Monday, October 24, 2022

Daily Evaluations 10/21

Friday the 21st was ok as far as my executing. I mostly just scalped and traded IWM. When it's readable I trade it well especially off support and resistance lines that have held. I've noticed that lately it is respecting major levels. Probably because everything is so choppy now. I still am preparing myself to see weeks of range-bound action as this oversold suppport level is worked out. As of today the stock market is literally the same as it was Sept. 22 a month ago. I've seen ranges like this years ago where it trades up and down in a channel for weeks. I come everyday prepared for a green market day or a red one with my watchlists full for shorts and long setups. 52 week lows, supernova shorts, and channel breakdowns are my go-to for shorts. Multi-day breakout and any flags or sideways or triangle consolidation breaks are my go-to longs. Sometimes oversold bounces. HBLZ is a good one now.

Today I made some great trades scalping BABA in the A.M. and some good reads on IWM but I gave gains back overtrading IWM. My winrate is actually increasing on IWM but I need to not push my luck as it gets farther into the day because it literally always get super choppy in mid afternoon. My plan going forward and it worked today is to trade regular stocks from 9:30am to 9:45ish then look at IWM and index ETFs. I have been doing XHB and NAIL a lot too. My selectivity wasn't awful today but wasn't quite good enough possibly because I wasn't rested. I have overtraded the most when I'm the most tired. Trade management was good, risk management was ok. My thinking going forward is to keep multi-day option trades on at all times like USO or natural gas or GLD GDX so I can get a cushion on gains so I'm not forcing trades during regular session. I like to look at my IWM charts at the end of the day. Almost always the first direction it breaksout to in the first 15 minutes is the fakeout then the real moves are the opposite direction. Today it popped out of that range and looked bullish then spike topped again and crashed. So choppy until even after 10:30am. I need to work on selectivity, fine tuning risk management with entries.

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