Review of June GTOs:
June Playbook:
1) Bounce Short- 10m>30m>50m resistance volumes and 50%+ on HOD = 2R, 4R, 6R Main Bread and Butter Setup
2) Bounce Short FMC- up at least 40% on HOD wait for 400k+ 5m stuff candle or trend breakdown near resistance = 1R #3 Setup, MUST fill on ASK and no more than 7% from HOD
3) AM Mean Rev / Intraday Gap Reversal- Must be 1:2 Risk/Reward from EMA + LowrHighs = 1R Modified into #2 MTF AM MeanRev Strategy
4) PM Mean Rev / Only with Daily Resistance + AM Resistance, overextended from EMA's Modified, PM Mean Rev's will only be on already dying charts from the AM
5) Range Consolidation Short = Must be 1:2 Risk/Reward from HigherTF, Entry is top half of range, can add MoMo if really overextended and Consolidation >3hrs Combined with MTF AM MeanRev Strategy
6) Gap UP Short- 70% Gap, 10%+ AM Spike only = 30 Combined with MTF AM MeanRev Strategy
7) Gap UP FMC- up 60%+ AND must have 400k+ stuff candle +trendbreakdown = 30 Removed
1) Bounce Short- 10m>30m>50m resistance volumes and 50%+ on HOD = 2R, 4R, 6R Main Bread and Butter Setup
2) Bounce Short FMC- up at least 40% on HOD wait for 400k+ 5m stuff candle or trend breakdown near resistance = 1R #3 Setup, MUST fill on ASK and no more than 7% from HOD
3) AM Mean Rev / Intraday Gap Reversal- Must be 1:2 Risk/Reward from EMA + LowrHighs = 1R Modified into #2 MTF AM MeanRev Strategy
4) PM Mean Rev / Only with Daily Resistance + AM Resistance, overextended from EMA's Modified, PM Mean Rev's will only be on already dying charts from the AM
5) Range Consolidation Short = Must be 1:2 Risk/Reward from HigherTF, Entry is top half of range, can add MoMo if really overextended and Consolidation >3hrs Combined with MTF AM MeanRev Strategy
6) Gap UP Short- 70% Gap, 10%+ AM Spike only = 30 Combined with MTF AM MeanRev Strategy
7) Gap UP FMC- up 60%+ AND must have 400k+ stuff candle +trendbreakdown = 30 Removed
TRADING GOALS TIL END OF JUNE:
1) Size up x2 of current size mid-june Went a little crazy on size this month. It was a period of size discovery for sure. Went up to 400shares on BYND and 5kshares on RAD.. Largest Daily Volume was half mil on BYND. Too much risk tacked on for the size I was taking on..
2) ALL Trades must fit ONE of the Playbook Plays, Verbalize play PRIOR to entering I had 5 Non-Nich Trades2) ALL TRADES are based on the 5min Chart.. FCK the VWAP focus on S/R Levels !!! #1 Priority is S/R Levels, then 15m and 5m charts as last !!
3) SLOW IT DOWN !! Do the prep work required and Analyzed the Support/Resistance Levels + Where's the trend at? CIRCLE Breakouts/Breakdowns !!! I haven't bn circling the b/o and b/ds.
4) Crowded or FMC Trades.. Be patient for Trend Breakdown and 400k 5m stuff candle I was in a crowded trade but kept my head cool and then stayed out when it kept trending up midday til close. It tanked with an offering the next day and big eyebrows killed it but it was all luck from there.
5) Focus on starting your day with 1 playbook trade. **DO my After Trade Actions (ATA) !!!** Monitor execution of ATAs, refine as needed. Mental resources is key to trading well. I NEVER did my ATAs this month.
6) No 2nd Green Day/No resistance Trades unless it 100% 1st day and 100% on 2nd Day. This wasn't a problem this month.. I did trade on the 2nd green day i think only when it para'd, i skipped 2nd green days most of the time when it faded on the open.. not my play..
Month Progress:
1) From mid Month Review, Bad bounce add's have trickled down and I have either been more patient with letting it come to my preferred price or I just totally pass on the trade. I get screwed when I use VWAP/EMAs as a guide for my entries on the bounces instead of just letting price action dictate where I should enter. Always look at Price Action !!
2) My best trades have been after 10 and utilizing the 15m and 5m TF. For this month, the 1m and Lvl II tick will only be used for the first 10mins of the open and after that only as a way to monitor Price action and volume. ALL Trade Plans will be based off 15m/5m TF !!
3) 9 Bad Bounce adds, 4 Revenge Trading, 3 Shorted too early + 3 Caught in Squeeze, 4 Hit 1h but was out, 7 Hit 30m but was out, 8 Hit 15m but was out, 5 Hit 15m, 2 Hit 30m, 1 Did not follow prepped plan, 1 Fat Finger error, 5 Stopped out but went back in
4) Best trades at the moment seems to have 2-4entries with 3 exit targets. Share size I feel i can handle is between 1-3k shares depending on price.
$1.50 - $3.00 = 1k shares
$3.00+ = 2k shares, up to 5k on 15m squeezed plays only !!
Charts that broke Strategy:
1) ELTK 5/29
2) LJPC 6/6
3) XSPA 6/26
ELTK, XSPA had <2m Float and rotated x10+ for the day.
XSPA had no Premkt Gap (which I traded)
LJPC was a positive Phase II Trial
Highly Recommended!!!: When watching/trading HIGH RISK Stocks that they be Highlighted somehow and ONLY use 15m+ higher TF when planning Trades.
This (July) MONTH'S FOCUS is to still be Selective and
Trading ONLY PLAYBOOK Plays, Size will need to be 2k shares with 2-4 entries and 3 exits max
GTOs til End of June:
July Playbook Revised: Share Size = 2k, $10k Position Max Size
1) Bounce Short- 10m>30m>50m resistance volumes and 50%+ on HOD = 2k, 4k, 6k shares
2) Bounce Short FMC- up at least 40% on HOD wait for 400k+ 5m stuff candle or trend breakdown near resistance = 1k, 2k, 3k shares
3) AM Mean Rev / Intraday Gap Reversal- Must be 1:2 Risk/Reward from EMA + LowrHighs = 2R on 5EMA, 4R on 15EMA. Size in 1/3rds. 5min cover 1/4 at 1st target and 15min cover 1/2 at 2nd target unless it's a bounce short !!
4) AM Mean Rev 1st Bounce- Avg must be in upper 60% of range, use 5m candle minimum= 1/4 of Max size for that trade Cover ALL at 1st target unless a Bounce Short.
1) Bounce Short- 10m>30m>50m resistance volumes and 50%+ on HOD = 2k, 4k, 6k shares
2) Bounce Short FMC- up at least 40% on HOD wait for 400k+ 5m stuff candle or trend breakdown near resistance = 1k, 2k, 3k shares
3) AM Mean Rev / Intraday Gap Reversal- Must be 1:2 Risk/Reward from EMA + LowrHighs = 2R on 5EMA, 4R on 15EMA. Size in 1/3rds. 5min cover 1/4 at 1st target and 15min cover 1/2 at 2nd target unless it's a bounce short !!
4) AM Mean Rev 1st Bounce- Avg must be in upper 60% of range, use 5m candle minimum= 1/4 of Max size for that trade Cover ALL at 1st target unless a Bounce Short.
TRADING GOALS TIL END OF JUNE:
1) Maintain this size until mid July for mid-month Review, SLOW IT DOWN !! Do the prep work required-- Recon 1 + Recon 2 !!
2) ALL Trades must fit ONE of the Playbook Plays, Verbalize play PRIOR to entering
3) ALL TRADES are based on the 5min Chart as a minimum.. with focus on S/R Levels, If there is no S/R Levels, Focus on Price action and 15m Chart !!!
4) HIGHLIGHT HIGH RISK PLAYS PRIOR TO ENTERING !!:
- <2m Float
- >1m Volume in Pre-Market
- Positive Phase II or III Trials
- BigCap Company mentioned in Press Release
2) ALL Trades must fit ONE of the Playbook Plays, Verbalize play PRIOR to entering
3) ALL TRADES are based on the 5min Chart as a minimum.. with focus on S/R Levels, If there is no S/R Levels, Focus on Price action and 15m Chart !!!
4) HIGHLIGHT HIGH RISK PLAYS PRIOR TO ENTERING !!:
- <2m Float
- >1m Volume in Pre-Market
- Positive Phase II or III Trials
- BigCap Company mentioned in Press Release
Discipline is a lagging indicator. Focus on your behavior in the NOW moment.
Learning Lesson: Listen to Emotion > Change my state > ASK QUESTIONS > Focus on the process/grind. Shrug it off and keep moving forward !!
If there is nothing today fitting the criteria, either study or take the day off !!!
PREMEDITATIO MALORUM
FEAR SETTING / FEAR REHEARSAL for the week:
DEFINE ----------------------------- PREVENT ----------------------------- Repair
1) FOMO ------------------------------Pre-Market Preparation -------- Sleep on Time to wake up on time
2) FOMO ----------------------- Follow ONLY Playbook Trades --- There's always opportunity LATER
3) Fear of Losing $$$$------ Bracket the orders and let SL get hit ------- Reassess if Entry was correct
WHAT ARE THE BENEFITS OF PARTIAL SUCCESS:
1) As long as I remain resilient and refine my systems--I am one step closer to CPT
2) If I wake up early enough--I will be awake for screen time and accomplish more tasks.
3) If I reduce FOMO trades--I will preserve my capital and improve my discipline.
Accept the emotions and no longer identify with them. It's much easier to see things in the external world without passing judgement on them..
