[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]
2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

View post   
File: 244 KB, 1445x966, trade explanation.png [View same] [iqdb] [saucenao] [google]
56654608 No.56654608 [Reply] [Original]

>>56652099
Here are the trades I made today with reddit spacing for easier reading.

> 1. The reason for entry on this was the break of the previous 5 minute candle. I sold 4 seconds later roughly 23.5 cents higher. Things move quickly in the first minutes of the day, there's no reason to hold and hope. You can always re-enter.

> 2. I re-entered within the first minute because another level was breaking. I was late on this entry, it should have been closer to 216.75 - you can see that in pre-market it touched this level twice in the last half hour of pre-market but couldn't break it. This trade wasn't great, but I expected it to at LEAST run to the top of the 5 minute candle prior to this resistance forming, which was $217.10, which is where I closed the trade because I already had a late entry and generally avoid "continuation" plays, which this was. Most of the time, I want to see a pullback before entering again. In this circumstance I played it because it would have made sense as an entry by itself. The only reason it was a "continuation" play in my mind was because I already had a prior entry. We were still inside the first 1 minute candle. It was a good entry either way, but I was late and missed out on ten cents as a result, yet still managed to squeeze a .25 move out of it.

> 3. This was a 5 minute candle over candle setup. I think some people call it a 3 bar play. The break of the 5 minute candle over candle is the reason I entered. The momentum was good, I held for 21 seconds and market sold. I could have layered out by selling 500 shares 3 times, but like I said, I'm not good at riding waves of green candles. I take my little pop and I move on to the next one. This trade was good for about 44 cents.

All in all, a gain of 94 cents x 1500 shares came out to a gross profit of $1410.82. The fees for these trades were $8.42 so I ended up with just over $1400 in profit for the day and moved on to my "real job".

>> No.56654642

Hope this finds the anon that requested it. I tried to put it in the OG thread but it got archived before I could finish.

>> No.56654699

How often do you hold large positions? Intraday?

>> No.56654763

>>56654608
Also worth noting - if you look at the 1 minute chart, you will see there were multiple candle over candle opportunities. I didn't take them because that 2nd 5 minute candle was nasty. It was a bearish candle that fully engulfed the prior one. After seeing that I decided I would not take any 1m candle over candles but rather would look to the 5 minute.

Tomorrow will be interesting for TSLA. There is a weekly candle over candle setup that could propel it to over $230. The sad reality is, that action will probably take place pre-market. I used to make some pre-market plays, but the moves are too unpredictable (for me) so I don't anymore. I literally only trade inside the first 30 minutes from open. 8:30 AM to 9AM central time. I've had too many days where I try to get cute and trade some mid-day setup only to get chopped out repeatedly for $200 or so each time. When I say chopped out, I mean the breakout happens, but it's super weak and the price bounces up and down by .10 to .20 and I sell, and re-enter back near the breakout point I've identified, only to get chopped back down again. Basically - it lacks follow-through. It's too jerky... it would require holding longer, which I don't do because a sample size of thousands of trades tells me I'm mediocre at it. I can't tell where the price will be in 2 or 3 minutes, that's not what I'm good at (though some are)

>> No.56654791

>>56654699
I usually make between 3 and 10 trades per day, round trip. My total hold time on an average day is probably around 90 seconds over a handful of trades. I never hold anything for very long because either my thesis is accurate and I exit or it's wrong and I exit. If I don't get the move I'm looking for in 1-2 seconds time, I'm out. Hesitation at my perceived breakout points is an immediate sell. Re-entry is always an option, but I do not like hesitation.

>> No.56656362

>>56654608
>live in canada

can't do this. fuck I would do

>> No.56656615

>>56654608
How much cash are you throwing around?

>> No.56656839

>>56654642
That was me earlier and thanks fren!

>>56656362
You won't have the built in risk tools and calculators of a full fledged trading platform, but the gains network dapp (gTrade) has about 50 pairs of forex, crypto, and commodities.

>> No.56656912

>>56654791
Ok, forgive my noob question but I can't tell by looking at your charts: I understand these are all market trades, and I'm picking up on your strategy, but are you setting a sell limit at all, or just manually executing everything based on the 1min candles/order book? It seems like the latter, but I just wanted to clarify.

>> No.56657048
File: 2.56 MB, 300x424, 1607022608662.gif [View same] [iqdb] [saucenao] [google]
56657048

>>56654791

1500x got to be fun,

any tips or tricks on picking pairs? or what you look for specifically on setting up to bet on the hypothesis? just develop one for any chart or do you hunt for specific things?

>> No.56657118
File: 759 KB, 4247x2824, 0a31aca04af1c12e95dda2f02052f188.jpg [View same] [iqdb] [saucenao] [google]
56657118

>>56654608
Sweet now post some of your losses and your YOY ratio.

>> No.56657271

>>56657048
>>56657118
I can't find the thread now but it just archived earlier today. I think it was called does anyone make money day trading?

Anyway he explained some TA he's using and how he wasn't profitable til 3 years ago when he tightened up and focused on smaller profitable trades instead of getting emotional or chasing big gains. He also posted his 2 month p/l and more trades.

>> No.56657293
File: 308 KB, 459x415, 1559239383256.png [View same] [iqdb] [saucenao] [google]
56657293

>>56657271
thank you ill puruse. Ive been fucking with unidex.exchange, a gms beby clone and I enjoy the comment about lack of sophistication. Im attempting to learn python to take advantage of that sophistication for defi

i still love the technical breakdown for proper "risk"management of entering and exiting. such small time frames really do allow the one way bets to pay off

>> No.56657436

>>56657293
Ya I'm still learning so I haven't even dug into rsi scores or risk analysis stuff much yet. I've been holding and swinging shitcoins for too long with not enough to show. The folks I know and see consistently making money (without the awesome 50-100x their past) only trade a handful of things and are disciplined enough to not chase it. It's time for me to stop pretending I'm smart because I can read basic flags and call breakouts and start learning more from others.