9/9/22
Grade: B
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 has had 2 strong green days in a row, yesterday having more volume than the last. To the upside we have room to 406-407 Supple Zone, and to the downside we have that 400-401 level that has been a key level. The QQQs is right around the 304-305 Supply zone and would have room down to 296, with the 300 level always being important. I will not go into the market biased today and take what the market gives keeping in mind these two goals.
Trade Analysis:
- Trade 1 was a break of the uptrend trade - looking for 50c on the trade, risked 25c. Took the partial at 50c but took the runner on the first green candle that printed, close to scratch.
- Trade 2 was not great - I got in too low looking for a bigger move down. I had gotten close to 50c target but it flipped on me quickly and got out for a small loser.
- Trade 3 I took with a smaller share size - I was looking for $1 and risking 30c. I got greedy I should have taken it at 75c. The trade was a trend break up the uptrend. Problem was the the SPY had still not broken and the SPY bounced perfectly on its uptrend line. I ended up closing the trade for close to break even as the SPY and QQQs were looking like they would break out. This was a scratch trade although the idea wasn't bad.
- Trade 4 was a trend break trade on the SPY and anticipating that NVDA would follow - I was looking for a longer trend trade for $1 but then I tried an OCO order and closed out for about scratch.
- NOTES: This was a ranging day that was very difficult to trade. I'm happy that I did not over trade this or force any types of trades. Furthermore, I held to my lessons of not having a bias, taking what the charts provide, and not averaging down.
Lesson moving forward: On these trending days sometimes its better to sit it out, or look for other stocks that have better movement.