1d:5m
- Basically was shorting a massive trend day occuring from Breaking News, Trend Day, and ORB. There were 3 clean ways to trade this move with clear strategies defined in the playbooks but I went against all of that and tried to just adhere to my own biases. This is my biggest problem. For some reason I think that when things are pointing all in 1 direction I have to try to fade that move. I need to understand that the market moves on a day to day basis and any 1 day can be a massive move. That move can still be small in comparison to the 30m channel or whatever but intraday there is so much money to be made by following the momentum and I was trying to go against the momentum. Its insane at this point that I am still trying to fight the trend this much especailly when this was a CLEAR massive trend day.
I wrote posts in these 3 playbooks. The Trend Day and ORB are the same posts because ORB is so simple but Breaking news is slightly different. The story is all the same though, WHEN THERE IS STRONG MOMENTUM TO THE UPSIDE AFTER BIG BEARISH MOVES AND WE ARE ABOVE ALL THE ANCHORED VWAPS TO THAT BEARISH SENTIMENT. GO LONGGGGGGGGGGGGG
Playbook: Trend Day (tradejournal.co)
Playbook: Opening Range Breakout (tradejournal.co)
Playbook: Breaking News (tradejournal.co)
Trade Ideas: F
- Terrible. No reason to short whatsoever. When I have 10 variables and they all say long and I am trying to go short, something fundamental is very very wrong. I think sometimes I get too stuck in the discretionary side of trading where I am looking at all of my parameters and for some reason my intention is to fade that move. I remember in this trade I was trying to watch the ADD and see if it was going to fall off a cliff because I thought sellers would just random pop in at any moment and crush the SPY. That never happened though and yes I controlled my losses to pretty much the bare minimum which is great if I am comparing this to last year, but still I need to realize that being a discretionary trader does not mean that I trade from my personal thoughts. I still need to act as though a computer is putting together all variables and I am acting accordingly to those variables in terms of sizing, entries, exits, and walking away. When we have everything as bullish as it was, defined in my post in Playbook: Trend Day (tradejournal.co) Just follow the momentum.
Execution: C
- If I had placed my target at the ORB high and then placed my stop at the HOD then this wouldve been a profitable trade. I clearly overtraded the idea of it being short and me entering and exiting multiple times is just a clear indication that I did not trust my analysis on the day. In terms of controlling losses when shorting a big trending day, I did good there. That doesnt mean much though because had I actually just stuck to my plan and had the proper stop and target, I wouldve made money anyways. I dont know if that is a good thing though because I was still taking a 10 point drop in a 50 point move higher. That is NOT good lol. It is much easier to just take 15 points of the 50 point move higher than it is to take 10 points in a 50 point move higher.
Mindset: B
- If there was 1 thing I am happy about, it is my mindset. I was not angry when I lost and I was not having FOMO when I missed out. I did 100% fail to recognize the true momentum of the day and I think that is a major major major flaw in my process that I can work on, but throughout the session I was never on tilt and I never jumped in out of fear of missing out. I think that is not too bad of a thing.
