June 26, 2023 (4 Trades) (+$9.00)
Overall Grade: B-
Day Summary: Trade 1 was shit today but it was actually a perfect example of what i have been doing wrong. I've been continuing to buy into resitance and sell into support, and that is something that must change. Trades 2-3 today were so much easier, although not perfect. Not gonna lie, shit felt a bit like a 'click' moment, even though it is such a simple concept. I still did not let winners run though. I need to keep working on that.
DAILY - SPY
5 MIN - SPY
TRADES
Missed Trade 1 - Joined the Bid for 2 Calls - no fill
- following the trend - good
- aggressive going for the first sharp pullback of the day - good
- buying support - good
Trade 1 - Long 2 Calls
Grade: D-
- This was a perfect example of what i have been doing recently - buying into resistance
- I was trying to "follow the trend" of the day but we had made a LH and I bought right into the trendline
- The only good thing about this trade was that I cut the loss quick
- I missed a lot of pullback dip buys during the consolidation as I recognized the box quickly, so i was a bit bias here
FIX: Buy into Support - Get aggressive early
Trade 2 - Long 1 Put @ Pullback to key level
Grade: B
- entry could have been better - closer to key level (PM line) tighter stop but then I risk missing the first good pullback
- great exit into support
- sclap a move like this once a day with decent size and you can make good money
- good job getting aggressive
FIX: Play Line to Line. Entries are at lines. Pay-tience
Trade 3 - Long 1 Call @ key level support
Grade: B-
- buying into support - good
- entry at a key level - good
- going with "trend" of the recent push - recent strength
- could have held the winner at least for the break of the trendline
- stop was candle close below PDC - tight stop (beauty of buying at support at a key level)
FIX: Hold Winners
Trade 4 - Long 2 Puts at key level reclaim (continuation)
Grade: B
- bought puts at resistance of consolidation - good
- entered puts after fail of key level (CPI Low) - good
- played in the direction of the overall intraday trend (5min)
- hold winners - target should have been yesterdays low (dashed red) - it was also previous support from the earlier move
FIX: Hold Winners
TAKEAWAYS: Buying into support, selling into resistance are the main things I need to be focused on formy entires. Holding winners is the main thing I need to work on for my exits. And if I do those things and follow the trend, everything is going to change!