what happened. A lot of names that were tradeable just about every day, no longer gave me setups that I should be trading.
NUMBERS
-$742
19/96 20% WR
Went back over compliance and if I took trades that were not at either a prev hod/lod or daily breakout level, marked them as settling for less. Since bigger/longer term traders dont make major decisions based off of random past daily highs or lows, I shouldnt be either.
70% compliance
-15R
12 breakeven
32 full -1R
6 more than -1R
Avg win +$83
Avg loss -$29
Avg risk win $36
Avg risk loss $31
42k shares traded compared to 29k last week
WR is down way low again. Something is clearly going wrong with my trading and I need to figure it out.
Avg win still way high compared to avg loss
I caved in and traded a lot of garbage this week. I took a lot of trades I settled for less. Had some FOMO trades. Compliance really was not that bad. Majority of my trades I took were supposed to be taken, the market did not give me many gifts this week.
I think that is an important thing to note for myself and my trading. When markets are range bound I need to restrict what I am taking by a lot. I cannot get away with taking any bounce anymore. I still took a lot of trades this week but what did my winners looks like?
After another failure is when the move came. Vol cues + tape cues. Market correlation. Prev hod.
Near picture perfect reversal.
Failure with vol/tape cues early day. Market correlation. Prev lod. Didnt get fill to double size on this.
Failure. Tape and vol cues. Market correlation. Prev lod. vwap.
Failure. Vwap. Tape and vol cues. Market correlation. D hi.
10 star scalp. With failure. Tape, vol, and market correlation.
Located at HTF level. Mainly prev hod/lod. This goes back to last weeks as well. Tape/vol cues and market correlation.
Looking at my losers I just need to be smarter and have a better filter. A stock that has been strong all day, and just shown 1st sign of weakness, then confirmed weakness, and lost all previous pivots. Is no longer a good long.
A stock thats weak all day an bounced somewhat significantly for 1st time, is not a good long off of the 1st test of a daily high.
Location. I trade best when my trades are at prev hod/lod or d bo level. Majority of my losers are not around those.
I need to go back to writing down price levels I want the trades at. I keep getting sucked into trading price action at lesser significant levels and it is crushing me. I am not trading my best when I do this. Plan your trade, trade your plan. I know what I want to see happen in these names before I want to trade. But I settle for something else that isnt exactly what I want, just because I can, or it looks good. Thats not good enough.
My sizing is getting better. The potential for big wins is always there, I just need to be taking the right setups like I have been last month. Sticking to what is working best.
Recognize market conditions better. If we are trending, it is obvious we are trending intraday as well as on a HTF scale. We only trended twice this week. Lower on monday after a big failure so shorts were great. Higher on tuesday as we recovered the big failure, reset for longs. Then W Thurs F we did nothing all damn day. And what happened on each of those range days? I got caught trying to trade lesser than the best setups. The winners clearly were trades worth taking while more than some of my losers I could have just avoided. TRADE LESS.
In order for other longer term traders to join the party, this stock must be above this level. If the stock is not above this level, then there is no reason for other longer term traders to join the party. Therefor I have no business taking a trade on that stock at any other location, other than above that level.
PROBLEMS
Risking too much on lesser setups.
Trading off of insignificant levels.
SOLUTIONS
Risk plan has been made. Getting big on my best, and smaller on my good enoughs. Detailed.
Trading off of prev hod/lod or daily breakout levels only. That is my edge.
Labeling daily highs and lows still, but with different color, and only trading off of them if the are clearly in play intraday. Not the 1st visit.
GOALS
Wr >40%. Never set a WR goal before, but clearly need to be taking better HPB setups to get back to the norm.
Get better/faster with determining risk before trade happens. Find Star rating quicker.
Dont size up on any trades that are not at my best HTF locations.
Compliance >90%
FINAL THOUGHTS
Really dont need to overthink this. Just trade my edge. My winners come from trades at prev hod/lod or the daily breakout level and nothing else. Stick to what works and pitch the rest.
NUMBERS
-$742
19/96 20% WR
Went back over compliance and if I took trades that were not at either a prev hod/lod or daily breakout level, marked them as settling for less. Since bigger/longer term traders dont make major decisions based off of random past daily highs or lows, I shouldnt be either.
70% compliance
-15R
12 breakeven
32 full -1R
6 more than -1R
Avg win +$83
Avg loss -$29
Avg risk win $36
Avg risk loss $31
42k shares traded compared to 29k last week
WR is down way low again. Something is clearly going wrong with my trading and I need to figure it out.
Avg win still way high compared to avg loss
I caved in and traded a lot of garbage this week. I took a lot of trades I settled for less. Had some FOMO trades. Compliance really was not that bad. Majority of my trades I took were supposed to be taken, the market did not give me many gifts this week.
I think that is an important thing to note for myself and my trading. When markets are range bound I need to restrict what I am taking by a lot. I cannot get away with taking any bounce anymore. I still took a lot of trades this week but what did my winners looks like?
After another failure is when the move came. Vol cues + tape cues. Market correlation. Prev hod.
Near picture perfect reversal.
Failure with vol/tape cues early day. Market correlation. Prev lod. Didnt get fill to double size on this.
Failure. Tape and vol cues. Market correlation. Prev lod. vwap.
Failure. Vwap. Tape and vol cues. Market correlation. D hi.
10 star scalp. With failure. Tape, vol, and market correlation.
Located at HTF level. Mainly prev hod/lod. This goes back to last weeks as well. Tape/vol cues and market correlation.
Looking at my losers I just need to be smarter and have a better filter. A stock that has been strong all day, and just shown 1st sign of weakness, then confirmed weakness, and lost all previous pivots. Is no longer a good long.
A stock thats weak all day an bounced somewhat significantly for 1st time, is not a good long off of the 1st test of a daily high.
Location. I trade best when my trades are at prev hod/lod or d bo level. Majority of my losers are not around those.
I need to go back to writing down price levels I want the trades at. I keep getting sucked into trading price action at lesser significant levels and it is crushing me. I am not trading my best when I do this. Plan your trade, trade your plan. I know what I want to see happen in these names before I want to trade. But I settle for something else that isnt exactly what I want, just because I can, or it looks good. Thats not good enough.
My sizing is getting better. The potential for big wins is always there, I just need to be taking the right setups like I have been last month. Sticking to what is working best.
Recognize market conditions better. If we are trending, it is obvious we are trending intraday as well as on a HTF scale. We only trended twice this week. Lower on monday after a big failure so shorts were great. Higher on tuesday as we recovered the big failure, reset for longs. Then W Thurs F we did nothing all damn day. And what happened on each of those range days? I got caught trying to trade lesser than the best setups. The winners clearly were trades worth taking while more than some of my losers I could have just avoided. TRADE LESS.
In order for other longer term traders to join the party, this stock must be above this level. If the stock is not above this level, then there is no reason for other longer term traders to join the party. Therefor I have no business taking a trade on that stock at any other location, other than above that level.
PROBLEMS
Risking too much on lesser setups.
Trading off of insignificant levels.
SOLUTIONS
Risk plan has been made. Getting big on my best, and smaller on my good enoughs. Detailed.
Trading off of prev hod/lod or daily breakout levels only. That is my edge.
Labeling daily highs and lows still, but with different color, and only trading off of them if the are clearly in play intraday. Not the 1st visit.
GOALS
Wr >40%. Never set a WR goal before, but clearly need to be taking better HPB setups to get back to the norm.
Get better/faster with determining risk before trade happens. Find Star rating quicker.
Dont size up on any trades that are not at my best HTF locations.
Compliance >90%
FINAL THOUGHTS
Really dont need to overthink this. Just trade my edge. My winners come from trades at prev hod/lod or the daily breakout level and nothing else. Stick to what works and pitch the rest.
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