September 12, 2024 (2 Trades) (+$57.50)
Overall Grade: B-
Day Summary: After a 4am wake up call to bring Eury to the airport, I came to the charts pretty tired, but was able to keep my focus enough to take a good trade in the first few minutes of market open. It by no means was a great trade because it was mostly intuition based but it wasn't bad either. I then missed the best trade of the day which did give me a bit of FOMO, which led me to take a 2nd trade that really wasn't worth the risk even though it was with 1 contract and I won on the trade. After the second trade I knew it was time to close up shop and walk for the day which was a good idea.
DAILY - ES
5 MIN - ES
TRADES
Trade 1 - Long 2 Contracts @ Intuition Fakeout
Grade: B-
- considering we were at demand (5 min) this is not a horrible trade but it as intuition based which can be dangerous
- we were setting 1min HLs so I felt slightly more comfortable taking this trade but as soon as I entered I was in the red and we set a new low so that was a bit scary
- STOP was a close below PDC (brown dashed line)
- entry could have been better but I was looking at wicks of candles to the left - but remember a key level is always a better spot to enter and it would have been getting long at support which is good
- decent job holding the winner on first 21ema attempt, second attempt was a good spot to get out for a trade like this especially early in the session
- remember this was fighting the trend so it wasn't by any means an A set up
FIX: Be careful when trading on intuition, especially when fighting the trend
Trade 2 - Long 1 Contract @ No Setup + FOMO
Grade: D
- went against retail short bias after big drop which was a guess - dangerous
- entry at support + VWAP which is OK
- kept risk tight with an OCO order - good for a trade like this
- only used 1 contract which showed my lack of confidense in this trade
- good job getting out because I quickly realized this was a FOMO trade and I got out green while I could - only positive takeaway and that I used 1 contract I guess
FIX: Avoid No Setup/Fomo
Missed Opportunity of the Day
- entry should have been at the circle in a reversal box trade
- literally had my finger over the long hot keys but didn't pull the trigger
- Why was this a good trade?
- Just after 10am which is an important reversal time
- I was bullish based on the Daily chart
- I assumed retail was getting short after the data drop and the open drop
- But mainly, I saw in the first few minutes of the session that it looked like ADD was dictating the ES moves more than the Nas today
- At this moment (circle) ADD flipped green first and Nas was also at support like ES, plus being just after 10am
- Very low risk to reward on this set up