June 13, 2023 (5 trades) (-$11.00)
Overall Grade: C
Day Summary: Today was CPI, but nowadays the CPI reports have very minimal effect on the market. Tomorrow we have PPI in the morning, followed up by a Fed rate hike decision at 2pm. There were some decent plays today but unfortunately I traded myself out of the game early on as usual. I seem to always go red early and then scalp my way back to small red or even profits, so if I can be more strict with my first trade of the day, that could help me stay more consistantly green. I also tend to hesitate or cut winners early when I am trading from the red so it is just that much more important to get green from the jump.
DAILY - SPY
5 Min - SPY
TRADES
Trade 1 - Long 2 Puts @ CPI Data Candle High (purple)
Grade: D-
- This trade was really bad - I put too much enphasis on the CPI data candle as a technical and traded this with a bias - neglecting the good CPI news and the fact that we were uptrending
- So again ... fighting the mf trend - I deserved this loss
- I bought Puts into support - not smart
- This trade was rushed out of the gates. I need to be especially patient on the first trade of the day
- I was also going short when ADD was rocketing out of the gates (see below)
FIX: Don't trade a bias. Don't trade a "one factor trade". Don't fight the trend. Don't rush into a trade at the open
Trade 2 - Long 2 Puts @ CPI Data Candle High/VWAP (Continuation)
Grade: C
- This was at least not a "one-factor trade" - VWAP + CPI Data Candle High + Top of Downtrend Channel
- Going with the trend which is much better
- Entry on a push up - good
- Entry at key level - good
- stop was a candle closure above the levels/outside of trendline
- This is not a bad trade here, and it did bounce so I would have lost, but I didn't stick around to find out - sold early bc of being red from Trade 1 - TRADE YOUR PLAN
- One bad thing about this trade is that the 435.5 level had proven quite strong multiple times already on the day
FIX: Trade Your Plan
Trade 3 - Long 1 Call @ Hold of CPI Data Candle High
Grade: C+
- This actually became a great trade (see below on Trade 4), but my execution was poor - sold for breakeven even though my planned stop was a candle closure below VWAP
- I need to accept the risk before entering the trade and not just get out emmotionally because it's not working out immediately
- Bought Calls at support - good
- Followed the trend (even though today was a range - micro has been bullish on the HTFs)
FIX: STICK TO YOUR MF PLAN !!
Trade 4 - Long 2 Contracts @ Pullback to PM High
Grade: B-
- You could call this risky, but momentum was to the upside and micro has been bullish on HTFs so I decided to get aggressive and long a pullback to a key level
- I did cut this trade early because it was outside of my playbook/setups - but it shows the importance of getting aggressive in the direction of the trend when we see momentum
- I also should have held this trade because I had a good entry and we emded up breaking HOD at 437.2-ish - GO WITH MOMENTUM AND THE TREND !!
- Don't just emmotionally sell when you have a good entry and a tight definded stop, even if it's not in my playbook
FIX: Make a Playbook for this type of trade and I won't act as emmotionally
Trade 5 - Long 2 Puts (Trendbreak Retest Rollover)
Grade: B-
- This is a strange trade because I don't have a defined set up for it per say, but I was confident that this sell off was going to continue lower
- If I bought puts into resistance I could have had a better entry on this trade, but I also could have potentially missed it
- Stop was candle close above 437
- I sold 1 of my 2 contracts early like a bitch, as that would have put me back to green on the day
- I like that I'm getting a bit more aggressive early in the trends
FIX: Make a playbook set up for this trade (Rrendbreak Retest Rollover). Hold full position size when the trade is going in your favor