June 9, 2023 (5 Trades) (+$14.00)
Overall Grade: C+
DAILY - SPY
5 Min - SPY
TRADES
Trade 1 - SHORT 1 Contract @ Trendbreak Retest (Countertrend)
Grade: C+
- This was a good entry for the set up
- The problem was it was a countertrend trade
- I was ignorantly expecting a red day since we have been so bullish recently, but that is just a bias
- I managed this trade well but I should have just cut it at breakeven after the breakdown found buyers as I did know I was fighting the trend
FIX: Follow The Trend
Trade 2 - SHORT 1 Contract @ "Trendbreak Retest" (Countertrend)
Grade: D+
- Fighting the trend again - stop doing that shiit
- This was a worse Trendbreak Retest set up than Trade 1 and the trend was also much stronger at this point (15min chart)
- I need to ask myself before I enter trades how comfortable I am in this trade. If I don't think it is a high probability trade, why take it at all ??
- Also sold into support here - need to stop doing that also
FIX: Don't fight the trend. Don't sell into support
Trade 3 - SHORT 1 Contract @ VWAP/Previous Level Retest (Continuation)
Grade: B
- Entry was slightly early on this trade but I recognized the need to get aggressive on this trade
- Clear stop at candle closure above red candle that sold into VWAP
- Covered into support here but I could have potentially held this trade to the recent low
- Taking the 2 loses earlier in the day caused me not to use 2 contracts on this trade - another lesson as to why it is important to not trade yourself out of the day early
- Good job following the trend
- ADD was also selling off heavy when I took this trade (see below)
FIX: Be more patient on the entry
Trade 4 - SHORT 2 Contracts @ Retest of PM High
Grade: B-
- Following the trend
- Added to the trade right at the point that i would stop at if there was a candle closure above
- Annoyed that I took off 1 contract to "de-risk" It's 10$ risk broo. Chill out
- Covered at recent support - good, but missed out on a big move (would I really have held through that next green candle though?)
FIX: Be confident and hold your full size position. I had a plan to where I would stop out, so stick to that. You need to have bigger winners
Trade 5 - Short 1 Contract (long puts) at Retest of Previous Day's High
Grade: B+
- I think this is my best trade of the day (or maybe Trade 3)
- I got aggressive to enter on a pullback into selling strength at a key level
- Minimal risk for high reward
- Covered into new LOD which was smart, but i could have targeted the bottom side of the intraday downtrend channel
- This trade waranted 2+ contracts because I was confident in the coming move and had minimal risk because of a good entry
FIX: Size up when you feel like you are in a high probability set up, especially if you have a good entry for a tight stop
TAKEAWAYS: Don't trade yourself out of the game early in the morning on set ups that you are not confident in. I knew I was fighting the trend on TRADES 1 & 2 today but I decided to take them anyways. Follow the trend and wait for good set ups and entries and trading will become a lot less stressful