May 7 Recap

We got volatility, but as of 3:30pm no expansion of the range.

Powellball plan: Essentially, we were in a box. A break of HOD day, calls on a retest. Reject of HOD, puts to LOD. Hold of LOD, calls. Break of LOD, puts on retest. The grey box at the bottom of the image represents the opening day bull gap from a few days ago. Yesterday we bounced there.

Post Powellball we did that again. I will come away knowing I'm green on the day. But not terribly proud of my patience today.

Trade 1

As usual... I got in too early. I let my bullish bias get in the way and I entered calls early. We broke the LOD of day, but thankfully I sized small enough that I was okay seeing what happened after we broke the LOD.

As you can see we went on toe breach the bull gap, but then quickly bounce. It was on that bounce I averaged down into a rather large position. It's frankly where I wish I entered. Max sale was 17.8% but the original entry held the overall trade P/L down just 5.7%.

While getting into a small size helped give me the conviction to average down with size, on the other hand, if I didn't take that initial size, I may have still entered and held a tad longer given I was never red. Having said that I'm fully aware this is not how I want to be executing and managing my trades. I want to be decisive. Enter. Exit. Outcome irrelevant.

Trade 2 and 3

I basically did the same thing as Trade 1, but this time took the loss, then re-entered, which is semantically the same thing as averaging down...

I entered calls for continuation. BUT I entered as we were making a swing high / pivot. The one thing I really, really need to work on, is waiting for the 3 minute structure to develop pivots before entering. I often get into calls once the uptrend is confirmed, rather than waiting for a retest or swing low to be created.

This is essentially how retail provides liquidity to pros. Retail thinks they've missed the move and so enter late. Then price shakes retail out. Then the rip occurs. I played the role of retail and smart money, buying back my original position plus increased position.

Another point on Trade 3. I got greedy. I was expecting the call trigger / 5640 to hit and that's what I was holding on for. Instead of taking an exit at 40%+ on the contract, I used a technical stop of a loss of the 1m21e. That led to the runner being stopped at 15% instead. While green is still green, I took a 25% haircut off the top, and don't believe I would've exceeded an incremental 25% on the upside. So at that point, it was prudent to just exit and be content.

Full Risk 0dte Trade

As I mentioned above- I need to work on entering at a swing low, which typically occurs much closer to the previous swing low! I was right on the direction, early on the entry - more patience! However, because this was a full risk trade with a willingness to go to zero, I did just exactly that.

I entered calls at the support of a bullish channel at $3.6. We broke to the downside, which happens! The contract dropped all the way to $0.15, while simply creating a HL very close to the previous swing low. That is the proper entry! And then we ripped face to the HOD, then the scalp call trigger, and then tapped yesterdays high. I exited at the first of those levels at $8.5 for a 136% gain, juicing my days profit by 33%. The contracts tapped $19, which would've been 427%. And from .15 to 19..... 12,566% And, thats why I do EOD full risk 0dte trades.