October 4, 2024 (1 Trade) (+$125.00)
Overall Grade: A
Day Summary: After not taking my $140 unrealized profit on yesterday's trade, my main focus for today was to come into the session not trying to make that money back. I was trying to remind myself that there is no "where I could have been" only a "where I actually am today." That helped me just solely focus on taking good trades and waiting for the chart to show me something I was comfortable trading and guess what, I ended up making back almost all of that $140. The trade today was a little out of my comfort zone but I did a good job of waiting until I felt I was seeing the chart well, finding a spot where I believed retail would get trapped, and then waiting for the market to scream opportunity at me with a set up. After that, it was as simple as executing on the trade, accepting the risk and holding the winner. I did make the mistake on not holding for more continuation today which is the opposite of what I did yesterday, but I had a bit of PTSD and I had already gotten a nice chunk of the move so I was willing to take my profits!
DAILY - ES
5 MIN - ES
TRADES
Trade 1 - Short 2 Contracts @ 21 EMA Reject + Key Level + Intuition
Grade: A
- Great entry at first 21 EMA retest in what i believed was going to be a continuation trade where I thought retail was likely going to get trapped trying to long for a reversal off PDH - also entry at a key level added to the possibility that this trade would work out
- this was an aggressive trade for me and I did consider taking a $15 profit on the entry candle because I wasn't 100% comfortable but i did a good job of accepting my risk of a close above 21 EMA + key level
- the first couple mins of this trade I was uncomfortable but once I saw it wick above the 21 EMA and reject i became a lot more confident in holding this trade to the data candle low - it's at that point I set my OCO order and let it ride
- I did think we would break the data candle low and continue, especially after yesterday had almsot no follow through, but I had PTSD and closed to lock in the gains lol
- Looking back I should have held for the data candle low break but it was a Friday and I had not locked in profits yesterday so i didn't want a repeat of that
- All in all, this was another great trade where I displayed all of the good habits that truly know will put my into the position I want to be
FIX: Maybe I should have taken off 1 contract at the data candle low and help the other for continuation because I did think it was likely, but I still had about a $40 risk on this trade to make $125 so i can't be unhappy with that. I will never catch all of the move.
Emotions: I did a very good job today of not focusing on making back the money I didn't lock in yesterday and I think that is a major improvement in my mental approach to the market!