October 23, 2024 (1 Trade) (+$41.25)
Overall Grade: A-
Day Summary: Today I arrived home at 9am so I already had a late start to marking up the charts and getting myself prepped. On top of that, I only had about 4 hours of sleep last night so I did not feel like I was in the best shape to be trading, but I also did not feel horrible so I decided to watch the charts, but continued to remind myself to stay detached from the idea of making money and only to put on a trade if it made sense to me. I had an initial good read on the price action but missed the opportunity to get short in the morning consolidation, but instead of getting FOMO from that, I remained detached and waited for a better opportunity, since i was still short biased on the day based on the 30min chart (4 reasons markets move). I then saw my opportunity and got aggressive with my entry, using 1 contract to limit to risk and ended up with a good trade. Let's check it out below.
DAILY - ES
5 MIN - ES
TRADES
Trade 1 - Short 1 Contract @ Momentum + Intuition
Grade: A-
- aggressive but good entry with this kind of momentum
- following the trend (5min, 15min, 30min) - good
- downsizing to limit risk because of the aggressive entry - smart
- held through some chop which was a bit difficult but price action was showing me that the sellers were in control and I trusted that
- I actually wanted to get out a couple times for $15-20 profit near yesterday's LOD and the key level, but followed the PA and knew I needed to hold this
- held confidently through the pop to the 21 EMA and actually considered adding a contract, but the problem with this trade was the STOP was a bit hazy - initially it was a close above the 5867.75 key level, but I then actually moved it even slightly higher to 2 ticks above the first red flush candle from the morning range zone - that skewed my R on this trade and normally that would be a very bad thing but considering the momentum, in this case scenario I was quite sure the sellers were stronger and were going to win this battle at yesterday's LOD
- I did a good job of not covering on the pop up of the first breakdown candle, but still knew I should have held this trade to target which was the 5853.25 key level (it actually broke that as well so it would have hit) but with how I was feeling today this just seemed like the better option. Overall a good trade, but this is why i graded it an A-
Emotions: Good job staying pay-tient and detached today and waiting for an opportunity I felt good taking, even when I wasn't feeling 100%