goal:

identify support level.

enter trade
set stop
raise stop as trade moves green

HOLD trade for target area.  Do Not Sell unless target or stop hit.
Focus on ETFs.  do not micromanage the trade.

daytrade:

pick strong stocks in strong sectors --- on strong signals.    Don't overthink

best trades:

only watched half the market but the market was deep red and TZOO, CHKP, AAPL were up strong... so these were the ones to trade for a squeeze and indeed -- they all jumped into the close,  SINA too.

With TZOO, and CHKP --- vol. was particularly strong -- there was little risk here ... and lots of upside despite entering extended conditions.

 IWM was down big and had a feeble bounce. 



  main ideas:  1. You can't control what you'll make.  You can control how much you'll lose.   

2.  Trend trading must focus on strongest stocks always -- regardless of your feelings on value.

mistakes

was attempting to fade the market after 3 bump set up in TZA emerged -- kept a wide stop and took bigger than normal loss.

attempted TZA again end of day --- stopped again.

Almost took SODA on breakout -- was the leading IBD name... but chickened out..  ran 2 pts. in a hour after I saw it move. 

Will need to be willing to go with strength... keep the stop tight... it'll work or it won't.  But contrarian fading is no good intraday.    failure...

triple sets:

some triple touches work, some don't.

 You won't know until

a) they touch
b) you connect with market action.   GDX failed a few days ago - but its plunge to the bottom corresponded exactly with a plunge in the indices.  When the indices bounced, GDX bottomed as well and went on to make a huge move 3 days later.  (GDX outperformed on the big rally day.)



These set ups often take time to form and time to push out and extend.  I need to take more positions and hold... as long as the market is doing okay -- hold on.  And wait for the touches.  The best entries are markets that are holding up well during corrective times.

trend trade? no

GDX formed triple bottom at support - entered on upside break which failed, hit new lows...

GDX was down 2% at the time so trend was down , market was weak.  This was a contrarian play instead of an actual, bull flag or 'rest' to a new level.

 Market still weak...

 continuation patterns - easier to go with the flow.  TZA broke pullback and ran 1.40 in an hour.

1) identify 10 day trend, wait for pb, trade in direction of major trend.

gap up bounce

very strong bonce...   IWM , QQQs break thru top of channels   (key sign to avoid shorting today)

I shorted anyway - small loss.

AAPL and many others gapped up big to top of clear channels...  GDX.

IWM - magnet to top of 5 day range.

Clear sign:  99% IBD names green...  huge 11:1 up/down NYSE vol.   Squeeze day. 

IWM is climbing despite negative MACD signals. 

 -- set up was to buy  o/n  -- many stocks hit highs by 11 --  window of movement is very brief.  Now it's likely all churn until next stretched conditions.  

watchlist 100% green -- covering day... low vol. riser day...  lot of junk up big.

channels broken... oversold conditions gone now.

had SLV pegged -- dumped it instead of holding on for .60 gain... need to be patient with winners.