Trading The Open Members’ Area Preview2018-11-09T13:24:59+00:00

MEMBERS AREA PREVIEW

Current Downloads (download these now):

Right click
on each link one at a time and choose file/save as. Allow 10 – 15 minutes per download.

 

https://s3.amazonaws.com/(members only)/tto8nov2018gta.wmv

 

https://s3.amazonaws.com/(members only)/tto8nov2018.wmv

 

 

To download, follow directions at:
https://www.youtube.com/watch?v=l4PtWg0Jlj0

They will be removed permanently from the server after 2 weeks, and will never be reuploaded, so be sure to download and save them (and a backup) to a safe place. Do not ever ask me to reupload old files, as I will not do this. So download them on time, and backup to a safe place, thanks.

  Video links:

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LESSONS LEARNED & TRADING RULES

updated 11/5/2018

Successes I’ve Made, to Follow

  • trail tight stops once it’s ran strong 9:30 – 9:50
  • cancel/close any morning ORB trades that don’t fill by 10:15
  • no new directional trades after 2pm (scale-ins only)
  • use whole number s/r levels
  • use mid-dime entries eg 46.35 vs 46.3
  • no chasing, no jumping in too fast either
  • look at color of SPY & your ticker: only buy when both green (red spy for inverse etfs)

Mistakes I’ve Made, to Avoid

#1 Mistake = overtrading bounce attempts (LABD)

FIXES: 3 strikes rule, progressive downsizing, no new bounce trading after 10:30am;
“4:1 Ratio” 2-day high breakout & gap continuation vs bounces rule

#2 Mistake = failing to focus on Simple Intraday swingtrades (LABU)

FIXES: ID 2-3 candidates premarket; enter initial trade orders by 9:30;
no overnight holds to fix;
LIMIT 7 trades per day if your P&L is red at the end of your first 7; no new trades 10:30am – 3pm; scale-ins & tightening stops only; end of day new swing entries ok

TRADING RULES

  • Enter .30 – .50 above current high of day 9:30 – 10am
  • 50 shares for bounces/inside days; 100 shares for 2-day highs & minor gap continuations
  • Initial stop = .30 – .50 under low of day for gap/2dh entries only; for lower-odds bounce/inside range charts move stop to breakeven asap; max .40 initial stop
  • Trail close stop on ½ position as it reaches whole numbers and 11am-noon, use breakeven stop on remaining shares
  • Trail close stop after 3pm
  • Maximum 3 tries per ticker; do not overtrade
  • (Optional) add more shares .30 above whole number resistance to scale in
  • If you scale in later in the day, tighten in trailing stop to breakeven; scale in/add on no later than 1pmET
  • no entries after wide range days; remember wide/flat alternating rule
  • downsize bounce attempts after initial stops; only upsize once profitable; 3 tries max; do not overtrade; stick to 3 strikes per ticker rule
  • LIMIT 7 trades per day unless up > $200 or more minimum; no trading after 10:30am
  • 20% bounce attempts maximum, 80% 2-day high rule; 4:1 ratio breakouts vs bounces ; max 2 bounce attempts total per day
  • MAIN goal is 2-day high intraday swing long trades = foundation (LABU vs LABD)
  • overnight holds for those closing near high of day only
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