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.