June 8, 2022 (3 trades) ($42.00)
Overall Grade: B-
Day Summary: Today we had some weird market data come through just before 10am (can be seen in 1min chart in Trade 1 photo below). Because of the price action in the first half an hour of the session, I actually expected us to range, but on the HTFs we were right at a demand zone from the recent days consolidation (Yesterday HTF photo below). In a spot like this, it is probably smarter to start looking to trade long.
DAILY - SPY
5 Min - SPY
HTFs from yesterday June 7
TRADES
Trade 1 - Short 2 Contracts @ Intraday Resistance, PM High breakout/reject
Grade: C-
- I was expecting a range day today (bias) so that was a mistake, but once seeing the flash breakout a few candles earlier, and a breakout close - fail close, it gave me confirmation bias
- It was a decent entry as I got in on the retest of PM High, giving me a tight stop of the high
- I did decide to cover on this because it felt like buyers were present and remembering the demand zone on the HTFs. Turned out to be the perfect spot to cover
- Good enries lower risk
- This was technically a counter trend trade, even though I thought we might range, this was fighting the trend
Trade 2 - Long 1 Contract for break & retest breakout
Grade: C-
- entry was on a same color break/retest
- stregenth out of dip that took out stops just before
- following the trend
- I still did not feel confident about this trade because we were at resistance at HTF and I am trying to focus on buying at support, not at resistance. For this reason i just exited the trade breakeven
- Always sucks to buy into resistance or sell into support during these consolidation moves. You will get chopped out a lot
Trade 3 - Long 2 contracts @ double bottom consolidation support
Grade: C+
- a bit risky but good that im following the trend and buying at support (consolidation before)
- Fakeout double bottom, close above previous low
- Good job holding second contract to target
- You can only take a trade like this when you are going with the trend and considering we had fallen through the breakout level, even that was sketchy as this coulda rolled over quick
- Another good entry where I had virtually no drawdown
TAKEAWAYS: Even if I'm scalping, it's important to know where we are on the HTFs to make it easier for me to scalp in the direction of more strength. I also need to focus on buying support and selling resistance with the trend. It sounds crazy but when i looked back at a lot of trades during the last couple months, I was doing theopposite. If I want to scalp, I need to have those sniper entries and be going with the flow of money. All in all, good risk management today.