Challenge Day 3 - 9/9

Hello everyone we are back with a blog for day three , let's get right to it.


** THIS IS NOT FINANCIAL ADVICE**


**ALL TIMES BASED ON PST**

 

DAY 3: OPEN : $1092.56

CLOSE : $1330.15


CHART KEY : GREEN CIRCLE = ENTRY


RED CIRCLE = EXIT

BLUE TEXT (any other color text) = WHAT I DID

ORANGE TEXT = OTHER TRADE POSSIBILITIES



TRADE 1: SNOW

5 MIN


_Mixed relationship with SNOW this week. In the weekly watchlist i pointed out to keep an eye out for a upside boom boom if 305 held . And the funny thing is 305 held , but started to look for short side trades. Mainly because I was starting to look for short side trades in the market. SNOW has been in a pretty strong uptrend , and I should've followed my first rule of playing the trend. Buying the dip this morning would've been the right play , but with some short bias in my head , even though i favored an upside breakout , I failed with this trade


SATISFACTION (1/5)

- As mentioned I was eyeing an upside breakout now for 5-6 days , but once we started to get there i started to look for shorts. Didn't follow my original plan , and didn't play the trend , and as a result took a un-necessary loss , and also missed out on the upside potential.




TRADE 2: NVDA

Wanted to stay short under 225

ONE MIN


SATISFACTION (3/5):

- Didn't follow plan. Stop loss was never hit , should've remained in the trade, but in the end was not a detrimental loss. Regardless , have that double mind did screw this trade up so not good execution here.


TRADE 3: ROKU

Morning plan short under 340

ONE MIN


- Wanted to short under 340 , we opened under spiked to it , was a little , just a little late on the fill. Goot in a bt closer to 339. AT the same time noticed buyers holding 336 and started to form a 5min flag. Holding gave reason to believe that we could just range ,we spiked stop got out , but then dropped back down again.


SATISFACTION (4/5): - Good gameplan in mind , stopped when was supposed to. Decided not to get back in short back under 340 because we were likely to range , which is what we ended up doing. Ok entry , followed stop , just didn't work out.


TRADES SPY :

Main SPY thesis going into open was I wanted short side trades under 451. We spiked it off the open , I had upside resistance at 452.7 and downside support at 449.

5 MIN


(Will highlight the 1DTE contracts - 448 P (9/10) )


- Got stopped on morning swing trade , quick loss , small loss , not disturbed. But Off the bounce we had a pretty quick reversal and then continued down for the remained of the day.

- I had probably 3-4 spy day trades. They were higher than normal risk I should've had on this account , but with the price action in play I was expecting a flush , plus i had to make up for some of the morning blunders. I entered 10 * 448 puts for .45 each , but upon entering I realized that wait I don't have a concrete stop in place. So a few minutes later im out at .35 for -100. Then once i start to see sellers hold under 451.2 on the bounce , I identified the stop and got back in 10 for .40 this time around.

- I entered them as a "lotto" but was more of a potential scalp trade eyeing a break under 450.5. We bounced a bit , I could've managed this better as on the initial drop to 450.5 they were .55 up +150 , but i was so bent on looking for a continued breakdown. ideally I should've sold half and then rebought back on the bounce. As price fluctuated and on the bounce we were back at .37. I was definitely a bit more anxious on the bounce , but we held under stop so I let the play play out. We got the brak and flush we did.

- On flush sold a few at a time from , getting out of 1/2 towards 449, (.9-1.1 range over 100%) and then holding 1/2 looking for a lower move. We bounced , where a long trade could've been take off 449 , but I held the remaining SPY with a trailing stop. Ya i could've exited all and then got back short post bounce but I gave them some breathing room to breakeven and we flushed again into eod where the rest were sold.


SATISFACTION (2/5) :

- Exiting the swing off the open was good , followed plan (5/5)

- Then re entering SPY puts on initial flush to 451 , i got in early and it cost me $100 because I didn't wait to allow a play setup to develop , this play should've been avoided with some patience (1/5)

- Then jumped back in SPY shorts hen stops and targets identified. Initially when we dropped to 450.5 target should've taken 1/2 off because there was a chance there to reverse back to the upside. After taking 1/2 I could've re added if we kept holding under 451.2 (3/5) -But I kept holding. We did end up flushing , sold 1/2 into 449 as planned. With 1/2 at breakeven. I could've eyed a long trade on 449 hold , but was ok holding with a B/E stop. Since i was playing close expiration , i should've been more tight on the trailing stops for the puts , and then re-entered at a better price. It cost me some profits but apart from that was ok execution. (4/5)


- Definitely had a bit more anxiety built up in this trade as it was a larger portion of this small account. The morning blunders had my trigger slip a bit , but was able to at least take a better trade setup and end the day green.


Overall these last 2 days I have made a few mistakes in result to position sizing , not keeping it consistent throughout my positions , which ya can be very difficult on this account size. But part of it also occurs from me watching to many tickers at once , gotta narrow it down to focus on 1-2 at open for this. Lets see how we end the week tomorrow !



 

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Have a wonderful rest of your day everyone, drop any questions down below !




 


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