Today, I took 6 day trades which followed my entry and exit as planned. I took one counter-trend trade in AAPL that goes against all of my entry rules. Could my bias for AAPL be sabotaging my chart reading for the stocks price action?
Call me a rebel, dont-want-to-follow-my rules smoking finger trader today. I did not follow my 3 day trades only rule. This is something that I have to revisit over the week-end and decide if limit the number of trades keeps me from taking otherwise profitable trades.
Total Trades taken today:6 (day trades) + 1 WTFWIT trade
Day trade Winners :6
Day trade Losers : 1
R Total: +19
Total daytrade P/L for today: $9720
4 comments:
Thanks for visiting my blog. I'll have to make sure i keep updating my activities.
I really like your strategy or trading high beta stocks that move during during the trading day. From what i can tell, you enter the trade based on a candle breakdown of the consolidation period...which is usually consist of a consolidation of 3 candles.
What made you decide on 30min. candles? My guess is because you trade higher priced stock one can't get a good reading on say, a 5 or 10 minute chart, because the 30 min. chart shows the trend clearer. (if that makes sense)
How long did it take you to become the trader you are today? That kind of sounds corny, but you get my question.
thanks again, and keep up the good trading. I am amazed at some of your trades.
keller
Well 30-min charts is slow enough that I don't have to be glued to my monitor the whole day plus less chop but the downside is higher RISK spread on the initial stop.
I started trading before the great BIG bull market (1994) but did not really make money and what ever I made, I loss in the downturn. But I have been profitable in the last 5 years. It's just like a bulb turned on and that's it.
"but the downside is higher RISK spread on the initial stop."
What do you mean? Because you use 30 minute charts is takes you longer to establish a trend? Help unscramble my young mind.
thanks...keller
the lower the time-frame, the smaller the price range/spread will be between the TOP and BOTTOM of the bar. Since my stop loss is always based on the cstick range (TOP or bottom ) depending on the position, 30-min cstick generally higher range/spread compared to say 5 or 15 min bars
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