Wednesday, May 31, 2017

30 Minute Candlestick Trades: NXPI, OZRK, IP

Three 30 minute setups from the past 2 days.  Winner (with a quick adjustment), small loser and one I missed. Trading is not perfect each trade an adventure in its own.

Trade 1: .NXPI - Long - Great example of not getting a full fill on the amount of shares I wanted to buy. The bar had only a .09 range which entailed buying a high number of shares and with a price of 109.43...Didn't have enough funds even with 4x margin for the risk I wanted to take. This happens time to time with narrow range bars on higher priced stocks. You quickly reduce size to fit the account buying power. Was a nice setup off the 5sma for a winner.

Entered off Bar #: 7



Trade 2: .OZRK- Short from Tuesday - Nice gap down on the daily chart. Not a fan of shorting with the indexes above their 200sma, but the SPY trend was down (QQQ was flat). Took the trade off the 5sma, for a -.15 loss. Got a nice drop and then bounced back up. Would take the trade again.

Entered off Bar #: 6


Trade 3: IP- Long from Monday that I am kicking myself for not taking as was a nice setup off the 5sma. SPY was mixed to down so I was leaning short. QQQ was mixed so in essence I could have looked for long trades as both the SPY and QQQ above their 200sma. Totally missed the trade.

Enter off Bar #: 4


MARKET DIRECTION 

SPY 15 minute 5,10, and 20sma: Down on Tuesday - Mixed Wednesday
SPY 15 minute 200 SMA:  Up both days

TRADING PLANS 




* The market direction refers to when the trade was entered. Up is all three SMA trending Up, down is all three are trending Down, Mix is mixed or choppy market to then refer to 200SMA for preferred market direction)

* 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