If you have just completed PTS and are starting your trading plan and you have no idea where to start here's a tip.
Trading Journal: Many trader's keep a trading journal or if you prefer diary. It's something can help you recall events that were happening on a particular day. It can be invaluable as you are reviewing your trades. Especially if you get behind and are reviewing trades from a week or two ago. It doesn't have to be anything fancy just record anything that will help you improve your trading. Some things you might record: entry, stop, exit, the result of the trade, was the trade your own idea, etc. If you want to make your journal even more powerful record your emotions at each stage of the trade. Did you get nervous on the first pullback? How did you feel as the stock approached your target or stop.
Your trading plan should contain an entry documenting how you journal. On paper, voice recorder or even video. It's really up to you how you want to journal. I tried audio journaling for awhile but found it hard to find specific trades and such so went back to journaling in an editor. Journaling is not something you have to do forever but it can be an important tool while you are learning.
For more information on trading plans:
https://newtradersupportnetwork.locals.com/post/270588/the-dreaded-trading-plan
2 trades for me today with +1.5R total
1st Trade QCOM +2R
148.39/149.97 exit 143.25
12% gap down under pivot support and 50ma after a strong daily double top rejection,. I took it on a congestion breakdown with a fairly wide stop, leaving my 2R target 50c over its ATR, slow but consistent move down with great RW, hit my target on the penny before it bounced.
2nd Trade AQB -0.5R
9.40/9.70 exit 9.56
I rarely trade stocks under $10 and even more rarely short them. I liked this daily chart as it broke its uptrend channel and stayed under a strong 9.50 support line enough room to its daily 50ma. I entered after a pullback with a fairly wide stop but only 1/3 of its ATR used at the time. It failed to break down with the strong market open and stayed in a narrow range.
I actually broke my plan with this trade as I lowered my stop to a pivot where price made a big bounce earlier at 11am with a large seller sitting there. My thought was that if it breaks that level again then it will likely...
1 trade for (-1R)
I took a BD on QCOM. I was worried about the target being close to the daily range, so I took a tighter stop on the 2 min chart. I am looking through PTS right now, most of the examples have 2 options for where to put your stop. It looks to me like one of the stops would be at the bottom of the main consolidation area, and the other at the bottom of where there has been a shakeout or turnaround bar (if there has been one). Due to the daily range I took the tighter one on this. In hindsight it seems obvious to take the wider stop, but in the moment it looked ok.
I was then looking at the 15 min 3BP on QCOM, but the reason I used a tighter stop in the first place was because of the range. The 15 min 3BP would have needed to have gone even further than the wider stop on the 2 min BD, so I didn't take it.
