September 3, 2024 (1 Trade) (-$127.50)
Overall Grade: D-
Day Summary: After trading with mostly all good habits and keeping a mostly continuous green streak, I exhibited bad habits today and paid for it. However, although this is discouraging, this brings me back to the importance of keeping my emotions in check and not breaking rules. I could tell when I woke up today that I wasn't in the best mindset for trading, especially after a long weekend of drinking at Spence's wedding. That is not an excuse, but I need to remember when I am feeling confident and when I'm feeling off because it does make a difference on trade selection
DAILY - ES
5 MIN - ES
TRADES
Trade 1 - Long 2 Contracts @ First HL Reversal but actually it was @ No Set Up
Grade: D-
- This was a very bad trade, and honestly, it is the worst trade I've taken in over 2 weeks which is a good takeaway from this at least
- fighting a strong trend - bad
- entered with the idea of a First HL Reversal set up but I entering anticipating the entry candle the close green as it started to move up - bad, especially for a reversal trade
- after that anticipation entry, this should become more of a breakout or bailout style trade (breakout meaning it should work quickly even tho this isn't a breakout trade)
- STOP should have been aggressive and just at a break of the LOD instead of waiting for a candle close, especially when fighting a strong trend
- held loser - bad
- also, I had my retail cork flipped to green before taking this trade because I knew retail was trying to long this and I decided to get long anyways - bad
- Look at the 5 MIN chart weakness - don't long
- 15min was at demand i guess but just nahh broo
- Once I saw a yesterday's LOD break i knew I had to be out of this trade but realistically this trade became a bigger loser than it should have been and that is a reminder as to how important it is to stop out quickly and responsibly when you're wrong
- Overall this was a retail trade and the only good thing to take out of is that at least i didn't continue to hold and hope because that shit could have been way worse
FIX: Be disciplined and wait for a better set up that's not on the retail side of the trade. Don't fight strong trends. Don't anticipate entry candle closes when going for reversals!