August 19, 2024 (1 trade) (+$56.25)
Overall Grade: A-
Day Summary: Wow. I actually graded myself in the A range today. That is the first time in a long time for that but I deserved that today. I was patient for a set up, accepted the risk of the trade and held a winner through some tough chop around my entry and before the extention on the move. Unfortunately, I did cover about 75 seconds before the big move of the trade, but I was still quite happy with how I managed the trade execution and my patience so overall I consider that improvement. Green on my P/L, and more importantly, Green on my habits.
DAILY - ES
5 MIN - ES
TRADES
Trade 1 - Short 2 Contracts @ Range Fakeout
Grade: A-
- After such a bullish move off the panic lows of two weeks ago (see DAILY above) I did have a bias that we would range today, especially with the fact that we have Jackson Hole this Thursday and Friday aka Uncertainty
- I saw a couple of potential Open Demand/Supply Retest set ups but none of which felt good to me because I was looking for the Range Fakeout trade today
- Good job waiting for the set up to occur (I wanted to see a NHOD before trying to enter this trade - one of the reasons I didn't enter at 9:48ish
- Entry was pretty good considering I didn't want to miss this trade
- did a good job holding this winner overall because there were multiple times where I wanted to close this trade
- original target was to sweep the low of the morning range so that is why I gave myself and A- instead of an A+ but it was nice to lock in a good trade after friday's loss
- I should have held full position to at least my second exit - but again this was overall very good practice for me on holding my winning trades - 2 trading days in a row
- pretty good second exit considering morning demand
- good confidense in this trade
FIX: Hold full position to TP if I am willing to hold full position to stop
Emotions: Nice one and done trade today. I was a little anxious to take a trade at market open but I did a good job of composing myself and waiting for a set up. Holding the winner definitely played with my emotions a bit but doing what I did today will slowly help me build confidence in that, especially considering it will help me eat up my losing trades much more quickly.