July 18, 2023 (2 Trades) (+12.00)

Overall Grade: B+

Day Summary: Today was another bullish day. It really feels although this market is unstopable right now. I took decent trades today with good entries, my problem today was trade management. Let's check it out:





Trade 1 - Long 2 Puts @ PM Resistance

Grade: B

  • entry at resistance from PM - good
  • single-factor trade - bad
  • fighting intraday trend - bad
  • I didn't have a planned stop when i entered - bad - but I quickly decided I'd stop at a close above the PM resistance
  • I felt way more comfortable in this trade once i had a planned stop
  • I knew we were uptrending intraday so i was pretty sure this was only good for a scalp to the uptrend and i was right - good exit on contract 1 at support/trendline
  • should have covered both since this was a planned scalp trade - instead stopped at breakeven for contract 2

FIX: Take full position off when scalping. Don't fight the trend.


Trade 2 - Long 1 Call @ Consolidation Support Reclaim / Fake Bottom

Grade: A-

  • entry for calls at support of previous attempted breakdowns - very good (reduce risk, tight stop)
  • good patience for the entry to reclaim the consolidation support (red line) first, and then sell back to support where fake bottom was bought
  • 3 bar fake bottom pattern
  • following the trend - good
  • trade management - BAD - hold this shit man, why sell this ?? Put stop at breakeven if anything
  • stop was a close below the low, target Yesterdays High (dashed green) - would have worked
  • I basically had a -R based on where I closed for profit

FIX: Hold your winners. It is paramount!