Trading Rules and Setups

1.  DO NOT trade before the first 15 min
2.  Trade ONLY the BEST setup
3. Max loss per day should be $100 before commission.
4. After 3 losing trades back to back, stop trading
5. If your first trade is a loss, DO NOT be AFRAID to take another trade.
6.  DEFINE your risk, ACCEPT IT and TAKE the trade without hesitation
7. DO NOT take profits without a reason to. Min is  $30cts
8. Short on POPS and buy on DIPS
9. Check Volume, Support and Resistance before entering a trade.
10. NEVER follow another person’s trades. Trade your own ideas

       Setups

      6:30am – 7:30am

1. 15 min opening range breakout on pre-market gapper
2. 15 min opening range breakdown on pre-market gappers

   7:30am to 9:00am

1.   Bottom Reversals
2. ABCD/Bull flags

Trades review for 5/13/2015

I did not trade today but I want to form a habit of posting trades that I take and ones I didn't that had good set-ups. I am struggling with forming a habit of  reviewing trades.

Gappers I was watching this morning FCSC, PTIE, GEVO and BIOC

 

 Trade review.
 I watched this stock pass my buy point at around 4.30 after the move above VWAP. Very very frustrated with myself today. Why cant I have the balls to take trades and trust my strategy. No trade is 100 % guaranteed, but as long as I have my stop in place, why not take the trade. Missed a .60 move on this. 1000 shares woudl have netted $600.  I think I have a lot of self doubt and don't want to be wrong so I end up missing out on so many trades. This is a killer for me right now. 

05/07/2015 Trade Review

ADXS was bear flagging on the daily as shown on the chart below. Note the last candle represents today. I was short biased.

 

Intra-day ,I was looking for a push to 19.50 - 20 and fail  for a short.  As you can see below,  it ran to 19.55. I waited for a lower high and entered at 19.09. I also used the vwap for more conviction. As you can see the stock failed to break above vwap. I took profits too fast, but I was able to stand with one major rule. Respect my stop. I had a stop above vwap.