July 15, 2024 (3 Trades) (-$70.00)
Overall Grade: D
Day Summary: This is the first trade review I've done in almost a year! Crazy! But after six months of diving I'm back in NH and ready to lock back in on trading. However, today I traded super poorly, including fighting the trend and holding a loser even when my thesis is broken. I don't know why I keep doing that because I used to be so good at quickly cutting my losers and that's during a time when I was actually profitable. I need to get back to that. Anyways, let's look at the trades.
DAILY - SPY
5 MIN - SPY
TRADES
Trade 1 - Long 3 Puts @ Weight Resistance (No Set Up)
Grade: D
- horrible trade
- fighting a super strong trend
- entered in the middle of levels
- added to a loser
- the only reason I took this trade is because Weight was showing signs of weakness at resisance (see below)
- I don't normally use Weight as a reason to enter a trade but I did that today for some reason
- I also didn't close this trade when my thesis was broken (close above resistance on Weight)
- The only good thing about this trade, and the reason I gave myself a D and not an F, was because this did end up being the key level on weight, I just timed the trade wrong because I was fighting the trend. Why ? Because Iwas trading what I wanted to happen and not what was actually happening
FIX: Observe the market and what it's doing and then act on that. Trade was is happening, not what I want to happen
*This trade did end up working out and they level I found was the key level (see below)
Trade 2 - Long 3 Puts @ Morning Sell Off Level
Grade: C
- poor screenshot but I haven't done this in a while lol
- following recent trend - good
- shorting at morning sell off level - good
- multi-factor trade (morning sell off level, vwap, target line)
- took profits in a decent spot
- I'd missed a lot of the move by this point and shorted after a strong bounce off another double key level - sketch
- R wasn't good on this trade because a candle close stop probably would've been at the next target line
FIX: Better entry at previous high. Better R if I eanter there.
Trade 3 - Long 3 Puts @ No Set Up
- entered in the middle of a wedge - bad
- no real plan or stop for this trade - bad
- volitility started to kick in during this trade - I think JPow started speaking - bad time to be trading
- This was a guess trade - avoid
FIX: Don't guess trade. Be disciplined and wait until you have edge in a trade