August 11 Recap

Solid day. No drawdown. EOD trade I was trying too hard... But, of course sized to lose 100% with a small portion of profits so NBD. But, still the mindset has to be the same regardless of loss potential.

So, I didn't write my plan or recap yesterday.. But, this morning (8.12) I want to go through my thesis and the mental steps I wish I had taken before entering and exiting the trade- this is because my thesis was right, but because of size I was more than content taking profit. Only for the thesis to eventually play out and pay far more.

First off at 1230p I wanted to take the short off the call trigger. I was waiting for a clearer M on the 3m but the rejection was so hard that once we lost the call trigger and 3m8e we didn't recapture it.

"Missing" that trade because I had a call had me more eager to take the next trade. But I rightfully waited for a clear setup.

On the 10m we had clearly turned bearish with the loss of the H21 and the PDC.

It was clear to me the ribbon was holding as resistance. We rejected the call trigger, and lost the PDC so the next logical target was the put trigger.

Thesis was downside continuation to the put trigger. That means I'm looking for price to react to resistance. Instead of committing to the thesis and taking puts at resistance, I was waiting for confirmation, but by the time that came we were at support.

Being aware of that I simply took profit at support. Where I got into trouble was in finding support, I switched to thinking we were going to reverse. But, in reality there was no real setup for reversal. Yes support kept holding, but it was only inducing fomo on the call side to trap late bulls.

I got in early enough on the call side and exited quickly enough for a great trade. But, ultimately the OG thesis played out. And, it was a matter of me 1. seeing a setup. 2. waiting for it to trigger. 3. waiting for price to react at caspar 4. entering.

I want to be slower in my mindset. I want to see the setup. Identify the probably direction. If down, where's resistance? If up, where's support. And, just enter. Wait for the level to break and stop out or wait for the profit target.

I took puts for 10%ish but they ultimately went 200% on the move down to the put trigger. I could've sized 1/20th to achieve the same profit.

Setup. Direction. Caspar. Entry.

Unexpectedly awesome day though with the port up 4%+