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.



5 Min - SPY


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.