Saturday, October 15, 2016

M - 15 minute candle short


Stock: M - 15 minute chart
Entry Point: 35.89 short
Stop: 36.10
Exit Goal: 35.48
Result: plus .05.. taken out 35.85

Here I took a short and I was just nipped out for a small gain. It preceded to drop and hit the target. You will get shook out of some trades. When i first started trading I would follow up with  impulse trades after being shook out of trade and watching it go on hit my target. This would result in taking low % trades and more losing trades. Once I implemented simple rules with a goal of small losses my trading turned around. I do miss bigger winners but I keep my losses small as there will always be another trade setup. You have to find what works for you and your personality and this is what works for mine. I will repeat over and over greed kills in the long run. I only take one to 3 trades a day and don't treat the market as a video game. Anyone can trade for 60 to 90 minutes a day and do well- but  its 20% process - 80% mental. Took me years to figure this out!

With the trade yesterday in M (macy) I have a 123 break with the 8sma pressing down. See the red arrow with stop the high of the candle and followed down with the high of each candle.

To help filter out trades with the 15 minute candles one rule of thumb is to use the 8sma as a guide. Trade in its trend and off support or to breakdown with 8sma support.



* You don't have to trade everyday. If the conditions don't feel right or if you're unsure of the current days trading environment then PASS on the trade. Missed money is better than lost money.  Day trading and the stock market is not a "war" that you must win at all cost. Trading should be fun, wait for only the good setups. Follow your rules, stick to your stops, and know that everyday the market presents a new chess board.

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Disclaimer

I DO NOT MAKE RECOMMENDATIONS TO BUY OR SELL SECURITIES - I JUST POST TRADES I MAKE OR FIT THE RULES OF MY TRADING PLAN ON A DAILY BASIS. DO YOUR OWN DUE DILIGENCE - YOU ARE RESPONSIBLE FOR YOUR TRADES, INVESTMENTS, AND DECISIONS! ALL CHARTS COURTESY OF TRADESTATION, SCHWAb & TD AMERITRADE