October 16, 2024 (4 Trades) (-$68.75)

Overall Grade: D

Day Summary: I started the day with a good short but sold too early because I wasn't accepting the risk. It was literally 13 seconds after the open and I never trade at that time so I admit to being a bit nervous about it, also because my order lagged even though it was a market order. Even so, there was no reason to close that trade as it made it to target about a minute later. After that the FOMO began and I didn't follow my premarket plan which would have worked out perfectly (move down from open to purple line (key level for the day) and then reverse back to upside) Had i just traded that, today could have been totally different. Instead, I went into a FOMO rage and took stupid trades. As I already know, 90% of this game is about the emotions and I failed in that regard today.

DAILY - ES

5 MIN - ES

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                                                                                TRADES

Trade 1 - Short 2 Contracts @ Momentum FakeOut + Key Level

Grade: B-

  • This was actually a pretty good trade for an intuiton trade, feeling the momentum and seeing the key levels respected
  • Target for this trade was the purple line (main key level of the day) but I bitched out on holding because of how close to the open this trade was and the fact that I had some lag on my entry, even with a market order
  • good entry, when though I technically went short at support, the momentum was there for this trade to work
  • holding this trade to the purpleline would have been a $70 trade, and I only made $20 on this so that started the FOMO

FIX: Accept the risk and hold winners

 

Trade 2 - Long 2 Contracts @ Key Level Of The Day, FOMO

Grade: C-

  • Right idea, wrong timing
  • Identified the KLOTD almost perfectly, just needed to wait for a significant time of day (10am) in this case to look for the reversal
  • I did take this trade out of FOMO and that's why i got in too early
  • Had I waited for a TRAP set up, i likely could have caught this reversal
  • Dangerous to get long here, but i did like the demand on the 15min
  • Got out of this trade as soon as I got a small pop to entry because I did not feel comfortable in this trade - good even though I could have exited with small profit a couple mins later - my main job is to manage risk and that is what I did

FIX: Wait for a Key Time Of Day and and Entry Set up

 

Trade 3 - Short 2 Contracts @ FOMO, No Set Up

Grade: D-

  • Horrible trade - no reason to take this
  • went against premarket plan (reverse off of KLOTD and move back up to equilibrium of the 30min range (not pictured but was 5872))
  • fighting the trend - bad
  • simply looked at 1min open supply and thought, this will work again lol, even after sucha  strong move off the lows at the KLOTD
  • this was less than a C quality set up and I still took it - that is just throwing money away to the market

FIX: AVOID, AVOID, AVOID

 

Trade 4 - Long 1 + 1 @ FOMO, 21 EMA Trap

Grade: D-

  • complete revenge trading at this point
  • I knew this was a premature entry, no entry set up
  • need to wait for an acutal trap set up under the 21 ema if I want to take this type of trade, but either way after rejecting off the equilibrium level of the 30min range (again not pictured) it was just so dumb to go long here
  • held the loser - bad and dumb
  • luckily I only entered with 1 contract
  • Also aggressively added to this loser - just complete revenge trading

FIX: Stay composed and only trade when you have a good read on the chart, see a retail traps pot, thenexecute accordingly

 

Emotions: Today I did very poorly managing my emotions and it all stemmed from Trade 1, and the fact that I haven't been trading well recently. I need to pull that together and remember that it doesn't matter what happened yesterday or last week. Each day is a new day and I'm only trading from where I am at. No expectations and I need to be aware of when I'm spiraling out of control, which to be fair happens much less often these days, and shut it down as soon as I reach that point. I could've walked away with a $10 green day today had I done that, which is much better than being red $70 on the day. Wasted money, literally a donation to the markets..