PocketPAT

As usual, I've made a few changes since my last update. Ironically enough, upon reading my last update, it seems that I may have gone in circles a bit lol (albeit not surprising). Although, I maintain the thought that I've never wasted any time. Even while switching back and forth between swing trading and day trading; using dual SMAs or single, I've only ever progressed each individual strategy every time I've touched it. Nonetheless, I've reintroduced VWAP as a replacement for one of my dual SMAs these past couple of weeks. VWAP has always been a solid indicator for price-action at market open, and has repeatedly provided all that I'd ever wanted on momentum stocks: indication after market open of the day's long-term momentum. With an overall chart hypothesis, once the direction was confirmed by VWAP (typically around 9:45AM/10AM), I've been simply riding the wave until momentum has shifted. This is obviously best practiced on the stocks that I love, slow-moving Mid-to-Large Cap stocks. VWAP also protects me from the choppier segments of the market session, where people seem to be fighting over whether or not the price-action breaks above or below it. Back-testing VWAP as an SMA replacement on multiple stocks, this will also serve me when I eventually trade higher priced stocks as well. There are some nice benefits to using the second SMA over VWAP, but the cons outweigh the pros; so this is the direction til further notice. I'm reminded that I'll likely always be tweaking my strategies, as I'd not realized that these tweaks may be due to market environment changes (not simply because the strategies themselves did not work). Still, my goal will continuously be to narrow my strategies to just a few universal methods of trading. I've also decided to maintain trading from 9:45AM. The biggest struggle with this is FOMO, but back-testing has proven it most profitable to wait the first 15 minutes on slow-movers. I'll miss out on a few nice runs, but as stated before: these quick moves are typically too volatile anyhow. 9:45AM seems like the sweet spot for a confirmed direction and controlled momentum. I've made a few changes to my scanning filters. At first, I'd created a few variations for future equity milestones; but I've seemed to have found a single set that will satisfy all of my needs going forward. I'll only be scanning and trading stocks with the following filters: ADR 0.75-2.50, AVG Vol 3M+, MKT CAP 1B+, Last $20-100. While this currently provides a nice 146 results, I'll be maintaining a watchlist with these filters even while some of the solid charts wont be used any time soon. This will serve me as I grow my account from $30k to $50k, to $100k, to $200k, to $500k and beyond. I'll always sort my watchlist by the highest ADR, to achieve profit goals the easiest. I've also decided that after $500k, I'll look to switch to either 1/2 swing trades + 1/2 algorithmic day trading, or (if algos are much better than swings) I'll go 100% algorithmic. Lastly, I've been using a detached TOS "Dashboard" for Bid/Ask, set to "always on top" of ETrade Pro. It's been working out beautifully as a cute little box that fits just below my active position "Last". Things are still moving along =)

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