January 10, 2023 (3 Trades) ($76.25)

Overal Grade: B

Day Summary: 

DAILY - ES Futures (*NOTE - Daily screenshot taken at 7:30pm*)

5 Min - ES Futures

                                                Trades

Trade 1 - Short 2 Contracts @ Downtrend (Trend Continuation)

Grade: B-

  • This was a decent trade but I sold too early, as usual
  • I took 1 contract off at basically my 1:1 R - I need to stop taking off partials. Hold full size position to target and stop
  • Since we had just failed off the previous day 5min supply zone, I was more confident in this trade and held it through the wick on my entry candle, although my stop was above the previous 5min candle wick so it was very close
  • VWAP would have been a reasonable target on this trade
  • I will say, because of the bullish news PM (JP Speech), breaking out of the recent daily range, and the push at open, I didn't want to hold this trade long so as a scalp it was pretty good, but holding full size just 10 more seconds would have resulted in an extra 5-7 points

FIX: Do not scale out. Hold full size position to target

 

Trade 2 - Long 1 contract at "trend break" (Trend Continuation)

Grade: C

 

  • After such a bullish bounce, this is not a horrible trade to take, but also not neccisary nor really worth the risk
  • I did a good job getting filled on the bid at the bottom, but this easily could have flushed to VWAP
  • Overall this trade is best to be avoided
  • At least I am trying to trade with the trend more

FIX: Avoid this trade all together. Not worth the risk.

Trade 3 - Long 1 Contract at Trend Break Retest (Trend Reversal)

Grade: C+

  • This also was an unnecesary trade
  • I was thinking we could go long and retest the supply zone we rejected earlier in the morning, wi=hich we eventually did after a lot of chop, but I wanted to cut this trade as soon as I got in it, so it shows I was uncertain of this trade
  • This trade could have rejected off of VWAP, but at least I waited for it to break it's resent downtrend before entering
  • Also, after a consolidation move, breakdown and then getting bought up, long probably was the better idea

FIX: Avoid this trade all together. Not worth the risk.

 

Takeaways: If I can establish early on that it is going to be a choppy day, I should try to play intraday supply and demand zones even more. These are days when trend reversals actually work and you can capitalize on great risk/reward trades.

 

Easy Money: Intraday Supply and Demand (Although holding a full size position through some of the pullbacks throughout the day would be extremely difficult)