September 9, 2024 (3 Trades) (-$85.00)
Overall Grade: D+
Day Summary: Monday after last week's emotional wreck and I was right back to it. Although I did manage my losing trades well, and was somewhat waiting for set ups, I still lacked discipline and entered trades that were subpar set ups. C quality at best, even when I know those should be avoided. I should ONLY be willing to put on risk for A & B quality trades, so I'm not sure why I continue to do that. I was OK with my first two trades of the day, especially since I was willing to cut them quickly, but the third trade of the day was just a total FOMO trade and completely was just throwing money to the market out of frustration. Unfortunately, I did not do what i know i need to do today, and all I can do is focus on building good discipline and habits in tomorrow's session.
DAILY - ES
5 MIN - ES
TRADES
Trade 1 - Long 2 Contrcats @ Trend Pullback To Key Level (PM HIGH) + 21 SMA
Grade: B-
- I said I wasn't going to rate any of these trades better than a C but looking now I can give this one a B-
- Was going for a 21 EMA Trap but I jumped the gun, bought a key level pullback during a trend
- decent entry, bought the recovery
- good job holding a winning trade for continuation especially during a trend
- The only probalem was I did stop out right where retail stopped out - break of recent low
- ADD had started to sell off at this point and Nas was showing resistance wicks so the cautious move was the get out but I was basically just the liquidity in this trade here
- right idea, wrong timing
FIX: Tough .. Wait for a better set up I suppose (A quality)
Trade 2 - Long 2 Contracts @ 21 EMA Trap + Key level (PM HIGH)
Grade: C-
- Poor quality set up, 21 ema trap but no trap ?? No HL?
- Fomo entry
- Decent job holding when in the green
- Good stop out decision after rejection - this could have hurt
- this was essentially guessing the falling knife on a trap play so I was really just trading what I wanted to happen and I almost got lucky which is not the same as taking a good trap set up
FIX: Avoid this trade and wait for a better set up (A or B quality)
Trade 3 - Long 2 Contracts @ FOMO, No Setup
Grade: D-
- FOMO, FOMO, FOMO
- All this was was a forced trade out of frustration
- I'm better than this, avoid !!
- poor entry
- good stop I guess
FIX: Get control of your emotions and practice good habits. Don't trade like this simply out of a desire to make money