August 7 Weekly Review
Time do seem to be changing. No longer are we gapping up in majority of earnings names. Seeing a lot of big gaps lower. Some bought, some not, some sideways. SPY is pretty unreal, some borderline parabolic action, lots of strength names still seeing it and some now. Tough to have a clear bias but longs still have it until they dont.
Friday had A lot of stocks hitting the over extended lower scan, something I havent seen in a few weeks. We started seeing that real big selling off everywhere again. No reason to think too much of it yet but it is a sign we may be ready to digest this upmove weve had, build a range sideways for however long. Or if its going to be real aggressive we can see it as a parabolic reversal, meaning we got a lot of room lower to get through before we find a bottom.
Started paying attention to gap stocks again and really paid off on friday. Lots of good setups, no reason to ignore these names even when Ive already got a lot on the watchlist. Gotta cover all my bases.
This week of trading for me was a good confidence builder again. Reminding me I can make money with some good moves out there. Back to the issue of not making enough rather than losing too much. I had several trades this week that I either missed the big move, or cut the position, unable to get back in for the bigger move.
Wednesday I had to leave the desk early and missed a real big BA trade. Thursday I screwed myself really. The SPY shook me out of a few AAPL trades before the real move came and I didnt get the entry late on the break. UNH trade shouldnt have happened and took a big L on that doubling my Loss on the day.
I was a little off with my rm this week. The numbers show my avg risk per trade were smaller than prev weeks, part of that is due to me starting smaller and adding bigger to wins. Other part is me not following my plan correctly.
A few too many trades also went past -1R which always hurt to see. This week more than usual for some reason.
Profit taking was off this week too. A huge potential $2000 win on AMD was cut down to +$400 because I didnt follow my PT rules and cut the trade off way too fast.
I am REALLY loving my new trade management rules though. Major stress reliever knowing that after a minute of being in a trade, you know youre going to exit no matter what with more money in your account than what you started with. Only a couple times did it hurt my potential p/l though. Got out where I should, only to see the name rip back in my favor without coming deep enough for a re entry.
And thats the other thing is that I am looking to get right back in, sometimes doesnt give me what I want though and I think thats fine. I have to play the game to my strengths and if the market isnt giving it, I shouldnt be upset about not being in that trade given what Ive seen. 9/10 times my best winners, I dont have to worry about these rules at all. Goes straight to PT.
NUMBERS
+$1425
+45R
36/74 49% WR
89% compliance
18 full -1R
7 More than -1R
Avg win +$75
Avg loss -$34
Avg risk taken $40
W $38
L $41
Numbers are good here. Only thing I dont like is my avg win risk. Needs to be higher. The initial starter risk is around $25 but jumps quickly with adds to ~$50. And given my WR so high this week, that number should be bigger. Though another thing to consider is after a period of time passes, and then I add, my stop is reduced and I run into bp issues. So theres some give and take when looking at this. Bottom line though, needs to be higher. Risking more on my best setups/performers.
PROBLEMS
Missing trades
Lots of real good opportunities got past me this week. Some as I was watching them, others just a flat miss not paying attention.
Profit taking
Choked off a couple 4 figure winners by taking off majority way too early.
Risk on winners
Starting small is fine thats the new way for me to prevent large losers, but the adds need to be putting down the money and risking more.
SOLUTIONS
-If trade is making a range with clear level to break, get in on that break with smaller size.
-If trade hit level I want to see it test, and rips off of it, get in with smaller size
-If trade has left without me and I wasnt watching, get in with smaller size on any pullback.
-I have to stop missing trades its killing the potential p/l. I would be in the trade anyways If I was watching it/trading it right, I need to get involved for the bigger picture idea.
-Just follow your rules. There are no exceptions. Being uncomfortable is part of the game, deal with it.
-Risk plan is next to me, need to do a better job at quick maths determining position size before and after 1st entry.
PREVIOUS GOALS
-Follow your new rules.
-Did well, worked well. Re entry is biggest part to work on.
-Get into big picture ideas
-With intended size if best RR case is present
-With half size if missed best RR case
-Did not do well. For the most part I caught what I intended to, but the ones that slipped through the cracks were the biggest ones that mattered.
-Do not short stocks at ATH
-Only 2 shorts this whole week. Both wins, both not at ATH
-Follow SPY trend on all trades. To do otherwise is settling for lesser probability trades.
-SPY had moved well this week with clear trend and strength higher. Helped with longs of course, well see when its not moving well how my trading is.
-Dont settle. Continue taking trades at the best HTF levels I know I trade well.
-Only one trade this week I revenge traded and had no business doing so.
GOALS
Dont miss a trade you want in on.
-Settling for less with size is something ill have to get used to. I preach to myself forever NOT to settle for less when picking a stock to trade, but when the stock has:
1. Already hit my HTF level
2. Acted favorably
3. Moved well in my intended direction with good cues
4. But im not in
5. I NEED to get in.
Small size.
After exiting a trade, look to get right back in if conditions are there.
FINAL THOUGHTS
All in all im happy with the results. Ive fixed my settling for less problem by understanding where my best wins come from and trading them. Ive fixed my giving up too much profits on a potential loser by understanding my data and the averages and outliers and trading like it. Now im back to the issue of not making enough again and thats a better spot to be in.
Friday had A lot of stocks hitting the over extended lower scan, something I havent seen in a few weeks. We started seeing that real big selling off everywhere again. No reason to think too much of it yet but it is a sign we may be ready to digest this upmove weve had, build a range sideways for however long. Or if its going to be real aggressive we can see it as a parabolic reversal, meaning we got a lot of room lower to get through before we find a bottom.
Started paying attention to gap stocks again and really paid off on friday. Lots of good setups, no reason to ignore these names even when Ive already got a lot on the watchlist. Gotta cover all my bases.
This week of trading for me was a good confidence builder again. Reminding me I can make money with some good moves out there. Back to the issue of not making enough rather than losing too much. I had several trades this week that I either missed the big move, or cut the position, unable to get back in for the bigger move.
Wednesday I had to leave the desk early and missed a real big BA trade. Thursday I screwed myself really. The SPY shook me out of a few AAPL trades before the real move came and I didnt get the entry late on the break. UNH trade shouldnt have happened and took a big L on that doubling my Loss on the day.
I was a little off with my rm this week. The numbers show my avg risk per trade were smaller than prev weeks, part of that is due to me starting smaller and adding bigger to wins. Other part is me not following my plan correctly.
A few too many trades also went past -1R which always hurt to see. This week more than usual for some reason.
Profit taking was off this week too. A huge potential $2000 win on AMD was cut down to +$400 because I didnt follow my PT rules and cut the trade off way too fast.
I am REALLY loving my new trade management rules though. Major stress reliever knowing that after a minute of being in a trade, you know youre going to exit no matter what with more money in your account than what you started with. Only a couple times did it hurt my potential p/l though. Got out where I should, only to see the name rip back in my favor without coming deep enough for a re entry.
And thats the other thing is that I am looking to get right back in, sometimes doesnt give me what I want though and I think thats fine. I have to play the game to my strengths and if the market isnt giving it, I shouldnt be upset about not being in that trade given what Ive seen. 9/10 times my best winners, I dont have to worry about these rules at all. Goes straight to PT.
NUMBERS
+$1425
+45R
36/74 49% WR
89% compliance
18 full -1R
7 More than -1R
Avg win +$75
Avg loss -$34
Avg risk taken $40
W $38
L $41
Numbers are good here. Only thing I dont like is my avg win risk. Needs to be higher. The initial starter risk is around $25 but jumps quickly with adds to ~$50. And given my WR so high this week, that number should be bigger. Though another thing to consider is after a period of time passes, and then I add, my stop is reduced and I run into bp issues. So theres some give and take when looking at this. Bottom line though, needs to be higher. Risking more on my best setups/performers.
PROBLEMS
Missing trades
Lots of real good opportunities got past me this week. Some as I was watching them, others just a flat miss not paying attention.
Profit taking
Choked off a couple 4 figure winners by taking off majority way too early.
Risk on winners
Starting small is fine thats the new way for me to prevent large losers, but the adds need to be putting down the money and risking more.
SOLUTIONS
-If trade is making a range with clear level to break, get in on that break with smaller size.
-If trade hit level I want to see it test, and rips off of it, get in with smaller size
-If trade has left without me and I wasnt watching, get in with smaller size on any pullback.
-I have to stop missing trades its killing the potential p/l. I would be in the trade anyways If I was watching it/trading it right, I need to get involved for the bigger picture idea.
-Just follow your rules. There are no exceptions. Being uncomfortable is part of the game, deal with it.
-Risk plan is next to me, need to do a better job at quick maths determining position size before and after 1st entry.
PREVIOUS GOALS
-Follow your new rules.
-Did well, worked well. Re entry is biggest part to work on.
-Get into big picture ideas
-With intended size if best RR case is present
-With half size if missed best RR case
-Did not do well. For the most part I caught what I intended to, but the ones that slipped through the cracks were the biggest ones that mattered.
-Do not short stocks at ATH
-Only 2 shorts this whole week. Both wins, both not at ATH
-Follow SPY trend on all trades. To do otherwise is settling for lesser probability trades.
-SPY had moved well this week with clear trend and strength higher. Helped with longs of course, well see when its not moving well how my trading is.
-Dont settle. Continue taking trades at the best HTF levels I know I trade well.
-Only one trade this week I revenge traded and had no business doing so.
GOALS
Dont miss a trade you want in on.
-Settling for less with size is something ill have to get used to. I preach to myself forever NOT to settle for less when picking a stock to trade, but when the stock has:
1. Already hit my HTF level
2. Acted favorably
3. Moved well in my intended direction with good cues
4. But im not in
5. I NEED to get in.
Small size.
After exiting a trade, look to get right back in if conditions are there.
FINAL THOUGHTS
All in all im happy with the results. Ive fixed my settling for less problem by understanding where my best wins come from and trading them. Ive fixed my giving up too much profits on a potential loser by understanding my data and the averages and outliers and trading like it. Now im back to the issue of not making enough again and thats a better spot to be in.
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