Shared by
probjhill
Missed my initial entry to take puts at 266.61 at the opening so I decided to wait for retest 264.45 which was the bottom of the descending channel I had for a bounce. I entered once I saw the bids stepping up on the level 2 and picked up in size.
The bulls were looking like they wanted to break but couldn't get passed what looked like to be a hidden seller at the 9ma.
I had to move my stop by a dollar or two as I noticed hat the price was trending for me to get stopped out on a liquidity move. (which I eventually did before it started moving up again).
improvement: My entry should've been more so focused on the candle created on the five minute chart than the one minute as I probably would have found better price action for continuation for my position.
All in all not how I wanted to start my week but we'll adjust properly and move forward. Any tips?
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2022-11-07 09:36:41 | 7 NOV 22 267 CALL | buy | $0.6600 | long |
| 2022-11-07 09:48:04 | 7 NOV 22 267 CALL | sell | $0.4100 | long |
| 2022-11-07 09:48:04 | 7 NOV 22 267 CALL | sell | $0.4100 | long |
| 2022-11-07 09:48:04 | 7 NOV 22 267 CALL | sell | $0.4100 | long |
| 2022-11-07 09:48:04 | 7 NOV 22 267 CALL | sell | $0.4100 | long |
| 2022-11-07 09:48:04 | 7 NOV 22 267 CALL | sell | $0.4100 | long |
| 2022-11-07 09:48:04 | 7 NOV 22 267 CALL | sell | $0.4100 | 0 |
Comments
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If you trade Index like SPY & QQQ, avoid trading those instruments on choppy and slow volume like today morning. There is no edge for winning, otherwise it's not worth it for mental and capital risk.
TIP: But if you want to trade this name everyday and anyway, you need to identify today QQQ and SPY are "trading range" between supple and demand zone. Then, just SHORT at Supply and Buy at Demand with little risk and high reward.