8/31/22
Grade: B-
Goals: Be more selective and raise winning %
Reminders/Aphorisms:
- Don't fight the trend;
- Be patient, take good set-ups
- Respect at least 2:1 R/R
Overview: At the beginning of the day the SPY/QQQ had gapped up a little bit, almost flat. I was expecting a continuation down but the market bounced at previous day close on the SPY
Trade Analysis:
- My first trade on NVDA was a little risky - the SPY and QQQ both moved down heavily to start the day, and NVDA had moved up and stalled. I got in near the top and rode it down for close to $1. I was going to risk 30c
- My second on NVDA was also a risky trade - I took the trade looking for the continuation of a breakdown down off of VWAP, 30c risk with 75c reward. Looking back on it that was a strong high volume candle bounce near premarket low, the SPY also bouncing perfectly at pre-market close. The good thing about this trade is that I kept to my risk.
- I had one great trade on PYPL - I got in for the break of the consolidation zone and VWAP. It had been consolidating on decreasing volume. I was willing to risk 25c, looking for 50c. I held the trade up to my goal and took a partial. Let the rest ride a little more but still left a lot on the table. For next time I should let the partial run a little more. Also due to weird sizing the partial wasn't really big enough
Lesson moving forward: Keep any eye on big volume moves/reversals.