July 10, 2023 (1 Trade) (+$37.00)
Overall Grade: B+
DAILY - SPY
5 MIN - EOD
TRADES
Trade 1 - Long 2 Puts @ Resistance & 30Min Downtrend Channel
Grade: B+
- This is a decent trade, but not a great trade
- 30 min downtrend channel (no photo) was not a significant downtrend channel
- entry was good on this trade which made it easier to hold, max drawdown was about $6 and I made $37 on this trade
- almost closed a couple of times, stop was a candle close above 439.30 (didn't quite stick to that but I was ready to stop out right before the final drop
- should have held full position through the low to VWAP (target), especially since it was the 3rd attempt at PM High/PM High Resistance (solid blue line)
- 2nd exit was beautiful, just as planned and that especially made this a 3R to 4R trade
- good job holding this trade - makes it so much easier with an entry at resistance
FIX: Not much to fix about this trade but make sure I am only trading set ups I trade frequently
TAKEAWAYS: Entries are everything. They limit your downside risk and allow you to hold trades easier because you are in less drawdown. Sniper entries and holding winners will lead to profitability, as long as I am strict about cutting my losers.
