ASX Momentum Trade Book - Part 2

[peter2]

It's worth looking at this chart (APX) again. This shows that we never know what's going to happen. I posted this chart as an example of a re-buy entry and selected the 2xATR(21) as the exit trigger. The last two down days have obliterated all the open profits in this re-buy example.

Don't give yourself a hard time for exiting early unless you're undermining your TP.

Making decisions about the effectiveness of your exits shouldn't be based on a small number of trades. This is why I track my actual exit performance against some objective measures.

 

[tech/a]

Went back in at 81.5
30 min chart has shown strength

 

[kid hustlr]

It's worth looking at this chart (APX) again. This shows that we never know what's going to happen. I posted this chart as an example of a re-buy entry and selected the 2xATR(21) as the exit trigger. The last two down days have obliterated all the open profits in this re-buy example.

Don't give yourself a hard time for exiting early unless you're undermining your TP.

Making decisions about the effectiveness of your exits shouldn't be based on a small number of trades. This is why I track my actual exit performance against some objective measures.

View attachment 73100

This is a perfect example of some of my frustrations trading a longer term trend following system. The numbers should support your decisions but these events are really hard to swallow.

 

[tech/a]

Here is the 30 min you'll see why I went again

 

[peter2]

Went back in at 81.5
30 min chart has shown strength

I have to admit that I re-bought it also when price went back above 0.80 later on.
This re-buy will not be included in this thread as it's intra-day rather than EOD. I don't wish this thread to do very much intra-day trading. I chuckled seeing that you re-bought it also.

@kid hustlr "hard to swallow", that's nothing. When you've got a neck as long as an emu it takes a long time to reach the gizzard.

I sympathise but that's trading in a market that's dominated by fear and greed.

 

[Shaker]

Here is the 30 min you'll see why I went again

View attachment 73104

Yeah I can see the higher low. I guess that was the signal.

 

[tech/a]

It was the small triangle pennant pattern making headway on bugger allvolume
The volume came in at the end of trading

Seem to think on a similar page Pete
Sorry for the Segway!

 

[peter2]

Yes we traded it the same way, grabbed the profit in case price fell off the cliff and prepared for a re-buy opportunity, which happened. Most of the time they won't setup again for a few days (although I don't look at the intraday charts very often).

I don't mind the diversion at all, as it highlights the various trading styles and how they might fit together. The small size intra-day setups can produce great RR results if the demand persists for a few days.

I think BUB may go for another run tomorrow as the news was so good and demand so strong into the close (plus the sector is hot).

 

[tech/a]

Maybe a better investment would be a semi load of Baby Formula!!

 

[peter2]

Trading update: Trade closed and another started.

BUB: Sold yesterday's re-buy today for quick profit. This will not be included in this spreadsheet

MND: Sold today at 16.30, result +1.3R.
Price forming shallow consolidation, which could be a good trend continuation pattern on a BO.
Sold to protect open profit. Re-buy order itm at 13.60-65 (BO-NH).

PGH: Bought today at 5.52, iSL at 5.32 (0.20 trade risk)
Bought this yesterday to start a weekly trade as the chart shows a nice 123 Low reversal pattern off a reasonal support level. Started this daily trade as I'm scratching to find other setups that aren't over-extended already.


A2M: Another BO-NH that I've passed on.
NAN: Didn't take 2nd chance to buy this BO-NH.

Looking for more setups now.

 

[peter2]

Trading update: Trade closed

PGH: Sold at open. Result +1.1R
Price hit T1 target in two days like a good turbo trade should. I could have used a 0.15 stop on this lower volatility stock.

If it seems like I'm pushing it, yes I am. I'll explain why in the EOW update.There's a lot of charts that are over-extended and perfect setups are rare at the moment. There'll be more soon as the market is consolidating at this level.
We have only three trades open atm (MMS-cfd, CAJ, NWH) with plenty of cash for more.

 

[peter2]

Trading update: New trades on stocks that I rarely trade. Anything can happen.

BPT: BO-NH. Bought this pm at 0.93, iSL at 0.86.
I rarely trade this as the price follows the price of oil and if oil drops overnight then BPT will open down. The only way to offset unexpected large moves down in the POO is to trade the POO directly. I'll be keeping an eye on it while this trade is open.
The chart shows the correlation to the POO as it shows the oil ETF OOO in gray.


TPM: Reversal. Bought today at 5.20. iSL at 5.00.
Clearly a reversal "gutfeel" trade. You can immediately tell that it's a reversal as the chart background is not green. I'm hoping that the demand shown by huge doji bar resumes and forces the shorters to scramble. My aim is another quick "turbo" trade (target near 5.50).

The gray line in the chart is TLS. TPM has recently turned stronger than TLS (RSC).

 

[peter2]

Trading update: Another new trade. Capital exposure now 4%. Heat 5%

ASL: BO-NH. Bought at 2.20, iSL 2.05.

 

[peter2]

Trade update:
MMS trade has continued higher. Today's price action >15.50 is another BO-NH so there's no reason to sell at T1 because it was just above this new BO-NH. We'll raise our TS and let price go higher. Brokerage costs have doubled due to converting this trade from cfd to an equity trade. Another reason to let price go higher
.

 

[peter2]

A made a comment about the use of leverage on another thread. We also use it in this thread so it's time for a review. Ignoring the start when Pavilion103 started his thread with a stack of trades, I've limited the use of leverage in this thread to an extra 30%. I've put the chart of how much we've invested below our performance chart.

You'll notice that we use leverage when things are going well. That is, when all our positions are in profit and our market filter is bullish. We only use it for short periods of 1-3 weeks. IMO we've used leverage very conservatively.

 

[Kryzz]

A made a comment about the use of leverage on another thread. We also use it in this thread so it's time for a review. Ignoring the start when Pavilion103 started his thread with a stack of trades, I've limited the use of leverage in this thread to an extra 30%. I've put the chart of how much we've invested below our performance chart.

You'll notice that we use leverage when things are going well. That is, when all our positions are in profit and our market filter is bullish. We only use it for short periods of 1-3 weeks. IMO we've used leverage very conservatively.
View attachment 73159

Top stuff Peter, not far off the 100% mark now.

Apologies if this has been posted previously - which software is it that creates your graphs/figures of % of funds invested etc? Thanks

 

[peter2]

It's getting there but there's a road block looming (details EOW).

The graphs are part of a personal excel spreadsheet where I record all the trading details.

 

[Kryzz]

It's getting there but there's a road block looming (details EOW).

The graphs are part of a personal excel spreadsheet where I record all the trading details.

It's getting there but there's a road block looming (details EOW).

The graphs are part of a personal excel spreadsheet where I record all the trading details.

Thought that might have been the case - looks good! I'll have to brush up on my excel skills.

 

[Rypieee]

Ex-Scientist turn technical trader with MADD VBA and Excel macro skillzzz

 

[hallph]

Impressive stuff Peter. You're using ProTrader for your scan yeah?
I need to find some hours this weekend to re-read all of your posts and review my previous notes. I've said it before, this is an amazing resource. Thanks again, and keep up the good work