June 29, 2023 (4 Trades) (-$42.00)

Overall Grade: C-

DAILY - SPY

5 MIN - SPY

                                                TRADES
Trade 1 - Long 2 Puts @ Pullback

Grade: C+

  • poor entry - not at key level
  • bought puts into intraday support
  • I traded this with a bias expected that this was a fake move up after open and the PM trend (5min) would continue
  • I did know this was an aggressive trade, but my bias was strong so I wanted to get in early incase we started a big move down through LOD with continuation (trend day)
  • Entry wasn't horrible, but def could have been better (top of recent 1min candles instead of the middle) - I was green on this trade for a couple minutes
  • stop was a candle close above VWAP / Blue Line (PM range low level) and we got it
  • This was a wide stop but this was an aggressive trade, and if we had continued lower it could have been a massive trade - if i held of course

FIX: Be aggressive but still try to get the best entry (PDC in this case). Also don't buy puts at support

 

Trade 2 - Long 2 Puts (no setup)

Grade: C-

  • This was a scalp from the start in my mind, but it wasn't a high quality one
  • Bought puts at intraday resistance at least (most of the day)
  • took profits quick on this trade but that was the smart move, especially when trading no setup
  • This trade was not worth the risk - better off buying calls at VWAP/Blue Line

FIX: Don't trade without a set up. Don't trade in the middle of a range

 

Trade 3 - Long 2 Puts @ Key Level

Grade: C

  • could have been more pacient on the entry (PDC)
  • wanted trend continuation from the wedge breakdown so this would have been the entry area but the bounce was just too strong
  • I was still trading a short bias even though this level had shwon support all day - puts into support (range day)
  • Stop was a close above PDC - tight stop - also took off 1 to reduce risk bc I was unsure of this position (should not trade it at all - FOMO - Bias)

FIX: Don't buy puts into strong intraday support that has proven, especially on a range day

 

Trade 4 - Long 1 Call@ Pullback (continuation)

Grade: C-

  • going with the trend at least
  • this trade was not worth it - I made 1$ and spent $1.32 in comissions lol
  • Already made a LH (1Min) so its a dangerous spot to buy calls
  • Even though we had a "trend-like move" on the 1Min, we were still basically in a daily range from PM
  • This was a forced trade bc I was supposed to be getting ready for work

FIX: Just don't trade this. No need

 

TAKEAWAYS: I was trading with too much of a short bias today as I have been through the recent move long (I am a trend reversal person at heart lol). I do like the fact that I got aggressive on Trade 1 because if it didn't turn out to be a range bound morning that could have been a nice trade. Other than that, today just shows the importance of identifying early if we are trending or ranging on the day.