Thursday, February 8, 2018

Weekly Swing Trade Ideas - Indexes SSO, IWM and QQQ


Currently Watching the indexes - while the markets are getting pummeled on a wild ride this a great opportunity to trade the indexes. Sold out of SSO at 112 with nice gain.

Looking to re-enter in QQQ, SSO (same as spy) or IWM - favor trading indexes when they have large ranges and sell off hard - Can look to enter near a support area on the weekly chart and wait for the bounce - unlike with a stock selling off that may never rebound due to bad news - an index fund will in time rebound if you are patient with your money and a longer time frame to wait for the pay off. Yelllow lines show support where will look for a bounce.







IRA ACCOUNT  WEEKLY TRADES
                                                          Current Watching
Stock
Shares
Entry
Risk from
Entry
Current Stop
Total Closed
QQQ





SSO





IWM






Day Trade Idea’s: Trade to your strength. My strength is Day trading - not swing trading – and will be day trading this account. Will manage as an IRA account with 3 maximum day trades per week to stay under the pattern day trader rule for IRA accounts. Will take long trades only, off my morning gap ideas when they appear and post when I take them.

Account Rules: Model account started November 27, 2017 - will track for a year and compare account % vs S&P 500 (SPY) - focus on stocks under 50
  • Will Trade 3 longs trade per week off my morning Gap ideas – if a setup appears
  • Will risk entire account on each trade – maximum risk of $500 loss per trade– will not hold over night
  • Will take maximum 3 Trades per week to stay under pattern day trader rule with account
  • 1 set stop – sell half at 1R, stop to entry price.  Let remainder of shares run with stop under 9EMA and or 20ema.
  • Will use the tracking model of a 20K account to be compared VS the SPY
  • Spy – shares at 20K price was 260.40 on 11/7/2017 – 77 shares total
  • Will be updated at the end of each trading week. 
Account to Date with closed position’s vs SPY
  • Account positions closed: +1105  - 8 swing trades (will update all trades this weekend)
  •  SPY: Current 257.63 – November 27 260.40 -3 with 77 shares ($-231)
  • Mistakes: Jumped the gun early with rangy swing setups, but maintained discipline with a few losses – Key to trading is stick to what you are comfortable with  - that is day trading with a few over night plays on over sold index funds when they appear.
  • * Daily 1st Hour Trading Map Posted Daily before 9:30am Eastern Time


TRADING PLANS 



* 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