PRocess:
Was interested in SPY - short if it got below daily 200. My entry was premature - because at my entry it had had 5 bear candles in pm on the hourly and was due for a pullback or rest candle. While I entered on a trigger of tlb - it was an impulsive entry because I did not want to miss making money. And I entered oversized at 3 contracts - focused on the money and the "cheap" price of the same day expiring contracts - so I sat through a very tense pullback of $158 red. I had oversized and taken impulse entries. It did not claim my stop area (in other account I would have been stopped out because I eneter hard stop) - and so there was a battle between knowing the mistake I had made and how taking that big of a loser on a Friday would suck my psychic energy - but I held. I only had one trade left for the week. I then added on subsequent pullback thinking it would help me get back to BE faster. That was error #2 - because now a pullback would give back all of last week or 10 day gains.
Out of nerves - I switched to 1 minute and took all off near PM low on first one minute that looked like it was going green. I left another $2.5 dollars on the table - which would have been a bonanza. However, I was not mentally or emotionally prepared to participate in that bonanza.
Legit set up - although inside days are not ideal - but the daily MA's made for opportunity.
Not good risk management - would have given back nearly 2 weeks work in one trade that I did not have the skills to make worth that risk. $2.5 more would have been another couple hundred if not more - and I only took $100 of that.
Moving forwards - know that 4+ consecutive candles of any timeframe that you watch mean that you should wait for a rest or pullback candle in order to not get shaken out or have to stress yourself in a pullback that you are not developed enough to handle mentally/emotionally. That pullback triggered a lot of shit - that could have been avoided had I waited for a pullback/rest candle at the turn of the 10 o'clock hour.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2023-03-17 09:49:24 | 17 MAR 23 390 PUT | buy | $0.9400 | long |
2023-03-17 10:10:41 | 17 MAR 23 390 PUT | buy | $0.6000 | long |
2023-03-17 10:25:17 | 17 MAR 23 390 PUT | sell | $0.9800 | 0 |
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