July 26, 2023 (2 Trades) (+$12.00)
Overall Grade: C+
Day Summary: Today was FOMC day so i expected a range day in the morning and we got just that. Unfortunately I didn't play it very well and took a shit first trade because of FOMO. The good thing though is I was able to gather myself and take a much better 2nd trade. Right idea overall for the morning but i couldn't capitalize the way I wanted.
DAILY - SPY
5 MIN - SPY
Trade 1 - Long 1 Put @ No Setup
- Poor FOMO entry after missing puts on the wick of candle #4 (1min) - (entry was actually on the green candle)
- no planned stop when I entered but mentally put it at a close above VWAP once in the trade and I did not stick to that - bad
- no set target when entering - bad
- as soon as i entered this trade i wanted out bc I knew a better put entry was at the top of the range
- The only thing I did well on this trade was take it with 1 contract instead of 2 because I knew it was not a good trade
FIX: Puts at Resistance. Don't FOMO.
Trade 2 - Long 2 Puts @ 5min PM Resistance + PM Line (1min)
- this was a much better trade than Trade 1
- puts at resistance - good
- expecting a range today bc of FOMC so this 5min resistance was more likely to hold - this is trading a bias
- VWAP target - good hold on contract #2 but bitched out on contract #1
- I actually entered puts with the idea that we could see a new LOD based off PM downtrend but after covering 1 contract too early, I could not hold the final one
- ^^ good job following current trend
- stop was a candle close above 455.2 - room to breathe
FIX: Hold the winners man. Be confident in your analysis and let your trades work for you. Don't be a bitch!
TAKEAWAYS: Trade 1 was definately not worth it and was a rushed FOMO trade, but I did a good job getting myself ready for the real Put trade I wanted to take and was planning for. Now I just need to hold those winners.