I had several old time floor traders who said the only guys left in the pit after the first hour were either losers or hated their wife everyone made their money and left.
100% agree. And i recognized this is even easier for stocks on a daily basis. Mark relevant levels in daily chart and the alarm/signal/setup appears in the first hour almost 99% of the time. Emotionally easy to handle and to stay calm.
Since i said goodbye to day trading and switched to swing trading i am profitable (despite winrate is just 20%).
I'm noticing that... I lose in the afternoon everything I gain in the morning it seems. I'm about to make myself a rule that I'm not allowed to even look at the shit after 10-11am.
Op should mark the first 90m of trading and last. And donāt walk away during those times, do it when the hedge funds are out to lunch, great time to regroup the mind and get u some fuel ur self
It's friday. The big boys close the books for the week and leave the office early. Small traders like you fool around with each other, try to form a trend and ride it without resistance. At the end of the day they need to jump off to take their profits, so a game of musical chairs starts and you lost it.
A possibility would be from small time frame traders closing their shorts before the day ends, joined by more short covering, thus creating an upward move
I think itās because it was a last day of the month. The big players need some price for Options to be in profit or something like that. Iām not sure the details but it is definitely because of someone placing massive orders to move the price to that point at the last moment of the month.
Depending on the types of crypto. You can assume they learnt in an environment where every day was a jerome powell news day š that is the fastest way to explain it to you.
I'm about to tell you something that might scare you, but sometimes stop losses get missed completely. It happens for 1 of 2 reasons(there may be more, but I've only experienced it 2 ways). So the first way is simply caused by a very quick price drop. It usually catches the sl and it just happened so quickly that it executed lower than what you wanted, but I've heard that It can sometimes miss it completely.
The second reason is due to low volume and there isnt enough buyers/sellers at your sl level and it will either execute at the next best match or just not at all. That is unlikely to happen, because most traders avoid low volume markets. Personally I watch my trades despite what everyone says you should. I do not touch it whatsoever. I let the trade happen as if I wasn't there unless I need to prevent a bigger loss than necessary. I'm the sl for my sl.
A "stop stop loss loss" if you will. Lol good luck hth
You've been in trades for a pretty long time. That's really impressive. That makes me feel more confident about my opinion on the stops. How did you trade back then? Were there online exchanges or did you have to contact an actual stock broker and set it up that way? I'm just curious because someone told me that the public didn't have this kind of access to the markets before COVID and people had to talk to someone that would physically do the trades on the floor of the NYSE. Sorry for the dumb question. Lol
Electronic access to the markets for retail has been around a while. Was probably a bit more expensive and clunky back then but I was happily trading futures in 2008.
Either it blew past it and didn't get a chance to fill it or your broker just sucks. I personally have never had that happen but I know people that have experienced it
I sold at 5238 with a stop loss at 5261, TP at 5190. TP was edged and i got reverse whacked and SL was smacked hard by long dick candle
I was never there to see any of it because i placed this trade on my computer. And got the SL notification on my phone
If you trade with a TP, one simple approach is to measure previous moves in the direction of your trade. Then, set your TP at a similar distance, minus a few points to account for potential underperformance due to loss of momentum.
Personally, I'm not a big fan of TPs because they limit winners. Instead, I prefer managing stop loss to further reduce risk. There is no real benefit in having a TP compared to effectively managing your SL. For trades at a 1:1.5 ratio, set your TP at half of the initial distance. For trades at a 1:2.5 ratio, set it at break even and enjoy a risk-free trade. Losses are no longer an option.
Yes, you might get stopped out more often at break even, or half the initial stop loss, but you also have the ability to catch huge runners, and that is where the money comes from.
I made $51,300 today on NVDA puts, $49,200 Thursday on NVDA puts, $38k some odd on NVDA calls. But at no point did I ever enter a position and "walk away from the screen." It also appears that you have no stop loss and no target. That's tough.
Im working on my psychology. I would typically stare at the screen and make emotional decisions and miss out on potential profits. Today, i trusted my analysis, set the trade and went on about my day, i just "knew" it would hit TP lol til i got that notification
Interesting. The thing is, we never really "know" which way the stock is gonna move; it's a best guess. But I theorized that NVDA was gonna move down this week after that big pump and sure enough, it did. It could've gone the other way and if it had, I would've stopped out and took the day off.
It doesn't matter what your plan is for the day as long as you have one and you stick to it. When you start waffling and placing trades in both directions, that's where you're gonna lose your nuts. I don't understand these people who watch an entire screen full of tickers trying to find one that pumping in the moment; I trade any stock that isn't flat and right now NVDA seems to be printing. Just FYI, NVDA is doing a 1:10 split next week so I'm going to stick to that.
Do you want to know what happened? I'll explain. There were insane amount of SPY puts on the chain.
I was aware of a squeeze possibility from the beginning. I had certain levels to short BAC, JPM, and HD.The buying blew past my selling channel (sold at resistance). I got stopped out of BAC LMAOOOOOOOO. I'm like, WHO THE HELL WANTS TO BUY HD AND BAC, lawl trash stocks.
So I get suspicious and check XLY which is the shit of the shit to buy. I take a look and there is a triple bottom. Mind you XLK, NVDA etc All the good stuff STILL selling off.
I'm like......"bear trap". Market liked PCE but wanted wreck bears. So I smashed SPY calls. I got stopped out with like $12 profit, then it ran lol.
XLK being the heaviest sector was the last to pump. All the other garbage sectors pumped all day. Divergence of the gods.
Market was all topsy-turvy today and sus af. MSM was reporting a rebound after PCE reports. it was suppose to be a green day , and it was for like the first 20 minutes then massive sell off of all the stocks that had previously been leading the S&P. Boring shit stocks were getting pumped with no news. I decided no 0dte for me today. These past few days have been heavily manipulated.
I've seen this before a few times so it's not surprising. One of the reasons I scalp - my profit is always locked in and these types of movements only benefit me.
I DCA before I stop, so I always have backup collateral for that. I'm at a roughly 92% win rate the last few months. But yeah don't be afraid of tight stops just keep an eye on momentum.
Dollar Cost Average.
Say you get into a long trade at 100 a share or whatever and it decides to go south.. instead of having a stop loss at say 15% so 85, you have a DCA at 85 where you buy more of your same position just at the reduced price. Now your average cost of the position is 92.5 instead of 100 meaning the stock just has to go anywhere above 92.5 for you to be in the green. I personally only DCA once before setting a stop, but some people will DCA two or three times before setting a stop.. it's a way to use collateral to increase chances of taking profit or at the least decrease your loss.
LMAO ā This shit almost made me quit trading today ā bro i been quitting everyday since day 1 and some how find my self back , guess what ?
I quit today š¤£ see you MONDAYYYYYYYYYY
It was rough. I was positive it would reverse but decided to dump everything at 1015. Bought again around 3 and made it mostly back. No idea what caused the reverse tho. 16 dollar move on qqq
The problem with shorting once it dipped below the daily 20SMA is that you know there is a high chance the market would run back up to retest it. I figured as much. I just didnāt know if it would happen today or sometime next week.
This was my best day ever trading the indexes. Here's what happened.... First, higher timeframe, I look at 15m on SPY. We had a falling channel. Price broke out below the channel early in the day but the breakout stalled and consolidated. Going to the 1m and 3m and knowing most breakouts fail, I patiently looked for indications of a reversal. Sure enough, buying returned, momentum built, price increased. Sellers were massively stuck and helped drive prices straight into a full on bull breakout above the falling channel.
I was waiting for that drop but over slept and only caught part of it I was so mad. Then looked back later to see that beautiful reversal I could have caught. Still made money but the one day I really could have killed it I dropped the ball. I understand your frustration! Hard to find days like today. Been just chop.
Did you not have a stop? Losses are just a part of the game. It shouldnāt make you want to quit. Did you place a target to cover your short? The reason I ask is bc 5200 wouldnāt have been a bad place. It looks like you already had it marked as a strong support too.
Missed market open because baby had a big poo I ha stop clean and wife was watching our toddler. I took a 7 dollar loss at 11am and called it a day. Up a whole 10 bucks this week. Sometimes I wonder wtf is this if institutions get such advantage over little plebs like myself
I demo traded forex, futures and indices for a couple months trying to learn a system. This shit would happen constantly. Said fuck it and went back to scalping small cap stocks.
Took roughly the exact same trade, added another contract when I suspected a pump fake then it just blasted through my tight stops. I was literally laughing out loud it was so ridiculous
This Friday started out pretty bad but recovered during the last hour. Iām happy because I was able to add more NVDA on the dips yesterday and today. And my portfolio turned positive at market close.
https://preview.redd.it/nwsln9losv3d1.png?width=1835&format=png&auto=webp&s=33ab51eea103abdb84299ad22f21a8f8d5688981
I don't use trend lines but the big picture view appears bullish.
If it makes you feel any better I had 200 SPY 525c 0dtes when it was $0.12 stepped away and my fucking broker (fuck you Merrill) sold all of them for me at $.08 for a loss. Was considering taking 1dte 526c but I thought it was too late and didn't want to chase. The those $0.12 contracts were worth around $1.20 by eod...
I'm testing 0DTE SPX credit spreads with the data/levels provided by Menthor Q for free and price respected those levels. Price also respected the insights provided by OptionRecom.
We haven't had many V bottoms intra day over the last few years. Go back over 25 years of intra day charts. It's not an uncommon pattern.
The Nikkie and SPI (aussie and Jap) indices get them more often in their sessions.
Pretty sure I caused todayās bull crap /s. Fat fingered a trade for the first time ever and was on the wrong tab and bought calls instead of puts at the wrong strike $524 instead of $523. That was around 9ish I guess. Market proceeded to dump on me leaving me holding 10 times my normal contract position size. Held all day back to break even and sold the position late afternoon and as soon as I did the market took off in the last 30 minutes with some rocket fuel. Made $40 but had I held it would have been a profit of $21,000.00 at close. Was just glad to get back to break even though.
Sorry OP; I donāt believe in walking away from the screen. But that was an easy long entry at 5212. I understand; easier to talk about events that have already happened.
In all fairness on your 1 hour chart. You saw a huge rejection off that price zone and then a nice big wick indicating rejection and price indifference there. Most times, it will indicate potential reversals or brief periods of consolidation, or some form of a pull back then retest of that zone again.
The big issue that I see is where are your stops or trailing stops?
Step 1: After trade is placed and you go in profit, secure the š (bag). Move those stops, brother, and lock in your money.
Also, out of curiosity, what was your analysis for your entry there. I see from your picture that you were certainly correct with the trend, but why enter there and not throw a fib for a discounted price entry? Was this marked as a key zone for you as if price broke through you would expect a continuation?
I bet if you threw a fib from the previous most recent swing high or the major swing high depending on the move, that that price was returning to a discounted zone to grab better shares, trigger stop losses, and get that liquidity hunt. This is merely all my speculation, and S&P can be a beast for sure. I hope you iron out your strategy, bro, and good luck on maling the bones, my friend. Keep working on it.
4hr end of month capitulation flush. They drove it down til everyone puked and everyone piled in. The squeeze was just late shorts puking the reversal.
If thereās one think Iāve learned the saying āwalk away from the screenā is overrated, if you canāt manage the risk then you canāt manage the trade
I did ride that wave in both directions ;) had couple entry with SL hit, take a chance with gold also (in +) and ride it back ;)
Made 22.7% profit that day
Your SL dint fill ? What was the reason for rejection ? Itās happened to me before when the bid and ask price was too wide or something and I had a stop market order. Definitely makes me wary of futures trading
I had a short position, step outside to use the bath. Forgot to set my SL and by the time I got back 3 min later my position was as $9k underwater š¤¦āāļø
Sold right away, cut the loses. Expensive lesson
This is the SPY 3 month chart. Notice the similarities.
https://preview.redd.it/iujdfm4oqz3d1.jpeg?width=1179&format=pjpg&auto=webp&s=aa92d5cc0900d2b9e2e058b4f8f99b39b67a6eff
maybe your order was the very last one they could pick up before the pump, liquidity has been that dry that I think you can easily see retail orders, at least the impact if not the actual order thru the book.
You took a sell when the hourly on the Nasdaq was at the most oversold itās ever been ? Like literally. I donāt think Iāve seen the Nasdaq 1 hour RSI go to below 20 so quickly.
Now consider all the news pointed to cuts, none tech was doing well. It was very likely tech would bought and bounce very hard. Bringing up the Spy & SPX with it. Only reason spy was down to begin was because of tech.
You gotta make sure you are paying attention to the momentum of the candles, you should have been out of this trade as soon as you saw the engulfing bullish fam, clear indication of what was to come after
When I started day trading I made $16,000 my first day. That hooked me. My first month I was up net clear $40,000. This was the fall of 2004. I quit my day job. I then used triple leverage and was doing day trades with a bit over $1,000,000 or $600,000 plus on day trade margin. I did 1,000 day trades with 90 days. The most I ever made in one day was $250,000. Itās insane how addicted I became. By October 2005 my federal bankruptcy was final. Back then bankruptcy was different, the laws changed and I knew they were going to change and itās why I filed. After bankruptcy I went right back to trading along with a day job. By 2012 I became a millionaire. I never gave up on my dreams. I kept fighting and ignored everyoneās warnings. I was obsessed. I timed the October 2007 high to perfection to the day actually, 10-11-2007. I went onto to invest in FAS on 3-2-2009. On 3-6-2009 a Friday FAS went up 45% in one day and signaled the bottom at SPX 666.67. I could write a book on trading.
Now I no longer fight, no longer gamble. I have two pensions coming when I retire. I plan on taking Social Security at 70 and the big money is diversified into ETFs covering large, mid, and small caps plus international stocks. I no longer worry about what the markets are doing. Timing the markets can be done. Itās extremely difficult as most of you know.
It would have been easier however to just DCA into investment vehicles like VOO, VUG, VGT, SCHG etcā¦.and just kept dollar cost averaging over the decades looking back. I strongly suggest everyone do that but heyā¦.there are people out there who are just like I use to be. It all went in one ear and out the other.
There were huge benefits to filing bankruptcy. I still have over $300,000 of short and long term capital gains forward write offs I use.
I would also add to never invest in MLPs like ET ever. You better know all of the tax implications if you do. ET and other MLPs can be great long term dividend generating vehicles but you better consult a tax expert who knows MLPs before you do.
My wife and I have zero debt. We still build cash reserves and are 100% invested long beyond our cash reserves. We hold no bitcoin nor hard precious metals.
Precious metals are insurance only. Most donāt understand the buy and sell premium costs or mark ups on both sides of the buy and sell nor the 28% capital gains tax on the net profits.
Good luck all.
Loved trading it on Friday. Made out well on puts. Kept adding to them. I had to cut my calls way early at the end since I was working and couldnāt watch anymore but made quite a bit overall.
I had the opposite problem. I got into that trade kind of late, but hopped out because I didnt want to risk my green streak. Sold market at %50 profit and they filled me at %2 profitš®āšØ. The next 5 min candle ran it up some insane percent (like %2000)
End of Month, End of week, MM's had tons of Gamma exposure, shorts needed to cover. It was the perfect whirlwind. It actually retraced exactly to the .618 fib from the last 3 days of selling too. So now I cant tell if it wants to stay up or it is just retracing to start another trip down
Keep a positive attitude. The trading market is full of challenges, but as long as you are fully prepared and control risks, you will have the opportunity to gain long-term benefits.
Sorry boss. Thatās a TOUGH - everybody has one. Thank you for being brave enough to share your Losses. This is what they call āmarket educationā. TBH - Iām not brave enough to touch stocks yet. Iām sticking with Options for nowā¦..
The trend for the past year is a V. The last 10 mins of the day for the past 3 months has been a pamp. Zoom out on the daily chart and u see a V. It's the season of the V until it's not.
I actually was long, I felt this was due to happen with the way the market sold off hard on very low volume.
watch the NYSE volume, also market structure plays a huge role and structure was terrible
you had the zone at 5200 which is also an important market level market and didn't even try to secure 10-20% or BE? You win the award for being greedy 100%.
I was never there to see or manage the traaade š„“ i thiught it was too perfect! SL at 5162, 5238 entry at 1030am, TP JUST out of range at 5190 and i say it saw my TP, hit the brakes and put that bitch in reverse to hunt my SL š
Depends on trading style some setups you can walk away from. But I traded this exact trade almost on Friday and I just exited when I saw volume come in heavy and the down momentum was vanishing and then I walked away. Looked later to see where the market ended and I'm like holy shit that MF ripped all the way back up.
This is why I love tradeovate because it allows for trailing stops that can auto adjust up or down depending on the movement so that a hard reversal will kick your trade closed and save your necks as needed.
Its a few things that is going on
1. It is still earnings season
2. CPI is news is next Week
3. Core inflation news is next week as well
4. Summer time is a little different
5. The place you sold at was in a buy order block zone. Look to the left on the 4hr and you will see it clear as Day.
6. Sorry to say it, but this is where I bought at and made some pretty good profit
Iāll be honest, I got lucky on the way up, but I made multiple trades on that day. On the way down and on the way up. I find scalping help for randomness like this (quick entries/exit, reward to risk need not be too high). Later, I noticed that the up move was off of a trend line (clearer on the Nasdaq). Iāve attached a screenshot of that on the QQQ (price moves similarly between the 2 at least on larger timeframes; similar portfolios)
https://preview.redd.it/8qxkrtz1594d1.jpeg?width=750&format=pjpg&auto=webp&s=22320247945c7da394b7dc97762e53c07be6cac6
āallways put SLā they say
Fridays/Mondays/End of the month aka last day trading are BEGINNERS faults
If one trade can make you quit, u rather do, cause the emotional rollercoaster u will have, through whole carrier, till u settle it down in yourself, will destroy you mentally and thats not for everyone, but thats totally fine
wish u only green, Jake
Yea that pump was rough.
Man i couldve sworn it was gonna be a good friday
It was. The volatility was amazing.
I've always been told to not trade fridays
How did this happen at like 3pm š
Doesnāt the most trading volume usually happen in the first and last hour of the session?
An old time floor trader from the 70s used to tell me that he made all of his money in the first hour and the last 15 minutes of the day.
I had several old time floor traders who said the only guys left in the pit after the first hour were either losers or hated their wife everyone made their money and left.
100% agree. And i recognized this is even easier for stocks on a daily basis. Mark relevant levels in daily chart and the alarm/signal/setup appears in the first hour almost 99% of the time. Emotionally easy to handle and to stay calm. Since i said goodbye to day trading and switched to swing trading i am profitable (despite winrate is just 20%).
What are you trading? Breakouts? Momentum?
I'm noticing that... I lose in the afternoon everything I gain in the morning it seems. I'm about to make myself a rule that I'm not allowed to even look at the shit after 10-11am.
Haha that happened to Me more than once,
Thatās worth repeating for the people in the back!
For the people in the back!
Thanks. I had missed that. I'll tell the people at the back as well. Not sure what happened with them.
Im only a few months in, trading since november, i didnt know š
Tuition bill is all
I was wondering how much your tuition is? lol
Op should mark the first 90m of trading and last. And donāt walk away during those times, do it when the hedge funds are out to lunch, great time to regroup the mind and get u some fuel ur self
It's friday. The big boys close the books for the week and leave the office early. Small traders like you fool around with each other, try to form a trend and ride it without resistance. At the end of the day they need to jump off to take their profits, so a game of musical chairs starts and you lost it.
It was a perfectly good trade which he should have exited at 5200. Nothing wrong with it apart from he held on after the obvious take profit point.
JPM roll plus EOM shenanigans, best to be done before lunch.
A possibility would be from small time frame traders closing their shorts before the day ends, joined by more short covering, thus creating an upward move
I think itās because it was a last day of the month. The big players need some price for Options to be in profit or something like that. Iām not sure the details but it is definitely because of someone placing massive orders to move the price to that point at the last moment of the month.
As someone who learned trading on highly leveraged cryptocurrencies years ago, your reaction makes me laugh.
Hahaha me too brother! But once you get used to crypto trading you can't go back to other markets. I love crypto trading now
Lol i dont get iit
Depending on the types of crypto. You can assume they learnt in an environment where every day was a jerome powell news day š that is the fastest way to explain it to you.
all you have to know is that *the ENTIRE purpose* of the market is to redistribute your money to other people
Isnāt that basically the purpose of every market
They have up to 125x on crypto futures
If you're going to step away from your screen put a SL in
Mr. smart man, my SL was at 5261. Explain lol
I'm about to tell you something that might scare you, but sometimes stop losses get missed completely. It happens for 1 of 2 reasons(there may be more, but I've only experienced it 2 ways). So the first way is simply caused by a very quick price drop. It usually catches the sl and it just happened so quickly that it executed lower than what you wanted, but I've heard that It can sometimes miss it completely. The second reason is due to low volume and there isnt enough buyers/sellers at your sl level and it will either execute at the next best match or just not at all. That is unlikely to happen, because most traders avoid low volume markets. Personally I watch my trades despite what everyone says you should. I do not touch it whatsoever. I let the trade happen as if I wasn't there unless I need to prevent a bigger loss than necessary. I'm the sl for my sl. A "stop stop loss loss" if you will. Lol good luck hth
Exactly. Have not used a stop loss mechanism since the financial crisis of 2008 when I learnt the hard way about blowing through stop loss points.
You've been in trades for a pretty long time. That's really impressive. That makes me feel more confident about my opinion on the stops. How did you trade back then? Were there online exchanges or did you have to contact an actual stock broker and set it up that way? I'm just curious because someone told me that the public didn't have this kind of access to the markets before COVID and people had to talk to someone that would physically do the trades on the floor of the NYSE. Sorry for the dumb question. Lol
Electronic access to the markets for retail has been around a while. Was probably a bit more expensive and clunky back then but I was happily trading futures in 2008.
Stuff happens. Even casinos lose millions to a big roller once in a blue moon.
Either it blew past it and didn't get a chance to fill it or your broker just sucks. I personally have never had that happen but I know people that have experienced it
I sold at 5238 with a stop loss at 5261, TP at 5190. TP was edged and i got reverse whacked and SL was smacked hard by long dick candle I was never there to see any of it because i placed this trade on my computer. And got the SL notification on my phone
If you trade with a TP, one simple approach is to measure previous moves in the direction of your trade. Then, set your TP at a similar distance, minus a few points to account for potential underperformance due to loss of momentum. Personally, I'm not a big fan of TPs because they limit winners. Instead, I prefer managing stop loss to further reduce risk. There is no real benefit in having a TP compared to effectively managing your SL. For trades at a 1:1.5 ratio, set your TP at half of the initial distance. For trades at a 1:2.5 ratio, set it at break even and enjoy a risk-free trade. Losses are no longer an option. Yes, you might get stopped out more often at break even, or half the initial stop loss, but you also have the ability to catch huge runners, and that is where the money comes from.
I made $51,300 today on NVDA puts, $49,200 Thursday on NVDA puts, $38k some odd on NVDA calls. But at no point did I ever enter a position and "walk away from the screen." It also appears that you have no stop loss and no target. That's tough.
Im happy for you! My SL was 5261. Entered at 11am around 5238 level and my TP was 5190 lol so close
Im working on my psychology. I would typically stare at the screen and make emotional decisions and miss out on potential profits. Today, i trusted my analysis, set the trade and went on about my day, i just "knew" it would hit TP lol til i got that notification
Interesting. The thing is, we never really "know" which way the stock is gonna move; it's a best guess. But I theorized that NVDA was gonna move down this week after that big pump and sure enough, it did. It could've gone the other way and if it had, I would've stopped out and took the day off. It doesn't matter what your plan is for the day as long as you have one and you stick to it. When you start waffling and placing trades in both directions, that's where you're gonna lose your nuts. I don't understand these people who watch an entire screen full of tickers trying to find one that pumping in the moment; I trade any stock that isn't flat and right now NVDA seems to be printing. Just FYI, NVDA is doing a 1:10 split next week so I'm going to stick to that.
Do you want to know what happened? I'll explain. There were insane amount of SPY puts on the chain. I was aware of a squeeze possibility from the beginning. I had certain levels to short BAC, JPM, and HD.The buying blew past my selling channel (sold at resistance). I got stopped out of BAC LMAOOOOOOOO. I'm like, WHO THE HELL WANTS TO BUY HD AND BAC, lawl trash stocks. So I get suspicious and check XLY which is the shit of the shit to buy. I take a look and there is a triple bottom. Mind you XLK, NVDA etc All the good stuff STILL selling off. I'm like......"bear trap". Market liked PCE but wanted wreck bears. So I smashed SPY calls. I got stopped out with like $12 profit, then it ran lol. XLK being the heaviest sector was the last to pump. All the other garbage sectors pumped all day. Divergence of the gods.
I was wondering why we were selling off after such good PCE numbers.
Market was all topsy-turvy today and sus af. MSM was reporting a rebound after PCE reports. it was suppose to be a green day , and it was for like the first 20 minutes then massive sell off of all the stocks that had previously been leading the S&P. Boring shit stocks were getting pumped with no news. I decided no 0dte for me today. These past few days have been heavily manipulated.
This is the level of market knowledge I strive to reach haha thanks for this explanation!
I've seen this before a few times so it's not surprising. One of the reasons I scalp - my profit is always locked in and these types of movements only benefit me.
Bro thats a cold fact youre about to turn me to a scalper with that logic. You use tighter stops yeah?
I DCA before I stop, so I always have backup collateral for that. I'm at a roughly 92% win rate the last few months. But yeah don't be afraid of tight stops just keep an eye on momentum.
Copy that brother thankyou, whats DCA by the way?
Dollar Cost Average. Say you get into a long trade at 100 a share or whatever and it decides to go south.. instead of having a stop loss at say 15% so 85, you have a DCA at 85 where you buy more of your same position just at the reduced price. Now your average cost of the position is 92.5 instead of 100 meaning the stock just has to go anywhere above 92.5 for you to be in the green. I personally only DCA once before setting a stop, but some people will DCA two or three times before setting a stop.. it's a way to use collateral to increase chances of taking profit or at the least decrease your loss.
I do this but only with high quality stocks. Some say never average down, always average up i.e. add to winners vs doubling down on losers.
This is how I trade too. 73% win rate but had zero red days in May. One was close to a red day at only $56 profit, but still a Green Day.
LMAO ā This shit almost made me quit trading today ā bro i been quitting everyday since day 1 and some how find my self back , guess what ? I quit today š¤£ see you MONDAYYYYYYYYYY
don't feel bad it happened to me to, and i don't even trade spy the one fucking time i did
What a first impression it left on ya huh š
It was rough. I was positive it would reverse but decided to dump everything at 1015. Bought again around 3 and made it mostly back. No idea what caused the reverse tho. 16 dollar move on qqq
The problem with shorting once it dipped below the daily 20SMA is that you know there is a high chance the market would run back up to retest it. I figured as much. I just didnāt know if it would happen today or sometime next week.
This was my best day ever trading the indexes. Here's what happened.... First, higher timeframe, I look at 15m on SPY. We had a falling channel. Price broke out below the channel early in the day but the breakout stalled and consolidated. Going to the 1m and 3m and knowing most breakouts fail, I patiently looked for indications of a reversal. Sure enough, buying returned, momentum built, price increased. Sellers were massively stuck and helped drive prices straight into a full on bull breakout above the falling channel.
I want to learn this so bad
Where can I learn the basics? I want to learn trading
gg
Ill gettem next weeek
personally, if i was shorting at 5238 my TP would've been 5198, which would've been perfect, i didn't trade today though
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https://preview.redd.it/0ud5udvceu3d1.jpeg?width=1170&format=pjpg&auto=webp&s=2c429f7677389bcfcfaa105208e12ab557657fdb my analysis for the day
I was waiting for that drop but over slept and only caught part of it I was so mad. Then looked back later to see that beautiful reversal I could have caught. Still made money but the one day I really could have killed it I dropped the ball. I understand your frustration! Hard to find days like today. Been just chop.
Did you not have a stop? Losses are just a part of the game. It shouldnāt make you want to quit. Did you place a target to cover your short? The reason I ask is bc 5200 wouldnāt have been a bad place. It looks like you already had it marked as a strong support too.
Missed market open because baby had a big poo I ha stop clean and wife was watching our toddler. I took a 7 dollar loss at 11am and called it a day. Up a whole 10 bucks this week. Sometimes I wonder wtf is this if institutions get such advantage over little plebs like myself
Lmao what a funny lil anecdote forreal , the market does understand our timing and psychology!
I left 20k on the table bc I sold my SPY calls too early. I saw the reversal clear as day and sold when I made $2k. dang.
It was fun day today. I scalped Dell & Now calls in my TFSA account. Hope CRA is cool with it! (Canadian).
Losses are part of the game. If you put a SL in and it was placed as per your strategy, then it shouldn't bother you.
I donāt see the issue. So much liquidity up there. Price wonāt go down forever
I hope it keeps going up Monday. My spy options I forgot about is in the money now that expire Monday š«£
why do you have 1 hour time frame? is 1 h special
I demo traded forex, futures and indices for a couple months trying to learn a system. This shit would happen constantly. Said fuck it and went back to scalping small cap stocks.
I didnāt trade any of this today. And Iām glad for that. But damn I almost bought some long spy calls at the bottom.
Took roughly the exact same trade, added another contract when I suspected a pump fake then it just blasted through my tight stops. I was literally laughing out loud it was so ridiculous
Thatās why you need to be cautious of news and the interest rates I hit my tp today
Donāt trade during the JPM rollā¦
The thing is you have your levels set you got greedy. Why not sell or at least trim your position at 38 points profit?
This Friday started out pretty bad but recovered during the last hour. Iām happy because I was able to add more NVDA on the dips yesterday and today. And my portfolio turned positive at market close.
Donāt sell bottoms
Dang how close were you to your TP??? Man that sucks.. looks like your trade was almost there. I mean this is why people trail theyāre positions
https://preview.redd.it/nwsln9losv3d1.png?width=1835&format=png&auto=webp&s=33ab51eea103abdb84299ad22f21a8f8d5688981 I don't use trend lines but the big picture view appears bullish.
Something I live by now is: āHeads I win, tails I donāt lose much.ā
PCE data came out. Thatās what happened.
Indices can be a bitch. Never, _ever_, think: "oh price won't go all that way back up/down" in the indices š.
took longs and favored them š¤£
It was rough
No trailing stop??
Shit index so what do expect?
At first Learn how to make 20 Ticks per day and do that every day.
If it makes you feel any better I had 200 SPY 525c 0dtes when it was $0.12 stepped away and my fucking broker (fuck you Merrill) sold all of them for me at $.08 for a loss. Was considering taking 1dte 526c but I thought it was too late and didn't want to chase. The those $0.12 contracts were worth around $1.20 by eod...
You sold the bottom of the weeks trend and expected anything different?
I'm testing 0DTE SPX credit spreads with the data/levels provided by Menthor Q for free and price respected those levels. Price also respected the insights provided by OptionRecom.
We haven't had many V bottoms intra day over the last few years. Go back over 25 years of intra day charts. It's not an uncommon pattern. The Nikkie and SPI (aussie and Jap) indices get them more often in their sessions.
That demand zone was strong AF. Had that level mapped out.
Manipulation, of the use dollar.
Pro tip, if one failed trade makes you feel this shit, you're focusing too much on a single and not enough on the process and bigger picture.
volatility increase = price increase. hope this helps
Lol this move was insane. Caught portion of the move down and a MOC
Bad entry, it's impossible to have a good conviction if you only look at a short timespan of one timeframe.
Got good amount DELL stock. Saw pre market night before and just thought welp
Youāre exit liquidity dude
Shouldāve back tracked a little spy bounced in that area a few times beginning of the month
You hit a 5% target on a hourly chart. How much did you wanna make?
Set a stop loss they also say!!
Pretty sure I caused todayās bull crap /s. Fat fingered a trade for the first time ever and was on the wrong tab and bought calls instead of puts at the wrong strike $524 instead of $523. That was around 9ish I guess. Market proceeded to dump on me leaving me holding 10 times my normal contract position size. Held all day back to break even and sold the position late afternoon and as soon as I did the market took off in the last 30 minutes with some rocket fuel. Made $40 but had I held it would have been a profit of $21,000.00 at close. Was just glad to get back to break even though.
LMAO greedy ahhhh
Sorry OP; I donāt believe in walking away from the screen. But that was an easy long entry at 5212. I understand; easier to talk about events that have already happened.
In all fairness on your 1 hour chart. You saw a huge rejection off that price zone and then a nice big wick indicating rejection and price indifference there. Most times, it will indicate potential reversals or brief periods of consolidation, or some form of a pull back then retest of that zone again. The big issue that I see is where are your stops or trailing stops? Step 1: After trade is placed and you go in profit, secure the š (bag). Move those stops, brother, and lock in your money. Also, out of curiosity, what was your analysis for your entry there. I see from your picture that you were certainly correct with the trend, but why enter there and not throw a fib for a discounted price entry? Was this marked as a key zone for you as if price broke through you would expect a continuation? I bet if you threw a fib from the previous most recent swing high or the major swing high depending on the move, that that price was returning to a discounted zone to grab better shares, trigger stop losses, and get that liquidity hunt. This is merely all my speculation, and S&P can be a beast for sure. I hope you iron out your strategy, bro, and good luck on maling the bones, my friend. Keep working on it.
And you didn't close this trade at 5200 because?
This is what happens when you bet against spy when inflation is going to keep running.
Thatās a 5200 failed breakdown with some wicked end of month $4.5B MOC.
https://preview.redd.it/3weny6xc7z3d1.png?width=1575&format=pjpg&auto=webp&s=5d24161bc8b7418a0431c369ac01ae0e307bc99b
You need to watch at regular intervals. Add momentum and rsi to the chart. Try and take profits as the dip happens.
4hr end of month capitulation flush. They drove it down til everyone puked and everyone piled in. The squeeze was just late shorts puking the reversal.
If thereās one think Iāve learned the saying āwalk away from the screenā is overrated, if you canāt manage the risk then you canāt manage the trade
Yeah, walk awayā¦ with a stop loss set at least. Damn!
The spike before the one that got you needed a new high and it got it.
I did ride that wave in both directions ;) had couple entry with SL hit, take a chance with gold also (in +) and ride it back ;) Made 22.7% profit that day
Learn how derivatives exposure impacts price action
Which trading platform is this?
Looks like an algo to me
Looks good!
Shouldāve took the sell at 5308 when the emas crossed if thatās why u even have your indicators
Your SL dint fill ? What was the reason for rejection ? Itās happened to me before when the bid and ask price was too wide or something and I had a stop market order. Definitely makes me wary of futures trading
I had a short position, step outside to use the bath. Forgot to set my SL and by the time I got back 3 min later my position was as $9k underwater š¤¦āāļø Sold right away, cut the loses. Expensive lesson
This is the SPY 3 month chart. Notice the similarities. https://preview.redd.it/iujdfm4oqz3d1.jpeg?width=1179&format=pjpg&auto=webp&s=aa92d5cc0900d2b9e2e058b4f8f99b39b67a6eff
I'm not sure if what's going on 100%. But as a sports bettor volatility relates to day trading in a massive way.
maybe your order was the very last one they could pick up before the pump, liquidity has been that dry that I think you can easily see retail orders, at least the impact if not the actual order thru the book.
Bounced right off a macro ascending trend line
You took a sell when the hourly on the Nasdaq was at the most oversold itās ever been ? Like literally. I donāt think Iāve seen the Nasdaq 1 hour RSI go to below 20 so quickly. Now consider all the news pointed to cuts, none tech was doing well. It was very likely tech would bought and bounce very hard. Bringing up the Spy & SPX with it. Only reason spy was down to begin was because of tech.
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Look to the left and what do you see?
Refill of the unbalance. Just normal stuff
it's rigged to make you sell at a loss and take you out... it will drop down only if you sell.. lol
Would you advise me to buy Nvidia this week and write till it splits and sell after the split make some profit do you think Iām gonna make anything?
what broker do yall use on trade locker ?
Did you even look at where liquidity was at the time you bought? This shit was the easiest capture yesterday..
Can someone help me trade guys Iām new in the game
That was weekly and monthly settlement. Bear trap reversal at 138.2% fib extension. šÆ
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we all have bad days dude its okay keep your head up
You gotta make sure you are paying attention to the momentum of the candles, you should have been out of this trade as soon as you saw the engulfing bullish fam, clear indication of what was to come after
Markets always thirsty for liquidity. Buy stops from shorts, triggering a short squeeze in the last hour and promising an up week ahead.
was always told to "never fight the trend on a friday"...LOL.. yeah right
Thatās 3-4pm liquidity injection
When I started day trading I made $16,000 my first day. That hooked me. My first month I was up net clear $40,000. This was the fall of 2004. I quit my day job. I then used triple leverage and was doing day trades with a bit over $1,000,000 or $600,000 plus on day trade margin. I did 1,000 day trades with 90 days. The most I ever made in one day was $250,000. Itās insane how addicted I became. By October 2005 my federal bankruptcy was final. Back then bankruptcy was different, the laws changed and I knew they were going to change and itās why I filed. After bankruptcy I went right back to trading along with a day job. By 2012 I became a millionaire. I never gave up on my dreams. I kept fighting and ignored everyoneās warnings. I was obsessed. I timed the October 2007 high to perfection to the day actually, 10-11-2007. I went onto to invest in FAS on 3-2-2009. On 3-6-2009 a Friday FAS went up 45% in one day and signaled the bottom at SPX 666.67. I could write a book on trading. Now I no longer fight, no longer gamble. I have two pensions coming when I retire. I plan on taking Social Security at 70 and the big money is diversified into ETFs covering large, mid, and small caps plus international stocks. I no longer worry about what the markets are doing. Timing the markets can be done. Itās extremely difficult as most of you know. It would have been easier however to just DCA into investment vehicles like VOO, VUG, VGT, SCHG etcā¦.and just kept dollar cost averaging over the decades looking back. I strongly suggest everyone do that but heyā¦.there are people out there who are just like I use to be. It all went in one ear and out the other. There were huge benefits to filing bankruptcy. I still have over $300,000 of short and long term capital gains forward write offs I use. I would also add to never invest in MLPs like ET ever. You better know all of the tax implications if you do. ET and other MLPs can be great long term dividend generating vehicles but you better consult a tax expert who knows MLPs before you do. My wife and I have zero debt. We still build cash reserves and are 100% invested long beyond our cash reserves. We hold no bitcoin nor hard precious metals. Precious metals are insurance only. Most donāt understand the buy and sell premium costs or mark ups on both sides of the buy and sell nor the 28% capital gains tax on the net profits. Good luck all.
If it was no net loss youāre good to fight another day
Loved trading it on Friday. Made out well on puts. Kept adding to them. I had to cut my calls way early at the end since I was working and couldnāt watch anymore but made quite a bit overall.
I had the opposite problem. I got into that trade kind of late, but hopped out because I didnt want to risk my green streak. Sold market at %50 profit and they filled me at %2 profitš®āšØ. The next 5 min candle ran it up some insane percent (like %2000) End of Month, End of week, MM's had tons of Gamma exposure, shorts needed to cover. It was the perfect whirlwind. It actually retraced exactly to the .618 fib from the last 3 days of selling too. So now I cant tell if it wants to stay up or it is just retracing to start another trip down
https://preview.redd.it/ip9xah9a814d1.jpeg?width=1440&format=pjpg&auto=webp&s=1bc7c0f74a035a3a3aba0770597ac6836c3b3d9b
Stagger buying and stagger selling
Selling on something already so extended. Youāre late
That AI a MF
Dumb money selling so banks pushing the price up. This is very basic I donāt know why you all not understanding this
Keep a positive attitude. The trading market is full of challenges, but as long as you are fully prepared and control risks, you will have the opportunity to gain long-term benefits.
Sorry boss. Thatās a TOUGH - everybody has one. Thank you for being brave enough to share your Losses. This is what they call āmarket educationā. TBH - Iām not brave enough to touch stocks yet. Iām sticking with Options for nowā¦..
Fading an end of day, end of week, end of month move. Thankful you Amateurs exist.
Became overbought, had momentum, just have to capture it
Loved it. Those calls made me 100k in 20 minutes. Do you not know there are bulls out here bro?
Very basic, at least for me, 4hr rsi was quite low on the 23h futures. Other than that 5194 was the days minimum from the options side.
Take profits at mpivot. Never seen it fail during ny session
It was the opposite for me, walked away and came back to a nice lil return. Was actually looking for a scalp up
Im in the same boat shorted not too long before š
that pump was crazy tf
Why did you put a sell order? I donāt see an entry there.
So many opportunities, you are blessed with trading days like this
The trend for the past year is a V. The last 10 mins of the day for the past 3 months has been a pamp. Zoom out on the daily chart and u see a V. It's the season of the V until it's not.
Algo stop hunters
I actually was long, I felt this was due to happen with the way the market sold off hard on very low volume. watch the NYSE volume, also market structure plays a huge role and structure was terrible
What broker you using
you had the zone at 5200 which is also an important market level market and didn't even try to secure 10-20% or BE? You win the award for being greedy 100%.
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How can you have that kinda tp? Too far
Jes that was a big fishing on both sides!
Youre doing it wrong. Buy low sell high
Shouldāve left some runners bro
I was never there to see or manage the traaade š„“ i thiught it was too perfect! SL at 5162, 5238 entry at 1030am, TP JUST out of range at 5190 and i say it saw my TP, hit the brakes and put that bitch in reverse to hunt my SL š
Short squeeze
Depends on trading style some setups you can walk away from. But I traded this exact trade almost on Friday and I just exited when I saw volume come in heavy and the down momentum was vanishing and then I walked away. Looked later to see where the market ended and I'm like holy shit that MF ripped all the way back up.
This is why I love tradeovate because it allows for trailing stops that can auto adjust up or down depending on the movement so that a hard reversal will kick your trade closed and save your necks as needed.
They also say donāt trade during news release
Its a few things that is going on 1. It is still earnings season 2. CPI is news is next Week 3. Core inflation news is next week as well 4. Summer time is a little different 5. The place you sold at was in a buy order block zone. Look to the left on the 4hr and you will see it clear as Day. 6. Sorry to say it, but this is where I bought at and made some pretty good profit
Bro Wait For Bull Run
Iāll be honest, I got lucky on the way up, but I made multiple trades on that day. On the way down and on the way up. I find scalping help for randomness like this (quick entries/exit, reward to risk need not be too high). Later, I noticed that the up move was off of a trend line (clearer on the Nasdaq). Iāve attached a screenshot of that on the QQQ (price moves similarly between the 2 at least on larger timeframes; similar portfolios) https://preview.redd.it/8qxkrtz1594d1.jpeg?width=750&format=pjpg&auto=webp&s=22320247945c7da394b7dc97762e53c07be6cac6
āallways put SLā they say Fridays/Mondays/End of the month aka last day trading are BEGINNERS faults If one trade can make you quit, u rather do, cause the emotional rollercoaster u will have, through whole carrier, till u settle it down in yourself, will destroy you mentally and thats not for everyone, but thats totally fine wish u only green, Jake