Trading Journal #13
08:40 am: Futures green to start the day giving a nice follow through to yesterday’s end of day bounce from lows. Market is still broken but breadth is very oversold, so a bounce would be healthy to clear oversold conditions. Trim and trail longs from yesterday lows.
08:41 am: Morning focus on tech stocks as they have been beaten down hard so will be looking for a possible oversold bounce vs yesterday lows. First, after the market opens, I will be looking to see if we hold green or not. IF we hold up green, then look for yesterday highs as key resistance for now.
Morning Trades: I started the day “testing the waters” with some IWM short, but action stalled so I closed it and flipped into AMZN AMD IWM Calls for some nice cash flow, but also no follow through continuation so I closed and flipped for some AMZN short that ride it for nice cash flow. I also saw CVX dip buyers and some OTM Calls, so I took it for a nice cash flow. I also shorted META when stock got rejected at 167s and locked some more cash flow. Overall, it was a nice cash flow day, but the slow action made it hard to hold the trades for too long, so I took my gains and ran.
Losses review: I had a papercut on IWM but that’s ok as part of trading. The rest , I was able to manage it well and lock the gains before turning winners into losers!
Key Takeaways: Don’t turn a winner into a losing trade by holding the bag for too long! Market slow and choppy inside action, can kill options premium fast on time decay, so I take my gains and run, instead of getting chopped!
Look Ahead: Market is oversold, but as I’ve been saying, it can remain oversold for longer. It would be healthy an oversold bounce but that does not mean we will have it, so I’m staying open mind
This trading journal is a log of all the options trades made. It is a tool that I use to track my progress and improve my trading strategies over time. I use this information to analyze my trading performance, identify patterns, and improve my decision-making processes. By keeping a trading journal, I can learn from my successes and mistakes, and make better trading decisions in the future. You can use other tools for journal as TraderSync , Tradervue or Excel
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