July 17, 2024 (2 Trades) (+$61.00)
Overall Grade: B+
Day Summary: I took 2 decent trades today, one of which coming in the first 5 minutes of the open which is something I rarely do. I had a great entry on that trade and a clear target, but I got emotional and closed the trade for no reason. That resulted in me making only $25 on the trade when I should have made something closer to $100-$120. As usual, I am making it harder on myself to be profitable by not holding my good winning trades. The second trade was a decent scalp with a good entry but I still need to work on finding trades with better R's.
DAILY - SPY
5 MIN - SPY
TRADES
Trade 1 - Long 3 Calls @ Surprise Opening Drive Pullback to PM Middle
Grade: B+
- After being in such a bullish market and having the overnight session selling off the way it did, I am calling this a Surprise Opening Drive Trade
- ^^ I have been looking at spots where retail gets trapped, and after the PM sell off my intuition said retail would be hammering this short at the open
- Remember intuition is not really a good reason to enter a trade
- After seeing the opening push, I took a pullback of the PM middle line
- Great entry! Never red on this trade
- Hold the winner - bad - target was the PM high line
FIX: Hold trades to target or stop! That is the only way that the R actually makes sense
Trade 2 - Long 3 Puts @ Trend Continuation Pullback to Multi Key Levels (PM low, target line)
Grade: B
- good entry at an area with multiple levels
- good job recognizing that we had been making LHs and LLs
- scalping this trade was a good idea bc we have been in such a bullish market and we were in a choppy zone
- chop zones are for scalps, trades to hold are for when there is movement/volatility
- following intraday trend - good
FIX: Not always the best win % when trading in a chop zone like this
