June 15, 2023 (1 Trade) (+$22.00)
Overall Grade:
Day Summary: Today was a wildy strong day for how much we are already up, but the bulls never give up. I somehow made money going short today, but it was again a countertrend trade, which typically results in most of my losers. I do know why I can't just trust the trend. I feel like it is going to fail at any minute. I need to get that out of my head. You could have went long at almost any point today and made money, but it was a slow grind so it would have been difficult to hold
DAILY - SPY
5 MIN - SPY
TRADES
Trade 1 - Long 2 Puts @ Key Level (OR) (countertrend)
Grade: B
- For being a countertrend trade, it was potentially one of the best you could have taken today
- Entry was early at OR but I could have waited for the yesterdays high level (green) and an entry closer to the trendline - tight stop
- stop was a close above yesterdays high and trendline
- I sold 1 of 2 contracts before the actual move - I need to stop doing this on trades that are working for me - I need to improve my R by holding full size into winners
- Exiting the trend quickly was the plan because we were against the trend, but there was no reason to close the first contract
- I did sell into support - not ideal
- This was a good example of a multi-factor trade