May 20 Plan

Before I open up the charts.. Yesterday. There's certainly some positives to take from it. And, we're concerned with P-rogress O-ver P-erfection.

My entry was justifiable, my risk management was non existent. I got married to think I had to profit on that trade. It would've been far better to take the initial loss, then wait for the next entry. I know this. My win rate is 70% and I've been profitable. 30% losses. It's just a loss. It's part of the probabilities. Instead a huge loss. Frustratingly, if I was 'willing' to take that large of a loss I might as well have traded 0dtes at full risk with the same loss potential. At least the upside would've compensated for the loss I eventually took.

I'm concerned about my mindset this morning with a desire to make up for yesterday. But, as a professional all I can do is focus on my edge, wait for the probabilities to be in my favor, and execute with risk managed. The consistency and confidence will generate far greater returns in the long run than oversizing to compensate for 1 trade. On to the next one. Another chance to wait for my edge and manage risk.

Are we at support? Are we at resistance? What is my risk? That's it. KISS.

This is a very long term game. It helps to break down goals into smaller challenges and reiterate them on a regular basis. The rest of this week I will scale in 1 contract at a time, period. It's nbd because I'm always early anyway!

To the charts!

Bias is still up. No major support breakdowns. Daily, 4h and Hourly Bullish. Divergence has already played out on both 4h and hourly charts. As I often need to remind myself, divergences signal mean reversions- not all mean reversions turn into full on reversals.

On the hourly we're stuck in a very tight range with PWC close as resistance and the ribbon as support:

Down to the 10m chart.

Very sideways. No clear trend or direction. We're just chopping. This would be a day to consider scalping only. Calls at support, puts at resistance, exit at the opposite. Or, wait for a high volume break of the put trigger for a continuation down, or a break of premarket high for continuation up.

As always, patience is the best option!

If I do take a trade, I will scale in 1 at a time with a max position size of 4% of the port, period.