Reversal 101 · Weekly Recap

Weekly Recap! #5

Lessons!

The last two days of trading I have learnt a lot by just looking at the market. I was so happy for that. I kept my phone away, kept my mind fresh and just stared at moving stocks to learn what the market could teach me. There are some moments where you feel like you’re moving forward and progressing and these two days were definitely one of them.

  1. On the PETs reversal below, I missed my entry because this sucker had a bit of a spread so my limit order was a little too low. Bummed out a bit but did not chase and started getting a little more confidence in my reversal set-ups.

Screen Shot 2017-08-18 at 11.25.18 pm

2. I am certainly getting more and more confident with reversal trades and decided to invest more time this weekend in creating new tracking sheet and looking more at how I can trade these suckers more efficiently.

3. For the 5 min scalp set-up, I learnt two new things:

a) If the move before the set-up was not strong enough or had not enough range, the 5 min scalp is just not worth it.

b) There are two types of stocks that can create these 5 mins plays, runners and grinders. Grinders are usually higher float with more shares trades per day and runners vice versa. They are both different to play. One definitely falls more quickly that the other and one respects trends better than the other.

4. For the longest time I have been YouTube-ing interviews with other trades and today I learnt some stuff from Airplane Jane. I got to give a shout out to her as she did give me more insight and more ideas on how I can improve my trading.

Great stuff this week! Let’s hope for a better one next week!

5 min scalp · Daily Report · Others

#28 A quick good trade

Trades: 1
Accuracy: 100%

Screen Shot 2017-08-18 at 11.25.39 pm

SPWH – One of the best trades I have made in a while. Risk management was great. I did not get my full size as it ran a little at my buy point but i did not chase. I recognized this stock was a grinder and did not get shaken out when I was red on it for a while. Got 12 cents on it and that was decent for a Momo play. It was a good trade overall. Was a little bummed out that I did not get my full size. Also a tad or two longer I possibly could have gotten 22 cents on it instead. Well thats always tricky to smack the top.

 

Cyaaaaa!

5 min scalp · Daily Report

#25 Green Day

Trades: 1
Accuracy: 100%

P&L:
Screen Shot 2017-08-14 at 10.31.19 pm

 

Screen Shot 2017-08-14 at 9.55.45 pm.png

FRTA – Had range and volume, now it just lacked a clean set-up. Waited and waited and it came along. 9 cents of risk there and managed to sneak 12 cents out of it with an entry with a little slippage. Glad about this trade.

Nites and good morning westies! Je suis calme today.

 

5 min scalp · Daily Report

#24 – Confidence is key!

Trades: 2
Accuracy: 50%

P&L:

Screen Shot 2017-08-10 at 10.51.12 pm

Screen Shot 2017-08-10 at 9.58.02 pm.png

So HDSN worked out great. Was happy with this sucker. Also took profits when necessary.

On the other set-up – The Reversals

Reversal set-ups were strange today. There were few great reversal set ups that I just did not have the guts to trade. Something deep in my gut told me these were not good trades. They did work out in the end but I missed em. All is well though as this slowly just adds more confidence to my strategy. I will do better next week with this.

At least I am greeeeen! Wohoo

 

Daily Report · Reversal 101

#24 – Finally a reversal to learn about

Trades: 3
Accuracy: 33%

Screen Shot 2017-08-09 at 10.50.40 pm.png

 

INAP – This was terrible! I accidentally slammed my order twice getting me twice the size. Also I chased it as I had actually missed my target entry by a few. Lastly on hindsight range was too low. Was a bit mad at this one

SGRY – Wohooooo! Classic and perfect reversal. Only small regret is getting out a little below target because I wanted to snag me profits quickly. Gotta have more confidence in my strategy

FGEN – This one had great risk-reward, but just did not work out. Gotta shrug my shoulders on this. Win some lose some. Though I have the say the daily chart looked weird for a reversal. Still learning every day. Had me exit right on time. (See below)

Screen Shot 2017-08-09 at 10.50.31 pm.png

Plan tomorrow: Do the same as today except watch range and stay away for the time being on FGEN type charts. I will have to wait and see if reversals work on ‘FGENs’ before trading more of em again.

I’m semi content today. Let’s hope and wait for more tomorrow.

5 min scalp · Daily Report

#23 – Slow slow slow

Trades: 1
Accuracy: 0%

P&L:

Screen Shot 2017-08-08 at 10.55.19 pm.png

 

Terribly slow day, just didn’t work!

Ciao!

5 min scalp · Daily Report · Reversal 101

#22 Flat line

P&L:

Screen Shot 2017-08-04 at 11.03.22 pm

Trades : 2
Accuracy: 50%

 

In the green today. 2 mistakes. Second trade ‘OCLR’ the risk-reward wasn’t too great. Ideally I would not have taken it. Having taken it, I got out too early even though the chart did not really show any technical sign of weakness. I got scared out. Still learning this one.