July 19, 2023 (2 Trades) ($65.00)
Overall Grade: B
Day Summary: Took 2 trades today and i could really feel the difference between the two of them. On the first trade, I was nervous the whole time, and the 2nd trade, although it was only a 2min trade, I felt super composed. I had a plan, a good entry, and I held a winning trade !! Sorta lol
DAILY - SPY
5 MIN - SPY
TRADES
Trade 1 - Long 2 Puts @ Morning resistance (no setup)
Grade: C
- fighting the trend - bad
- single-factor trade - bad
- did not stick to stop loss - close above blue line - bad
- good job holding - but hold winners, not losers lol
- entry was decent (morning resistance) but overall this is just not a high probability trade
- risk management in the end was good - closing 1 contract before the breakout and the last contract into strength down into the holding resistance
FIX: Don't fight the trend. Don't trade No Setup
Trade 2 - Long 2 Puts @ Morning Reistance after fake reclaims
Grade: A
- great entry - puts at morning resistance
- entry at key level
- sold one contract too early with no reason to sell but great hold on contract 2
- covered into key level (Yesterdays high) - smart
- stop was a candle close above entry candle - was never even red on this trade
- noticed after this was basically a head and shoulders on the 5min (white arrows)
FIX: Hold full position next time. No reason to sell first into VWAP in this scenario
TAKEAWAYS: Trade 2 was a perfect example of why entries are so important, especially for the way I trade. With such a small stop loss, it makes it significantly easier to hold/manage trades and to just be profitable in general.