October 10, 2024 (2 Trades) (-$27.50)
Overall Grade: B-
Day Summary: Even though I went 0-2 again today on trades, I displayed much better habits today and can ultimately consider this a green day. My first trade of the day had the right idea, I just put my stop a bit too tight. My second trade wasn't as good as the first but I at least downsized to one contract instead of two, but it still wasn't really worth it even though it also would have worked out. I do want to recognize that Trade 2 today was still exhibiting some form of revenge trading for Trade 1, but at least risk was managed well (one contract, loss cut at BE)
DAILY - ES
5 MIN - ES
TRADES
Trade 1 - Short 2 Contracts @ 21 EMA Reject / Trap + Intuition
Grade: B
- Overall I had the right idea on this trade!
- going with the trend (5min, 15min) - good
- entry at a key level - good - but still short at previous support
- target was a sweep of the data candle / LOD - but set an OCO and adjusted target to data candle low (purple)
- I did feel like I set my stop too tight on this trade and sure enough, the next candle popped up and hit my stop before going to target
- My main concern was I didn't want to riskt he top of the consolidation
- This was a tough trade and really wasn't a screaming opportunity - worth the risk but I need to stick with my gut and allow this trade to work a bit, especially when i was confident in the target
- Kept risk small which is good at least
FIX: Allow trades room to breathe
Trade 2 - Short 1 Contract @ Range Fake Out + Intuition + FOMO
Grade: C+
- This trade was much more forced than Trade 1, and you can tell I knew that because I only entered with one contract instead of two
- In general, if I'm not willing to take the trade with full size, chances are it is not a screaming opportunity and therefore not worth taking
- Was looking at the premarket selling (yellow line) but didn't want to just stab at an uptrend, even though it would have worked today
- After missing that perfect entry, I had a bit of FOMO from the next two red candles
- I don't mind stopping out of this trade BE because it was not a great set up
- cut loss quickly which is good
- be careful fighting the trend trying to trade reversals, especially after seeing the demand zone respected (15min)
FIX: Control emotions and don't revenge trade
Emotions: Overall, my emotions were much more in check today, despite loosing both my trades today. I would much rather take loosing trades with the habits I exhibited today vs the two loosing trades that i took yesterday that were completely forced