I had a well-being score of 6.5/10 this morning.
I took 2 live trades with ABT and CCL.
My watchlist: AMD, ABT, DAL, JNJ, CCL, and BA.
ABT had an interesting PM. It had a catalyst and a level at 83.25 it touched (or nearly touched) 3 times near the open. Then at 9:26 the volume really increased with a bullish candle and then a hammer. The L2 looked weighted to the ask side. Then 2 min before the open T/S lit up green and I went long with small share size. The price popped and retraced.
What the chart/L2 looked like when I took the trade:
The price popped, but not high enough to take a partial. Then the price dropped to my stop (82.50) and bounced and made a hammer where I added. My target was the daily level at 84.73.
The open had lots of volume but little movement at first. Then the priced moved higher and I got two partials. Then the price sat for almost 2 minutes while SPY was moving higher. Finally the price moved a little higher where I partailed again since I was losing faith. Then I tried to exit at the break of the 83.25 level, but wow what a slide that was.
Right after the ABT trade I noticed CCL had a weak 1st minute then was bouncing between VWAP and the LOPM. If I could get a really good entry near VWAP I would short. I didn’t have to wait to long and actually got filled immediately. I had to only wait a minute for the drop to start. I took way to many partials. I got caught in the halt. Then I accidentally made a hot key mistake near the end when I was exiting, and added a few shares.
What did I do good today? Good use of T/S.
What I am grateful from today? It’s great starting the month (my trading months always start on a Monday) on a positive day.
1) Would really like Brian for a Swing trading webinar/workshop, on how he selects his swing trading watchlist, what criteria he bases his watchlist on.
Every time he shares a weekly recap, he does mention stocks he is keeping as watch on.
Would be really helpful if such a webinar can be arranged.
2) Day Trading Options by Nas, the first part was a really good into, Another follow up with strategies and specifically which cheap OTM options to trade would be really good too
Top Three Good Trends
I absolutely choose to fight the fight each and every day and face the unknown. My risk management is on point again which is what saved my week from be a total disaster and my execution of trades was not on.
I was present in the moment for each of my trades and was hyper focused on executing my plan after Tuesday when I was all over the place. My trading the last three days was right where it needed to be.
I accepted the fact that I am not in the zone and that I need to take a real look at what I was doing wrong and how to adjust for the upcoming week.
Bottom Three Bad Trends
Entries and managing the trade once I was in was a huge issue this week. I think upon the increase in risk, I once again started to doubt my setups which is crazy because they still work even in this market. I could tell that I am focusing on the outcome/future instead of focusing in on what I need to focus on which is the present moment.
My exits were the second big issue I had this week I was always worrying again about being wrong. My focus was not on executing it soundly because my mind was focused on future events or outcomes and a monthly goal that is not important. I put an arbitrary goal at the end of the month which this week put undue pressure on my performance.
Emotions got in the way of trading because I was looking at the past. I was unable to forgive myself for the mistakes I made and dwelled on them preventing me from taking other good setups when they presented themselves.
Focus for Next Week
I stop my current sample set and reset. No point in going down the rest of path when the beginning was so out of the norm that it would not be a good representation of the data that I was looking for. I have re-calibrated my trade plan and will go into exit week was a solid plan to execute regardless of the individual trades
Do not focus on individual trades, instead focus on completing 20 trades that meet your setup along with following your process. I have already paid for them so the only thing that I can do is make money by taking a trade that meets my plan.
Focus is on the big picture not the individual little movements as they do not matter. Plan your trade, trade your plan.