October 3, 2024 (1 Trade) (+$2.50)

Overall Grade: A-

Day Summary: Today was a great come back from yesterday's poor trading. I got right into the good habits that I've been displaying recently that have been leading me towards the type of trading that is going to make me successful. I had a poor read of the chart early on in the session so I was in no rush to take a trade, sat through news and continued to wait until close to 11am when I started to get a good read on the chart and where retail traders were likely going to get trapped. I then waited for a set up, executed on that set up the way I wanted to and help my winner. Unfortunately I made one crucial mistake and that was that I neglected to realize that the chart had not showed continuation all day and I held for the bigger move, watching a $140 unrealized gain evaporate and stop me out breakeven. Although it was a bit painful, I am counting today as a good green day because the habits I displayed are exactly the way I want to approach trading to arrive at the profitable trader that I am!

 

DAILY - ES

5 MIN - ES

                                                                                            TRADES

Trade 1 - Short 2 Contracts @ 21 EMA Trap + Intuition + Key Level

Grade: A-

  • Great job waiting for the chart to make sense to me and understanding where retail was likely to get trapped
  • Great job holding winner! Especially to +$140 (14 pts) - Old Nate would've sold for 2 points
  • Accepted the risk of a move above previous high
  • Good job moving stop to breakeven after the 2nd red candle after entry - this caused me not to lose money on a trade I was up so much on
  • Target was PDL which I truly thought was possible, but on a day that had proven not to show continuation, this was just being hopeful
  • Everything I was looking at at the time looked like it was going to keep going but on a day like today I def should have just gotten out once I saw it holding support
  • If I wanted to give it that 2nd chance, I am OK with that, but I should have then moved my stop to just above the first green candle off the low once it printing to lock in a solid gain, especially since this one winner would have eaten up my 2 losers from yesterday
  • I was in the mindset of I need to hold my winners because this out-sized winner could eat up tons of losses, but I neglected in the moment to see what the chart was telling me - remember to be an observer of what is happening, even when in a winning trade
  • I also should have realized we were in a previous demand zone on the 5min, and very close to it on the 15min - I did notice it on the 15min but I was biased to the fact that it would retake demand before bounced just as it had just done off supply
  • In the end of the daty, this was Greed that got me
  • I was tempted to take off 1 of the 2 contracts when it was consolidating at the low and looking back I should have, but holding full size winning positions will make a difference down the line
  • All in all though, this was a great trade where I displayed good habits so I am happy with it!

FIX: Don't be too greedy and see what the chart is telling you! Especially on a day like today.

 

Emotions: Emotions were very good today in terms of not having any desire to trade until I felt like I was seeing the chart well. I displayed good habits in waiting for a set up, accepting the risk and holding the winnner, and i know that over a long enough time period that is a recipe for success!