June 28, 2023 (3 Trades) (-$11.00)
Overall Grade: C
Day Summary: Today I had a short trading session because of a doctor's appointment and I did feel a bit pressured to put on a trade. Neither of the two trades from the morning session were very comfortable for me, but both would have been winners if I held, and one would have been a nice winner. The 3rd trade was from work on my phone. Yeaa, not gonna do that again. That was stressful.
DAILY - SPY
5 MIN - SPY
TRADES
Trade 1 - Long 2 Puts @ Trendline + Key Levels (VWAP & PM Low) (Range)
Grade: C-
- entry was rushed (FOMO)
- I was not comfortable in this trade and that is why i closed it quickly, but if I had held, and I should have bc stop was a close above VWAP) I would have made money on this trade
- With the above being said, I'm glad I got out of a trade that i wasn't confident in
- I bought puts at support, so that was the main reason I was uncomfortable
- The fact that we had just made a LH on a fake trendbreak should have given me more confidense in this trade (result below)
FIX: Patience on the entry. Hold to planned stop. Sell into Resistance, not Support
Trade 2 - Long 2 Calls @ Break & Retest (continuation)
Grade: B-
- Following the trend - good
- Buying calls at HOD - not so good, however after the morning range and fake low, it made sense that this would continue up
- red retest candle - not prefered
- stop was candle close under break candle
- Sold winners immediately into green - stop those mfs at breakeven bc this trade ran up after this
- I was also a bit uncomfortable in this trade bc it was a HOD B&RT
FIX: Same as usual, hold the MF winners !!
Trade 3 - Long 1 Put @ Key Level
Grade: C-
- **This trade was taken on my phone at work, so charts looked different**
- First off, don't ever do that again ^^
- Otherwise, this was the middle of an intraday range
- This was a Key Level from the 30min time frame, but you can't see that level in this photo, only on the mobile app
- Too choppy to be trading this late in the day
- Stop was a candle close above VWAP but this trade would have worked
FIX: Don't trade on your phone at work - simple as that
TAKEAWAYS: I am seeing the right trades and entries, just not properly executing on those trades. That is a good sign. At least i am right about direction. Clean up the execution and watch the green start rolling in. Other than that, as usual I NEED to hold my winners. That is killing my P/L right now and making it near impossible to be profitable. 2nd trade of the day would've been a day maker had I just put a stop at breakeven and held. Remember that.