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Best Trade of the Day: Demand Zone 1 Long (same exact pattern as Market Push Supply Zone 1 but opposite) wait for premarket low hold and once it confirms go long
Worst Trade of the Day: Market Push Supply Zone 1 That I didnt hold long enough even though everything said to hold the trade.
Mistakes:
1. Cut all of my first trades that I was squeesed out of perfectly BUT I was way too impatient to hold the supply zone short that wouldve given me an easy 1.5$/share
Solutions:
1. Stick to the plan.
What I fixed from yesterday:
1. I didnt take any anticipation of the backside moves (shorting frontside)
2. when I took a 5 minute failed breakout and it iddnt work I waited a very long time to try it again when i noticed weakness
3. I kept my trades down to a minimum of 8 which is perfect because I went for 3 Setups which allows me a total of 9 trades so i stayed below that number
4. Didnt revenge trade anything and left once I realized that I was not going to make any more money
Rules
1. Always stick to the Plan -Failed
2. Never take more than 3 trades going for the same Setup -Success
3. 90% of Profit must be taken at 1.5$/share. If there is a good opportunity to add into the trade again then you can do it but only on clear marker red days. -N/A
4. Assume the money is lost before the trade is executed. -Failed
5. Never stay stagnant with Sizing. If you stay the same size you look for more which only hurts you -Success
Notes:
1. I am not happy with the way that I handled the perfect entry in the MPS 1 Setup. I should have held those shares for the breakdown but for some reason I sold very quickly. I think it is mostly rooted in the fact that I am only 100$ above PDT which I was definitely aware of. I was already down 20$ going into that trade from initial losses so I ended up panic selling for smalll profit when i couldve easily made 60$+
-I am not sure how to take this trade more confidently. I think that I was slightly surprised by how hard the initial bounce was so maybe I should be more prepared for the bounce and once it starts to fail i need to hold composure and take the trade. There was a big gap down and a huge crash from Job data in PM so I think my plan should be as easy as "wait for the failure to move higher" and go for the weak 5 minute failed breakout that eventually turns into a supply zone short.
2. I need to start paying attention to Demand Zones and long trades more because my best r.r trades of the week were 2 longs where i made multiple dollars/share. Focus on these a little more and dont dismiss them. they could possibly be hot for months and dont want to miss out and just start once they become hard again (like you did the last 5 months with supply zones)
3. I improved massively from yesterday in terms of patience and waiting for my setup to show itself BUT not holding that trade was absolutely unacceptable and i should never do again. Stick to the plan always no matter what. I knew there was going to be a "failed move higher" type of setup whether that be a supply zone or just a 5 minute failed breakout hold below opening price. doesnt matter, shouldve taken and held that trade
TRADING IS EASY, FOLLOWING THE RULES ARE HARD
