April 28 Recap

A bit disappointed today. I continue to 'paper hand.' Amazing problem to have, but still hard to stomach as a perfectionist. I continue to exit short of my target leaving, not just a little more profit, but in todays 2nd trade 100%+ more profit.

However, this frustration, disappointment, berating is not a useful emotion. It leads to emotional decisions going forward. Instead I have to and will continue to focus on the positive of stacking small wins to boost confidence. I have to be content with anything greater than a small loss.

And, so I am. 2 for 2 on trades today. In both cases once I entered the drawdown never exceeded 8%. And, if you asked me in the morning if I'd be happy with today's outcome, I'd say yes 100x.

Trade 1 was exactly to plan. Bias was down, waited patiently for a reversal signal on the 3m chart, inside the 10m ribbon. We got a breach of the put trigger and the previous swing low, and then the 10/8 pushed down. The whole time I was expecting a push to first the previous low and second Friday's low. I entered with the 3/21 as my technical risk. Exited at previous low, and cut my runner when we couldn't meaningfully break the low.

Trade 2... We had a clear reversal on the 10m with the H21 acting as perfect support. I waited until the 10/48 broke to the upside, which confirmed the inverse vommy setup. A clear profit target for any entry was the PDC level. I entered, but because we consolidated sideways for 45 minutes, once we actually moved up I was quick to take profit. In reality the setup, the thesis, the price action was all in favor of continuation, but I just got impatient.

I've certainly gotten a lot better about being patient to enter a trade and now I'm hoping to keep the patience while in the trade.

If I had waited until the next level, the exit point would've netted 50%, instead of the 18% I took. I'm of course happy with 18%, but knowing that simply holding vs taking another trade / risk would net me 3x is a tough pill to swallow.

2 for 2 today. I scale out on the way up, so I've added a column to highlight the highest individual exit within a trade, in addition to providing the P/L for the trade as a whole.

I make note of this to help see the realized potential of a trade. Seeing this data may help me exit slower in the future. Still a green day though!