Tuesday, June 6, 2017

Two 30 minute candlestick trades and a screw up: YELP and PCAR

Trade 1 YELP: Long, see daily chart on the left as the green bar from Monday breaks away. Went long on the counter trend/inside bar, nice trade.

Entered off Bar #: 4



Trade 2 PCAR: Long, see daily chart on the left as breaks up on strong volume. Took the counter trend bar off the 5sma. Stock ran out of steam. Looking at the daily chart the stock was in a down trend. Got above the 200sma on the daily chart but couldn't keep the momentum.

Entered off Bar #: 4


MARKET DIRECTION 

SPY 15 minute 5,10, and 20sma: mixed
SPY 15 minute 200 SMA: UP

The Screw Up Trade WBMD: Placed my order to trigger and enter if the high of the bar 4 is taken out - 58.42 - or so I thought that is where I placed my order. I typed 54.82, which means any price above activates a buy order. So I was in and as you can see by the chart if fell like a rock. I sold out and while I judge my results on points (R's) and not $, and was only a 1.10 loss, I was pissed and shitty way to start the week! Cant get sloppy and loss focus or the market will eat you up!

 

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