Day 2 of this challenge and the 1st trade of the day proved why I'm doing this challenge. I entered the $SPY 595 call right before the 1st 15 minute candle and with a 2/1 risk/reward goal it hit 25% within the end of the 1st 15 minute candle of the open. I turned my head and came back to see it had blown through my stop loss in less than 30 seconds and before the following 5 minute candle closed I was down 40%. At this point I had to see if this was a panic dip into the top of the hour or liquidity sweep. It wasn't and every attempt to reclaim resistance levels failed and I finally got out with a massive loss... took all of the profits from yesterday.
I had enough for 1 more trade and since it had broken support with my exit of the earlier trade, I got into a $SPY 587 put thinking it could at least retract a few dollars and recoup losses. It did hit 28% but I didn't take it. I was convinced it was going to grind down into the afternoon till it bounced and I got out just as it happened with a small win.
The 1st trade was FOMO thinking I would miss the big move up before it topped out. If I had looked at different time frames like usual, the 1 minute candles told me it was going to reverse where the 5 and 15 minute didn't show that yet. It would have saved me the entry for a call and would have entered the put and would have had a very solid trade for the day and doubled the account if not more.
The 2nd trade was even late on entry but worse was the expectation. When volume dropped off and it was choppy I should have known the move wasn't the Sniper trade we were looking for.
Join now or log in to leave a comment