- Stats would look way better had I not had that stupid 25$ mistake at the end of day.
I wrote posts on each of my trades as well as the missed setups today.
All of my trades from today are posted in https://www.tradejournal.co/post/playbook-intraday-continuation/
missed trades posts:
What did I do right today?
- I entered the market with zero bias unlike yesterday. Instead of having a plan I came in with zero plan and the only thing I wanted to do was be objective and take what the market was giving me. In the premarket I wrote down that we are downtrending, then once open occurred and we had a lower high and a new low I knew that the Intraday trend was also down. Once I confirmed that the intraday trend was down, I checked the sectors to see if they confirmed that trend. They were all showing risk off behavior which confirms the intraday trend. Then I looked at the VOLD ADD TICK to see if they were also confirming and they were. When we have price action confirming, Depth confirming (VOLD ADD TICK) and Sectoring confirming all the same thesis.....then its time to size up and get a big win. Sadly, today I was a little trigger shy and I missed the best opportunity of the day posted in the 2 sections above labeled (missed trades). Even though I missed the best setup I was still ready to wait for the next one. I did just that and instead of taking fomo trades I was testing out entries looking for clean spots to take small scalps. Once I realized the ADD was not making new LOD while the ES was, I knew it was time to go. When there is clear divergence between ADD and SPY then its time to wrap it up because the chop is about to begin.
What did I do wrong today?
- I left open a limit order that deleted my decent little base hit green day from $50 to $25. I know that this is a new broker and I am unfamiliar but wow that is some rookie stuff to do. I really need to pay attention to that stuff at all times and never let some black swan event wipe me out just because I forgot that I had an order in the market. I also was too hesitant in the morning when I noticed the open imbalance trade show itself. I saw a nice entry point at open price and instead of taking it with 1 contract with intentions to add, I didnt take it at all. This is just stupid. There is a reason why I make playbooks and study these charts and its not so that I can see a setup and hesitate on it. We are hunters and our job is to wait for the perfect opportunity and then once we spot the opportunity we have to quickly pull the trigger. That is something I constantly struggle with because when I embrace being aggressive I end up overtrading. When I embrace patience I am not aggressive enough. I think with experience that will naturally fix itself but for now that is a huge struggle of mine.