I've decided that I need to step up my analysis game. In addition to reviewing all of my trades, I'm going to analyze every trade opportunity for the stocks I traded for the entire day. I think this will help me learn and identify high probability patterns. I'll be posting this extra analysis here in my journal.
November 16, 2020 5 winner, 4 losers Today's notes: Improve scale in strategy. Improve stop loss strategy.
November 17, 2020 4 winner, 3 losers I entered two trades about an hour before market close on two stocks that had a long steady uptrend. Almost as soon as I entered the trades the uptrend lost momentum and the trades went against me. This can be seen in the last two charts below. Is it common for uptrends to lose steam like this towards the end of the day? Today's notes: Set stop loss Improve scale in strategy. Don't enter with strong downward MA Resistance on multiple time frames Be careful trend chasing at end of day?
November 18, 2020 2 winner, 3 losers, 1 breakeven Today's note: Be careful with overhead MA resistance
November 19, 2020 1 winner, 6 losers Today I seemed to arrive late to the party in almost every trade. Today's notes: Be careful entering when slow stochastic is overbought? Failed 2nd breakout from flat top rising wedge (bearish indication?) 5 EMA pullbacks before entrance (exhausted?)
I took a couple weeks off paper trading to do some intensive studying. I felt it was necessary. If you take a look at my Onenote strategy notebook you'll see that I've been busy. https://1drv.ms/u/s!Ag3p10maeR_bjEr8zI1BRLgu1rUX?e=V44aZe I came back to paper trading today and felt more confident and had a better idea of what to look for in terms of entry signals and scenarios. I decided it would be more practical to do my journaling in Onenote, so I'll be sharing just a few main notes about my daily trades here in the forum with the link to the Onenote document if anyone is interested to see the trades. Dec 14 2 wins, 2 losses, 1 breakeven Improvement Notes: Get sufficient confirmation for reversal plays Give price sufficient pullback room – up to 50% of big initial move See trades here: https://1drv.ms/u/s!Ag3p10maeR_bjFglZBBCOA3FZiPx?e=cP72wt
Dec 15 1 win, 2 losses, 1 breakeven Improvement Notes: Adhere to stops Only trade valid setups Wait for retest of VWAP before entering VWAP breakout See trades here: https://1drv.ms/u/s!Ag3p10maeR_bjFglZBBCOA3FZiPx?e=cP72wt