July 25, 2024 (3 Trades) (-$8.75)
Overall Grade: C
Day Summary: Volatility has returned to the market as we had a 130pt sell off yesterday and then a 100pt range today. I took 3 trades today, and two of them were unnecessary. I managed risk well but I also managed my winning trade poorly and exited due to emotion mostly, even though it was at the previous low. My computer was glitching today so I couldn't save screenshots in the moment so I only have one
DAILY - ES
5 MIN - ES
TRADES
Trade 1 - Short 2 MES @ No Set Up (at open)
Trade 2: Short 2 MES @ Resistance During Trend (lines were deleted before photo)
Trade 3: Short 2 MES @ No Set Up
Trade 1 - Short 2 MES @ No set up
- avoid this trade
- shorted the bottom - bad
- closed quick was the only good thing I did on this trade - at least I knew it was a work or out trade
Trade 2 - Short 2 MES @ Resistance during trend (already deleted target lines before screenshot above)
- This was the only good trade I took and it def wasn't A+
- Going with the current trend - good
- entry at target line resistance - good
- everything was red once this started to move (S&P, Nas, ADD) so I should've held this for the breakdown - I took profits at the previous low which is probably a smart area but not holding winners is killing me as a trader
- This is still not a trade I feel like I have edge in so overall I consider this a red trade
FIX: Hold winners when we are trending and everthing is moving the same direction
Trade 3 - Short 2 MES @ no set up
- I was guessing the high on this trade - bad
- fighting trend - bad as usual
- actually I should have been getting long here because this is virtually the same trending upward channel trade I was talking about yesterday
- also looking at the 30min chart (no photo) there was a green hammercandle before this move
- 30M hammer candle + up rising consolidation = buy dips
- ^^ I need to playbook around this set up
Emotions: Overall I did a pretty good job of controling my emotions today but I was definately a little jumpy out of the gates. I cut my losers quick which is good but I also mismanged my winning trade that could have made up for both of the losing trades plus some profit. I also give myself a "green day" on walking after my 3rd trade of the day. My rules say 3 trade max, and especially since the 3rd one was a losing trade, I did a good job of just remaining calm, shutting down the charts and going about my day knowing that there will be more opportunities tomorrow.