Daily Report Card 6.30
Daily report card | 6.30 | b
weekly goal- finding the best stocks to trade.
auto suggestion- only take trades where you have an edge and can appropriately manage your risk
pre market preparation
Ideal Mindset Grade: 90% (Journal kept seperate)
trade reviews
segment | Open - 10
$QQQ Short
Confirming below $280 level, trend day expected
Good job executing on idea from trading plan
$AMD Short
Confirming below prior days low, $SMH much weaker than $QQQ
Good job using tape reading skills, very thin on bid
segment | 10-12
segment | 12-3
post market analysis
Write about your overall performance for the day
Overall for my performance on the day I gave myself a “b”. I only traded the open segment today which for me lasts from open to about 10 pm cst. I should have been involved more on the bounce from $275.75. Firstly, I should have prepared this scenario mentally before the open. I was focused on the short below $280 which in turn caused me to miss the reversal. $QQQ and $AMD were both trades with edge in that regard I did well. Review the screen recordings of execution and the level 2. In any process it is important to be able to identify when we are likely to trend, and when we are likely to be range bound for the day. Yesterday we observed sideways action in the market. The economic data released this morning added to the volatility so I bet on a trend move below $280 to my targets.
chart documentation & trade reviews
Take snapshots of the charts you were involved in today. Focus on documenting setups that make the most sense to you, even if you didn’t trade them
$qqq 30 / 5 minute
$QQQ formed a balance between $280 and $285. We gapped out of the balance in the pre-market initially, but opened inside it. When trading the breakdown of these zones you must see acceleration on the break and that is what I saw along with no buyers on the tape, sellers were in control. I will review the tape later. Good job capturing this move I need to execute on my levels more, but waiting for trend days is important also and makes sure you do not get chopped up.
$amd 30 / 5 minute
As mentioned above $SMH is much weaker when compared to $QQQ so I drew the conclusion that semis are a good short. $AMD had a strong down move off the open yesterday below $80 key level and put in a low of $76.52. This level was used for my entry and to manage my risk against. $AMD started ticking in my favor and I held until it found support around $76. Good trade, exit could have been better.
Seperate from the trade review, I missed a playbook trade this morning off the open. The trade is a 21 ema reversion trade in which after a strong trend move, the FIRST retracement or test of the 21 day EMA on the 30 minute Tf offers a good r/r to catch the next leg down and you can capture several points in this trade! See blue arrow.
