August 1, 2023 (2 Trades) (+$7.00)
Overall Grade:
DAILY - SPY
5 MIN - SPY
TRADES
Trade 1 - Long 2 Calls @ VWAP / PM Line for Bullflag Breakout
Grade: B+
- call entry at support - good
- multi-factor trade - good
- following recent intraday trend - good
- fighting PM trend (strong trend) - bad
- stop was candle close below VWAP (did not follow) - target was top PM line
- this should have been a trdae that worked out quickly, and when it didn't, I started to get nervous - took off 1 contract for small profit, 2nd stop at breakeven
- ^^ overall happy with this management bc it should have worked quick
- this did end up working out
FIX: I'm not actually sure what I would say to fix with this trade
Trade 2 - Long 1 Call @ Opening Price Support
Grade: C+
- overall this trade was a late morning trade in chop - bad
- fighting intraday trend - bad
- decent entry - calls at support/uptrend
- calls at opening support 456.06 (5min)
- Was watching Level 2 for 456.06 and saw some big orders holding so i wanted to test a long with 1 contract
- stop was a close below green candle that closed at yesterdays LOD
- tried to get out at PM Line - no fill - stop at breakeven after that which hit
- thesis of this trade was that we had trouble going lower all day - not a good thesis
FIX: Don't trade mid-day chop
