November 1st, 2022
-Super classic trend continuation trade here with data volume to push it lower.
1yr:1d
1d:2m
1d:2m 1st Trade: $SPY Trend Continuation
-Super happy that I had the patience and discipline that was required to sit through those huge drops at the open and at Jobs data to catch a super nice lower high setup for the continuation downwards. I also really like the execution behind the target price. I saw that the range was very large today (each pop and drop was like 70 cents) so I wanted to protect myself by going for a smaller contract but using a larger target. I went for a 1 point move on a 30 delta contract and I took the full point. I also used this entry as a perfect place to get in because I took the bottom of the large data volume candle (oval area). This was a perfect place to go for a lower high to push to a lower low. I do think that in the future when I see a big data volume candle with a strong downtrend on an extended bullish move on the 10 day, I should really be sizing heavily into these trades. This was a really nice move that was very high win rate so I am not sure why I decided to size down other than the high range on the day. Its okay though I want to just take small wins for now and let my sizing increase naturally instead of forcing like I used to do. This is a move though where 50 delta is totally acceptable and should be minimum size.
Easy Money:
- This was the easy money of the day which I took but I shouldve really edged into it much more. I couldve taken the first scalp for a point then held the last contract for the bounce off lows. This wouldve been the easiest and best trade of the day by far.