June 16, 2023 (5 Trades) (-$49.00)
Overall Grade: D
Day Summary: Today we finally got a bit of a cool off from the parabolic bull move we've had recently. I was short bias at the open and missed a great opportunity to make a one and done opening drive trade. I woke up late and was not fully prepared to trade the open (although I might not have even on a day i was prepared bc it was early on). I then proceded to take 2 shiity trades countertrend trading. Really dumb. Today was a day to get aggressive early because we had the best moves in the morning and I fucked up.
DAILY - SPY
5 Min - SPY
TRADES
Trade 1 - Long 2 Calls @ "key level" (no setup) (countertrend)
Grade: D-
- Wow this was bad. I think I thought I was "buying into support" even though we had just broken the uptrend, were trending down on the day overall, below VWAP and not even at a key level, just a normal intraday level
- This was the first day the market hasn't shown strength like it has been and today I go long ?? wtf
- stop was a candle close below the support line but with this momentum I just hopped out and should have sooner - skewed R
- Also went long to what target ?? ovbious resistance overhead
- Fighting overall intraday trend
FIX: Avoid this tarde
TRADE 2 - Long 2 Calls @ trendline (no setup) (countertrend)
Grade: D-
- intraday countertrend trading - the overall intraday trend willalways be stronger than move to move trends
- basically bought into resistance
- Look at the 5min - we had made a LH already, so i should not be playing calls at all (all day)
- stop was a close below trendline and that fucked me over again - skewed R
- if I'm going to take this trendline trade, I need a kew level (multifactor trade)
FIX: Avoid this trade
Trade 3 - Long 2 Puts @ Break & Retest (trend continuation)
Grade: C+
- even though this was a sketchy one, you go with the trend and you get a dubb
- Breakand & retest of key level (not sure which level - might have even been an intraday level - combine a B&R trade with a key level for higher probability
- I was selling close to the LOD so I need to be careful of that, especially after finding buyers at a key level just before (PM Low)
- stop was a candle close above key level
FIX: Avoid selling so close to LOD
Trade 4 - Long 2 Puts @ top of Channel and trendline (technically countertrend)
Grade: B-
- technically the intraday downtrend had broken (5min) and had just made a HH so puts were riskier here, but we had already had a strong move on a bearish day so i was willing to risk it
- good entry close to trendline and top of channel
- clear stop - close above both trendline and top of channel
- could have held slightly longer to key level but ya know .. trading from the red as usual
- target should have been bottom of channel for best R and that did play out (see photo in Trade 5) - especially on a overall bearish day after such a big bull run
FIX: Hold to Target - Stick to plan
Trade 5 - Long 1 Call @ VWAP / Key Level
Grade: D+
- This was dangerous - at least I took 1 contract
- Good entry for what I was looking for, but after a strong bearish move down to this level in an overall bearish day - not smart
- I think the "open demand zone" I drew on the 15min had me a bit biased
- good job scalping this trade was that was what this meant to be
- stop was below thew recent 1min low (not candle close)
FIX: If the overall day is bearish and you've had recent bearish momentum, play puts. And vice versa for calls. Play with the overall day trend
TAKEAWAYS: Be prepared for the open so you can get aggressive for potential opportunities if a set up presents instealf. Today could have been a one and done type of day. Also remember to take in the general direction of the day. Are we bullish ? Bearish ? Ranging ? And only look to play in the stronger direction or play highs and lows in a ranging day.