December 23, 2024 (1 Trade) (+$30.00)
Overall Grade: B-
Day Summary: I had a great night of sleep last night and woke up with a great mindset for trading. Unfortunately, even after planning out a good trade keeping in mind my 4 Tragets play, I still executed on the trade emotionally and only made $30 when just a few minutes later my targetg was hit which would have been +$170. At that point, it was difficult to walk away for the day taking no more trades, but I know that was the responsible decision and a good habit that I want to continue to practice in my trading.
DAILY - ES
5 MIN - ES
TRADES
Trade 1 - Short 2 Contracts @ 4 Targets (30Min) + Key Level
Grade: B-
- I had planned out this trade with my 4 Tragets road map on the 30min, so i was confident there was at least room to move down to 5971.75
- The entry was slightly aggressive but I still thought the momentum was headed to the down side and wanted to get in this trade
- What spooked me out of this trade was that as soon as I entered I didn't quite know where would be a good spot to stop out
- Once realizing that the best stop would have been a close above 5990 and 21 SMA, I quickly noticed that if it popped through that level and I waited for a close, I would likely take a larger than planned loss
- That made me quickly want to take my profits on this trade even though nothing but my emotions was telling me to do so
- After about 3 more minutes of consolidation, this trade went straight to TP of 5972
- I was frustrated with the fact that I closed this trade purely out of emotion and didn't trust my analysis, but also that I missed out on profits and decided to watch the charts until around 11:30am, but managed to make the responsible decision not to force any more trades and walk away for the day. Very happy with that habit, even though it didn't feel good to me in then moment
FIX: Trust your plan and analysis. You have been doing this for years now and know what you are looking for. Stick to your plan, accept the risk and just execute it accordingly.