9/20/22

Grade: C

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: Thoughts on the SPY today that we are opening around a prior demand zone (now a supply zone) around 388-399, premarket direction looks like its moving down. We may get a move up to that 388 level and then back down to around 382. If we break 388, next level is around 395-396.

Trade Analysis:

• Trade 1on the SPY was a rejection of the down trend, I closed for a loss of 25c as I was looking for 50c.
• Trade 2 was the same trade on the SPY but I got in a little higher. This time I hit my 50c on my partial and closed the remainder when it spiked and was going to make a green candle. This was a pretty good scalp trade.
• NOTES: There were 3 missed trades today on the SPY which are denoted by the gray arrows. The first was a clean break down off consolidation after the morning off of the downtrend (not shown) as well as the premarket high. Not sure why I did not take this trade. The 2nd gray arrow was a 1 minute pull-up for continuation of the first trade. While that trade was not optimal it would have still produced results. Not sure why I did not take this trade, although this was a riskier trade. The last gray arrow is a rejection at the trendline as well as the 20 EMA. This was a tricky trade to take as well.

Lesson moving forward: Pay attention while trading and don't multi-trask. Take trade set-ups that look good. If it moves against you you can always cut, but respect R/R.