June 22, 2023 (4 Trades) (-$42.00)
Overall Grade: C+
Day Summary: I didn't trade horribly today but I still ended up red. It just felt like I miss timed everything today. I made some mistakes and missed some opportunities, but i feel like I am seeing the trades to take, just not executing on them.
DAILY - SPY
5 MIN - SPY
TRADES
Trade 1 - Long 2 Puts @ Trendline + key Level
Grade: C+
- I don't usually trade the open but I did today and got smacked by a rouge candle (normal at the open)
- stop was a candle close above the trendline but this flashed up in a second and I just stopped out to manage the damage incase it continued ripping through highs
- good entry for a break and retest of key level/trendline with a target of yesterdays low (red dashed)
- also good that i was holding the winner to target and i just happened to get spiked - that won't always happen and I need to continue holding winners
- bad thing was I did buy puts into support as this was a range
FIX: Buy puts into resistance and calls into support
**Missed Trade** (see below)
- Man when i tell you I almost bought calls on the dip (grey circle)
- To take this you need to trust the trend, but i had a feeling shorts were getting too excited and I could use their stops as fuel for a move long
- I need to start asking myself "where are retail traders likely positioned, and use those stops as a catalyst for a move in the oppositen direction"
- This would have been a huge trade, and this move continued higher
FIX: Grow some balls and take the trade - even a stop under the previous breakout candle is almost 1:1R if you hold to previous HOD
Trade 2 - Long 2 Calls
Grade: B-
- Buying calls in an uptrend - good - GO WITH THE TREND
- entry wasn't perfect - once the previous candle closed red I could have looked for a better pullback before entering
- This was a decent scalp but the R was not there
- stop was a candle close below the big green candle after the wedge break - good job sticking to plan
- CPI High (dashed pruple) was a good target especially since the trend was slowing
FIX: Be patient on those entries
Trade 3 - Long 2 Calls
Grade: B
- This was the trade of the day, this is the one that hurt
- Good job buying calls on a pullback early after the strong bounce
- Good job using key level (yesterdays low) to base an entry off
- stop was a candle close below yesterdays low and we never closed fully through it (possibly a couple of cents) but I shouldn't have stopped this trade - i gave it no room to breathe
- This stop was at the very low of the move and we had a big push that woulda made me $100+ (coulda, woulda, shoulda)
- good job buying calls into support, but could have been slightly more patient
FIX: STICK TO YOUR MF PLAN DAWGG WTF !!
Trade 4 - Long 2 Puts @ Trendbreak + Retest of key level
Grade: B-
- I gave this trade a B- because I at least took a 2-factor trade
- I was fighting the recent trend though (arguable daily trend - 5min)
- I was green for most of this trade, my mistake was not stopping out breakeven once the last attempt to sell off wicked and turned green
- Although this wasn't the best trade, the entry was decent and there was a clear stop
FIX: Don't Fight The Trend