Now about my trading day. First of all I was joking about counter for wrong orders, but it's really a problem now and I I'm going to put the counter on each of my post from now, I hope it will help me to keep it in mind every time before a trade remind myself that CALLs are to the LEFT and PUTs are to the RIGHT! It's funny, but I really mess up with it a lot.
Today was super day, I say it rarely, in fact I don't even remember when I've said something like that but there is a reason. First of all after yesterday's post I really closed everything, opened OnDemand feature and was trying to read the tape on 2-3 different breakouts.
Also, I have finally made a decision to look only at one stock during the whole day! I've heard a lot of times that it's a good idea to watch 1-3 stock but was ignoring it until I understood it by myself. I decided it will be SPY, I know people who make thousands of dollars trading it plus it's pretty predictable index I would say. I analyzed its behavior yesterday, I see that during the day it always has pretty high HOD and low LOD, there is a big range between them which is a good opportunity to trade.
So I've watched 3 different time frames today of SPY (never done it before, and it really shows a good picture), the only indicators I used is VWAP and volume. Now is the key part, the whole trading session I was looking TAPE! 80% of tape reading and only 20% of checking the chart on different time frames and compare it to different levels + VWAP. I didn't expect that tape shows so much information! Of course it's too early to say that I'm master on it, I need to be right at least 100 times for saying that I know Tape now, but believe me or not I've predicted about 5 big moves today, but could trade only 3-4 because have not enough money.
I've made about 20% profits on ToS and would make 10%+ on Tasty if wouldn't be an idiot and bought CALLS on breakdown that I was waiting for!!! I literally buy CALLs when I want to but PUTs only because I'm not focused on the column of contracts. So right at the breakdown I bought CALLs of course I've lost money but at least I've sold them right away, and I even had time to buy PUTs and still take some money back! So if I bought PUTs right at the beginning I would have good profit. But I'm still green today anyway so can't complain.
Believe me or not I don't even care about money that much, I'm just glad that I was able to understand the chart today and its participants. When I had 6+ different charts on my screen I really didn't understand anything because I was waiting just for breakouts, but when you analyse only one chart the whole day, you remember all the difficult areas, where bulls and bears are fighting, you see a critical zone that will be difficult to break and etc...
Oh yeah, and volume! it was clear today when after long drop down SPY became consolidating, even going up but volume was decreasing so it was obvious SPY is going to go down again. I mean, today I felt like I trade, not gamble! I bought positions because of that and that and that. Not just because of a breakout and hoping that it will go up.
I even saw that TESLA huge breakup before it happened, it was too obvious for me only because I was looking for SPY the whole day, I knew that it's going to go up at that specific minute and TSLA was right at the critical level, so potential move up of SPY confirmed that TSLA is going to break resistance level.
But I will not rush now, I will keep watching 1-2 stocks and trade only something that will show me a strong signal. It's too early to say I understand the chart but at least I see something already, even if I'm mistaken it's still good because I can play around it.
It's too late already, I will post my trades tomorrow. Want to analyze it with details.
