September 11, 2024 (1 Trade) (-$106.25)
Overall Grade: D+
Day Summary: I am going to keep this review short and sweet because the "A" and "1" keys just broke on my bluetooth keyboard so I am typing on my laptop while it is on the stand. The trade I took today wasn't worth it, but even though it wasn't the best, I still could have escaped with less damage if I didn't hold past my stop. I was so biased that I was right that I refused to close where I should have, and ate a shit sandwhich for it. Thankfully I closed where I did or it could have been much worse very quickly. Learn to accept when you're wrong and just get out. There are always better opportunities coming.
DAILY - ES
5 MIN - ES
**Hard to tell when looking at the 5min chart above, but the down move after the open was about 100 points and we recovered all that and some - WILD**
TRADES
Trade 1 - Short 2 Contracts @ Bias (Trap Play) + No Set Up
Grade: D+
- Mediocre entry
- Ignored HLs - Short Biased
- Thought this was trapping retail longs looking for the reversal and I believed that so much that I ignored Price Action (HLs) and didn't STOP where I planned
- STOP was supposed to be a close above target line
- Held WAAAAAAAY to long for someone who doesn't hold winners
- Ignored that we bounced perfectly off proven demand (15 Min)
- Shorting after a 100pt down move on the day is not a very good idea
- I was thinking too much about how much I was going to make when the retail longs got trapped in this ... LOL
FIX: Never allow a bias to dictate a trade. Be and observer and see what is going on - Price Action
Emotions: I did a good job not forcing any longs during the first part of the session because I'm sure retail was doing that. That is about the only positive takeaway from today.