GE is in uptrend from 8.80 bottom with higher lows 9.00 and 10.00 , holding above 50 SMA , with up-trending 9 and 20 EMAs, with 2 inside days consolidation while SPY made 2 day pull back from ATH . The daily wicks are concerning but so far did not close bellow 10.00 besides the sell off in the markets from ATH. May take some time till the 9 and 20 EMAs catch up and act as stronger support , which can later turn to be a launch pad for GE to take off towards $12. So if I was short I'd be lot more worried then being long
Here is the SPY daily chart , two days pull back from ATH into supporting 20 EMA
Trading Is Risky But Simple
My name @DaChopa comes from being chopped out so badly for many years by the markets. I just share my experience real time to save sheep from being taken to the slaughter house.Do not copy my trade alerts.Just watch me trade live and understand the concept. Play small if you are new, very very small just to be in the game long enough to learn it. The only way to learn it is to stay in the gladiator arena long enough.You are entering a losing game before you plan to have any steady profits.
Great Savings
Thursday, May 2, 2019
Friday, February 23, 2018
Tandem Trading OLED recognizing a mistake
I know Tanner@TaoTrading for a quite a long time, great trader, but very secluded and private. It took me a while to convince him to go public on twitter, and to share his great skills in trading particularity day-trading for longer intra-day time frames, and also scalping small caps as well as larger caps while small caps are dead as in this dull period of January and February, of this 2018, the ninth year in a row having the markets grinding higher and higher into all time historic heights.
I myself got on tweeter long tie ago, to share and to find "trading sole-mates". It is unfortunate that after meeting a lot of great people traders , not too many survived this game , and many vanished for good. Sad but true. Trading is a very lonely job, super mental, and can be very frustrating if you trade alone. Having a good knowledgeable trading buddy, who is not only good in reading technical analyses but also being objective, self criticizing, and who can observe realistically the trading situation on minute by minute basis is crucial.While we are having a great green streak in February, we do tend to get a bit complacent, but the good news is when having a trading buddy , one can always remind the other about this dangerous state of mind COMPLACENCY,
I want to point put my mistake today that even after Tanner@TaoTrading called out loudly the error we were both about to make, we still disobeyed our the read out of the tape, price action and the volume , that stopped stripped me from making a nice $2,000 green day . So writing publicly about this error, I find it beneficial not only for myself but also for those traders who may read this blog post. Since picture is worth million words, without further due here is the picture explaining what happen with OLED the trade of the day
When you do a good TA read out ACT upon it accordingly, do not wish to happen what you anticipated , such as drop to 125.00 because the market DOES NOT owe you anything that you wish or you want or what you are anticipating, he cares less for you and your $2,000 !!!
I myself got on tweeter long tie ago, to share and to find "trading sole-mates". It is unfortunate that after meeting a lot of great people traders , not too many survived this game , and many vanished for good. Sad but true. Trading is a very lonely job, super mental, and can be very frustrating if you trade alone. Having a good knowledgeable trading buddy, who is not only good in reading technical analyses but also being objective, self criticizing, and who can observe realistically the trading situation on minute by minute basis is crucial.While we are having a great green streak in February, we do tend to get a bit complacent, but the good news is when having a trading buddy , one can always remind the other about this dangerous state of mind COMPLACENCY,
I want to point put my mistake today that even after Tanner@TaoTrading called out loudly the error we were both about to make, we still disobeyed our the read out of the tape, price action and the volume , that stopped stripped me from making a nice $2,000 green day . So writing publicly about this error, I find it beneficial not only for myself but also for those traders who may read this blog post. Since picture is worth million words, without further due here is the picture explaining what happen with OLED the trade of the day
OLED short failed to take profit on entire position
at LOD
Tuesday, January 23, 2018
Monday, January 22, 2018
Thursday, January 18, 2018
Trading Mind Set Up
Jan 18, 2018 Thursday 5:30 am
One of the greatest enemy in the trading is my own mind set up before the open.
In which state of mind I am, depends mostly on the previous trading day (s)
As of now, I've been having many many green days in a row, and fairly to say, with almost NONE, or very very few losing trades. Green has been all across the board. With each green day and green trade, the confidence grows at exponential rate This is where the biggest trouble usually begins. Feeling invincible, bulletproof, strong with fat acct, feeling:
I CAN BEAT ANY SYMBOL out there.
WRONG !!! It is EXTREMELY DANGEROUS
I learned the lesson the hard way, concluding that :
I MUST BE AWARE of my emotional state of mind prior the open, as more important factor then
doing the technical analyses for the opening gate plays.
Question to ask myself: What do I feel? Fear? Anxiety?
If YES is the answer, counter-intuitive to most of other jobs or business,
my trading day has a great chance to be a pretty good one.This is simply because these feelings will
contribute to be extra careful, executing extremely per trading plan, leaving no room for errors,
no room or tolerance for:
- "It is OK ,I can add here I got a lotta cash, I can beat this, I can't lose caus' I've been green 21 days in a row, I am tha' shit in this business..."
and all that extremely dangerous thinking that is derivative of the previous green streak (s).
I learned that when those thoughts come across my mind, I need to immediately hit myself in a head,
electroshock me with dog neck electric collar, self-inflict myself with some type of physical injury , so I can face the reality which is : TRADING IS SWIMMING IN A TANK FULL OF SHARKS that requires an INHUMAN SET OF SKILLS, mainly consist of ability of knowing your risk, control your risk, and most importantly execute your "swimming" with unquestioned discipline, on every single day , on every single trade. Every single time you get out from the shark tank unscratched, know it was you lucky day. It is well known fact that 95% of day traders end the day in blood. Some get scratches, some get permanently disabled, and unfortunately most don't even survive. Must keep this fact in your mind at all the times specially before the opening bell. You are entering the gladiator arena or shark tank , use any term that is more scary, and remember, " If I feel great, If I feel positive, If I feel,
- "Yeah I can do this just as I did the past 21 green days , making $30 20,000 each month for several months, ..."
The highlight for my behavior today: The very beginning went perfectly all right shorting MARA, the only reason I did small size ( less then 1000 shares ) was exactly the above : I felt very positive, from all prior green days including yesterday's $1,000 green day.
I noticed that even if I trade the tinniest size, I could pace easy $10,000 income per month, which translates $120,000 annually.
And it all looked nice and dandy , till my head got full of WANTS and NEEDS for MARA to drop to $3.75 so I can make more money since the original tiny size apparently was "not enough".
MARA
After making "only $230 " I wanted to drop to 3.75 , I added some more during the lul,
and sure enough poped up and got stopped. Lost all $230 !!!
But stucked watching the tape, and saw the sellers used this
pop to do some real selling, and re-entered short again,
with stop just few pennies above, 4.10. It took an eternity but patience paid off.
The moral of the story here is:
When ever you are wrong KNOW you must take your loss
But also know the trade will probably turn your way 90 % of the times, and be ready to re-enter.
You are taking that stop, without asking any questions weather it may drop back or not.
In fact I ask myself all the time : Is this gonna drop? My answer is always the same: IT WILL DROP, almost guaranteed, but the REASON I AM TAKING THE STOP is to PROTECT MYSELF FROM THAT ONE TIME WHEN IT SQUEEZES AND SHOTS UP MANY DOLLARS UP WARDS killing every short that is in the way.
So next time you are in doubt weather you shall take your stop or not : JUST TAKE IT BY KNOWING IT WILL TURN YOUR WAY and BE READY TO RE-ENTER. PERIOD !!!
On long run you will make less gains, but you will protect your account from blowing up.
Have a happy but scary trading :)
Salute
"DaChopa"
Tuesday, September 12, 2017
Friday, September 8, 2017
The Same Old Boring Scalping
Picture is worth million words
The small secrets of the big traders revealed
Study and have fun
Stay disciplined !!!
Take your losses timely and per already made plan.
FRTA
FIT
AVEO
VSTM
BCRX
Salute
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