July 14, 2023 (3 Trades) (+$34.00)
DAILY - SPY
5 MIN - SPY
TRADES
Trade 1 - Long 2 Puts @ Morning resistance / Trendline
Grade: C-
- fighting trend from PM
- arguable multi-factor trade I suppose but not strong factors
- entry wasn't bad but I didn't stick to stop - candle close above trendline
- what was target ? VWAP ? PM High? PM Resitance ? Yesterday High ? All those were going to be tough levels to break especially PM High because that had proven support
- Basically, R didn't make sense here
FIX: Take Trades Where The R Makes Sense
Trade 2 - Long 1 Call @ Pullback to PM Support Low
Grade: D
- gamble trade - bad
- fighting the trend - bad
- held with a fuck it mentality - bad
- got lucky because I was 1c from getting stopped out on the option contract at the Low
- Theta ate me alive because I covered this trade breakeven
FIX: Don't Gamble In The Stock Market
Trade 3 - Long 1 Put on XOM @ 5 Min VWAP Fade
Grade: B+
- entry was near support - bad
- recognized overall bearish day on XOM - coming to a level of support for the 5th time on DAILY (no photo) but likely to break after so many attempts
- good job knowing HTFs
- Did a great job holding this trade - watching volume pick up in 5min and 15min throughout the trade even though it was midday
- Was waiting for that big flushout which we didn't get but I did cover right at the LOD when it seemed the selling had peaked (good guess)
- 0dte option bought for .08 and sold at .60 (8$ turned to $60 ~ 700% returm)
- This was a great example of letting a trade work for you
- Tried to add 1 mroe contract on the pullback after my entry, no fill even when I left the order out for 3-5mins
FIX: Enter at a level of resistance - other than that, not much to improve this trade!