June 30, 2023 (2 Trades) ($0.00)
Overall Grade: B-
Stats after Trade 1
Stats after Trade 2
DAILY - SPY
5 MIN - SPY
TRADES
Trade 1 - Long 1 Call @ Pullback Support (Continuation)
Grade: B-
- good entry - calls at support
- wanted to add another contract if we pulled back slightly more but at least I got the first one
- first short move on such a strong trending move is almost always a fake to bait the shorts, so I was comfortable buying long here at support targeting HOD (which hit but I bitched out)
- The thing that made this trade risky was that it was a single-factor trade (no key level/channel/trendline)
- Stop was a candle close before 10:07 candle low
- This def could have kept dipping to yellow line (30min key level) so it was risky being a single-factor trade
- Today was also the biggest gap up we've had in a while so I anticipated the buying to continue
FIX: Look to make this a multi-factor trade to increase win probability
Trade 2 - Long 1 Put Option (0dte gamble - 443 Put)
Grade: No Grade
- shows the danger of theta on 0dte options - this was a much bigger mvoe than i usually catch and I still lost 50% on the position thanks to the last 2min drop
- sold this put at 3:59:59 lol
- 1Hr+ hold
- Had the feeling we would see a sell off late day and we got it in the last 2 mins lol
- Held through multiple new HOD's on this trade - good thing I was risking it all haha
- entry was decent, put at previous resistance but it kinda became the middle
Fix: Don't gamble lol
TAKEAWAYS: Remember to try to make all your trades multi-factor trades. That will incease your win probability and allow you to size up more confidently (1 contract on Trade 1). Good job going with the trend and buying calls at support (Trade 1). That's 2 steps right, now just need to hold the winners because HOD target would have hit on Trade 1.
