9/21/22
Grade: C+
Goals: Be more selective and raise winning %
Reminders/Aphorisms:
- Don't fight the trend;
- Be patient, take good set-ups
- Respect at least 2:1 R/R
Overview: SPY and QQQ continue to bounce around in their range. Today the SPY is opening up a little bit in the intraday supply zone around 386. This is not the strongest of supply zones so we will see if it respects it. However, we still have the 388-389 level (prior demand zone now a supply zone) that is working as the top of the range, and the bottom of the range around 382. Again if we break down past this 386 level to move is down to 382. If we break the 388 level the next level is around 395-396. We have to be very careful today as JPow is speaking at 2:00 p.m. with the rate release. Since he's a pussy he'll probably only raise it 75 pts and we'll probably go green and break above the 388 level. However if he has some balls and raises 100 pts we could see a move down and break that 382 level.
Trade Analysis:
- Trade 1 was a short off of resistance on the supply zone at around 386 and the body of the first 5 minute candle. Was risking 25c looking for 50c. This was a riskier trade so I took smaller share size (35 shares). This was probably a C setup at best which I'm not sure I should have taken. I was biased in taking it becuase I have to go into the office today and can't trade for an extended period of time. However I'm glad I realized this was not an optimal setup and that I took my profits quickly for a scalp.
- NOTES: On days where I need to go into the office or have something early I should NOT force trades.
Lesson moving forward: Do not force trades if I have to leave early - there will be other days and opportunities.
