July 18, 2023 (2 Trades) (+12.00)
Overall Grade: B+
Day Summary: Today was another bullish day. It really feels although this market is unstopable right now. I took decent trades today with good entries, my problem today was trade management. Let's check it out:
DAILY - SPY
5 MIN - EOD
TRADES
Trade 1 - Long 2 Puts @ PM Resistance
Grade: B
- entry at resistance from PM - good
- single-factor trade - bad
- fighting intraday trend - bad
- I didn't have a planned stop when i entered - bad - but I quickly decided I'd stop at a close above the PM resistance
- I felt way more comfortable in this trade once i had a planned stop
- I knew we were uptrending intraday so i was pretty sure this was only good for a scalp to the uptrend and i was right - good exit on contract 1 at support/trendline
- should have covered both since this was a planned scalp trade - instead stopped at breakeven for contract 2
FIX: Take full position off when scalping. Don't fight the trend.
Trade 2 - Long 1 Call @ Consolidation Support Reclaim / Fake Bottom
Grade: A-
- entry for calls at support of previous attempted breakdowns - very good (reduce risk, tight stop)
- good patience for the entry to reclaim the consolidation support (red line) first, and then sell back to support where fake bottom was bought
- 3 bar fake bottom pattern
- following the trend - good
- trade management - BAD - hold this shit man, why sell this ?? Put stop at breakeven if anything
- stop was a close below the low, target Yesterdays High (dashed green) - would have worked
- I basically had a -R based on where I closed for profit
FIX: Hold your winners. It is paramount!