NoDoji's Day Trading Log

A followup question-

When you are looking for the stochastics setups- are you looking at a 1min chart, 3min, or longer?

 

QT, that's a good idea. I realize my blotter doesn't include the time, just the date.

I've been meaning to post a screen shot of a chart just as I'm about to put on the trade, because it looks a lot different than it does at the end of the day. That's why you can analyze charts after the fact for months, and then screw up once you start trading.

I use a 3-min chart. If I'm managing an entry or exit very closely on open, I very occasionally use a 1-min.

 

nodoji, you had me dreaming about your advice all night, and luckily it was embedded in my head...at least for the first half of my trading

believe it or not, it helped me a lot , its funny how somethings can be said that just make things click in others heads.

thanks for the help!

 

Very cool, 7! So many guys on ET have done the same for me. You're right, sometimes the littlest comment creates the biggest influence. Someone on a thread here recently said, "The second mouse gets the cheese" and that really struck me, reminding how important it is to be patient, wait for a confirmed setup, then pounce.

 

+ $265 Day
+ $1440 Week
+ $5478 Month

Subtracting my unrealized losses, I am up 30% YTD, placing me ahead of my minimum required target of 100% return.


I had DRI on my morning short list and planned to try some different strategies to add to my currently narrow arsenal of strategies.

9:40 a.m.: Short DRI @ 34.57 when it broke down the opening LOD. Started a stop @ 34.67 and trailed it to 34.30, filled on the bounce off oversold for a $140 gain.

Busy with DRI and totally missed HOTT squeezing the shorts to 10.15, what a short that would’ve been! I only watch HOTT sporadically, because when I have a swing trade on it, I put in a profit target and don’t really think about it much after that.

9:55 a.m.: Short DRI @ 34.54, pull back from failure to make a new high. Stop @ 34.74, trailed to 34.40, filled @ 34.37 for a $86 gain. I trailed the stop a bit too close.

10:20 a.m.: Short DRI @ 34.07, breakdown of LOD, stop @ 34.26, previous resistance. Huge stall @ 34.00 and no breakdown. Covered @ 34.05 b/e. What can I say, I’m ADD; I need quick action. No shortable bounce ensued and the 2nd test broke down perfectly. Add this to the “shoulda” file: Leave your original stop in place until profitable or stopped out. Geez knows how to do this; he trades like a Marine! He even wagged his finger at me for how I managed this trade.

10:44 a.m.: Short FDO @ 31.39 overbought, stop just above HOD @ 31.60. Covered @ 31.30, pivot off oversold, for a $45 gain.

11:35 a.m.: Short GS @ 97.44, initial stop @ 98.00. Covered @ 97.84 for an $80 loss when the stochastic pivot down from overbought decided to reverse, thereby negating my original setup. I’ve found that a solid trade moves stochastically in your direction; once the stochastic line softens or reverses, that is always a strong exit signal.

Later, considered going long GS @ 97.55, small retracement off oversold stochastic and I kid you not my palms started sweating at the thought of a long trade. It was a stellar entry price and a fantastic long. Hog: I need a 2-week “short bias” deprogramming session with you, pleeeeeeeeez?

Watching HANS for a short near 35.80. It was consolidating there, so I went to grab coffee and came back to see it at 35.60 and falling. Lesson: Put on the trade and put in a stop, THEN take a break. Check out the HANS chart from 12:45 p.m. when I originally was ready to short before taking my coffee break. Well worth chasing, but I did my usual thing: I moved on.

Caementarius pointed out NEM looking weak, even though it was in a very oversold state on the intraday 3-min chart. I really liked this one a lot, and wanted get a feel for trading it by scalping the weakness displayed on L2 even though it was oversold already.

2:08 p.m.: Short NEM @ 44.49, oversold but looking for a quick scalp. Covered @ 44.39 for a $50 gain. Looking to put on a short again @ overbought, if presented.

2:43 p.m.: Short DRI @ 33.81 pull back from overbought. Waited too long to put on the trade and then didn’t take profits at oversold. Covered on the bounce from oversold @ 33.91 for a $50 loss.

3:04 p.m.: Short NEM @ 44.33 pull back from overbought. Covered @ 44.04 oversold for a $143 gain.

Although I still tended to look from chart to chart too slowly today, missing several good follow up trades, I was pleased with my strict discipline and comfort level taking a variety of setups.

On the 30-day chart, ORLY again looks like a great swing short. Oh, yeah, I’m short… :eek:

 

Oh, I forgot! I wanted to welcome spring by sharing this useful link:

http://backtable.org/~blade/fnord/condiments.html

 

I've been meaning to post a screen shot of a chart just as I'm about to put on the trade, because it looks a lot different than it does at the end of the day. That's why you can analyze charts after the fact for months, and then screw up once you start trading.

Yes, thats exactly what I meant!

I'd love to see what you see as you are getting ready to make an entry

maybe a before/after grab

 

QT, I considered it today but too distracting. Hey, check your ET mailbox.

 

Very nicely done, ma'am!
I love NEM. It's been a while since I traded it, but this stock made me the most money by far.

 

Nodoji your strict discipline and proper position sizing is really a key to your success.In 5% of my trades I still make the mistake ,of not keeping stops or money management errors.My progress from 100 shares to 10k took me 5yrs.But I think you will take lot less time than me.Good luck.thanks for your good words on HOTT trade.