October 24th, 2022
Stats: Stats (tradejournal.co)
-Today was a decent day. Took one fast scalp and dipped so I could lock in a green monday which is very important for me to have a good week. Although, I do wish I had 2 winners instead of just one and done.
1yr:1d
1d:2m
-Nice grinding green day setup. Sadly I did say early in the session that we should look for trend reversal to upside because stuck in huge range zone but I didnt end up capitalizing on that. My head has been so wrapped up in the airbnb stuff that I seem a little less focused on trading which doesnt make me too angry.
1st Trade: Trend Reversal Continuation Short $SPY
-Not an awful trade but also not the best. Usually when we get multiple trend break zone retests we dont hold that well so even though this was a win Id argue that it was a C setup. I figured that we would use the trendbreak zone to create a lower high and then flush lower which was definitely correct but I am not sure this is the best way to trade this particular setup. Scalping was definitely the way to do it but then again I think the best trade of the day wouldve been a Trend reversal to the long side when we finally broke the mini micro downtrend that we were in from the open. Ill explain:
-We have 2 consolidation ranges. The 1st range was used as resistance by the 2nd range. See how we failed at that zone then flushed lower into the demand zone? Once we recovered and came back up into the 2nd range this was indication that we will probably remain bullish for now.
-Today I shouldve been looking for long hold entries right around where the arrow is. This was a clean and clear setup for a long move for a breakout of the 2nd range zone.
-Although the price action is pretty gross in this area, the oval is where I shouldve been looking for longs. If I was better I wouldve taken the long trade right there and added into it on higher lows looking to swing into power hour to see if we could break range 1 area which we did. This couldve been done with a smaller delta more out of the money contract on a deeper expiration so that we dont really risk much but could hold with confidence that the decay will be minimal. This was the best trade of the day.
If I was a god at trading:
-To be honest I think I traded today quite well considering the scalp I took and the avoided chop but If I was a lot better I wouldve tried to look for swing entries in that oval area for a move through power hour into EOD. I think that was probably the best high quality high win % trade of the day.
