June 27, 2023 (1 Trade) (-$32.00)
Overall Grade: B-
Day Summary: Unfortunately I stopped the LOD on my only trade of the day today. The good news is, I had the right idea, just timed it wrong. I am not unhappy with the sole trade I took today. Over the longterm, that is a trade that will make me money more often than not.
DAILY - SPY
5 MIN - SPY
TRADES
Trade 1 - Long 2 Calls @ Open Support / Intraday Support (Range)
Grade: B-
- starting with the negatives, this was a single-factor trade
- I was not aggressive enough to buy this support earlier on when it showed
- However, buying at support - good - especially seeing it had been a range day so far
- Waited for a fake low, bullish candle close before entry then entered on the pullback of the next candle when it was holding
- unfortunately, next candle flushed through (you take this risk buying support, especially late support) and I stopped at a candle close below the low, which ended up being the LOD basically lol
This is how this trade played out after I stopped ... right idea, wrong time
- PM High / Top of daily range was the target on my long
*The day ended up grinding green all day (see 5 MIN - SPY above) and eventually closed close to HOD but I would have just scalped this to the top of the range ... but still sucks to close calls at the LOD of a grinding green day that moved almost 5$*
TAKEAWAYS: Even though I was red today, i bought into support, which is what I need to be focused on right now to get myseld out of this 3 month long red slump. That will held me get more consistant wins and build up some profits. I traded a plan today and it didn't work, shit happens. That's trading.
