10.28 PM

Didn't get to the screen until 3p today. I was - as I should always be - very reluctant to trade.

However, we basically had the same setup as yesterday. All time frames bullish. The 10m very much acting as support. A clear morning star off the 10m8e with a later wick off that same level of support. Then the 3m started holding as well, with a squeeze. The 500 level on SPY and previous HOD was just above and that was the play. Gamma didn't show any material strength above 6900 so I didn't expect a massive move like yesterday. I exited where I wanted. Though again too early. What is the next ATR level up. It hits. Just wait. On the flip side this was an end of day trade and so taking profit is paramount.

The second trade I wish I had more confidence in. We were far from the ribbon on the hourly. The 10m made a move above the previous HOD with lower PO value. Then we had a clear bearish engulfing. The loss of the 3m21e was enough to get in given the M with divergence on the 10m. However, because the 10m hadn't officially closed I waited. But, even the next 3m candle signaled more downside. Yes we found some support at the 10m21e, but more important than ema levels is the 10m resistance turned support that was lost at 687.8. Once we lost the 3m48e, while I was 'worried' a 1m W with divergence, the 3m failed to break that R turned S flipped back to resistance. It failed to break the 3m8e and the 3m48e held as resistance. Those were confirmations to get short down to the call trigger. We had lost the 382 after rejecting the 500, the next logical target was the call trigger. And, given the typical volume explosion in the final 10 minutes there was enough juice to make the move.

I entered puts but didn't have the conviction despite the bearish engulfing to really hold. I took my first exits at 20% and 50% but was able to max my gains with a final exit of 150%.

I need to continue to be more comfortable making more, but smaller trades. I take on less risk per trade, plus together the dollar return is more than enough on a daily perspective. Up and to the right.

I highlight position size as risk-management is frankly the most important thing, period. I've known this forever but didn't want to commit to it for whatever reason. I'm now publishing it as the only tru way to keep me from negating weeks or months of work. All will work out if I manage risk. I know from this year that even while I was being loose with risk management I was still profitable 80% of the time. It's simply that the 1 trade in that 20% loss bucket would wipe me out -- because of shitty risk management aka position size. By publicizing it, I will keep it in check.