Daily Recap | PnL: +$1,340 | 100 points on stream — Transcript

Full transcript

1. 0:00All right, what's up? It's Thrax. We are
2. 0:01back for another daily recap. Now, just
3. 0:04to get the numbers out the way, we only
4. 0:05traded one funded account today. We
5. 0:07caught 100 points. We took the same
6. 0:09trade on our live account with our own
7. 0:11personal brokerage. We caught 100 points
8. 0:13on that as well. It was for about a 2.
9. 0:15Now, we ended up breaking it, right?
10. 0:16Breaking the the monthly ceiling and
11. 0:18ended up running and pumping pretty far,
12. 0:20but we were able to get our little piece
13. 0:22of the pie out of this. So, let's talk
14. 0:24about why I took the trade and talk
15. 0:26about the game plan heading into the
16. 0:28morning. Now before we actually look at
17. 0:30the game plan, I want to mark out two
18. 0:33very specific levels that we are paying
19. 0:35attention to. The first level is sitting
20. 0:37here right around this 900 and 950 area
21. 0:40that we've been struggling to get above
22. 0:42and stay above the entire week. So for
23. 0:44us to get back into the monthly ceiling
24. 0:47around the 30,100 area, we did need to
25. 0:50get above 29,950
26. 0:53with acceptance. Not just a wick like we
27. 0:55had here and here, but for us to truly
28. 0:57get past it, for us to break this area
29. 1:00and then now we're continuing the move
30. 1:02to the upside. So, the most important
31. 1:04level on the map today was this zone.
32. 1:07Okay. Now, during the overnight session,
33. 1:10we balanced out. We tried to break it
34. 1:12yesterday. We chopped up in this area
35. 1:14yesterday and the overnight session went
36. 1:17sideways. Now, pre-market, we ended up
37. 1:19pumping back into this area where we
38. 1:21then opened up. Now, let's take a quick
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59. 2:01get back into the video. So, the game
60. 2:03plan for the morning was the following.
61. 2:06The upside scenario was if buyers are
62. 2:08able to accept past the 29,900
63. 2:1129,950, then we're going to look to
64. 2:13revisit the 30,100 monthly ceiling. and
65. 2:16that this scenario is only going to be
66. 2:18valid if we do start seeing true
67. 2:20acceptance above this level, not just a
68. 2:21wick. In the event that we actually
69. 2:24rejected again out of this zone, then it
70. 2:27was likely we were going to make a run
71. 2:29down. But we wanted to watch this zone
72. 2:32that was sitting here 29,900 to 29,950.
73. 2:36So, what happened at the open was
74. 2:39actually pretty clean. And I'm sure a
75. 2:40lot of people probably ended up taking
76. 2:42this trade. We opened here and we
77. 2:44immediately push down. So there was no
78. 2:48whip to the upside. We see sellers
79. 2:49stepping in immediately at the open. We
80. 2:52start pushing down. So we're paying
81. 2:54attention to this move because we want
82. 2:55to see whether or not this aggression
83. 2:58off the open is actually going to
84. 3:00provide any type of price progression
85. 3:01lower or if it's going to be a failure
86. 3:03of sellers. Now, in the event that we
87. 3:05open up, immediately push down, have
88. 3:07failure of sellers, and buyers
89. 3:08re-engage, then it essentially gives us
90. 3:11the green light to look for longs up
91. 3:13into the 30,000s, up into 30,100.
92. 3:16So, once we started doing this, we
93. 3:19started coming down into this area, this
94. 3:205m minute candle, we open up, we start
95. 3:22dropping. I'm watching the delta profile
96. 3:25on this footprint candle. We open up, we
97. 3:28see seller aggression stepping in. We
98. 3:30see sellers stalling in this area.
99. 3:32They're getting absorbed in this area
100. 3:34and they're not being able to produce
101. 3:36further price progression lower. So the
102. 3:39moment that buyers start re-engaging in
103. 3:41this candle and we start flipping this
104. 3:43candle bullish with all the
105. 3:44participation
106. 3:46being concentrated at the lows from
107. 3:48sellers, then it's giving us the green
108. 3:50light to then look for longs. Now once
109. 3:52this candle ended up flipping bullish
110. 3:54and we saw these buyers stepping in
111. 3:56aggressively, then we ended up going
112. 3:58long. Now, for the way that we manage
113. 4:00the trade though, on the funded account,
114. 4:02I'm okay with how I manage the trade. On
115. 4:04my live account, I did make a mistake
116. 4:07because here's the thing. Once we start
117. 4:10pushing up aggressively like this, okay?
118. 4:12And we're entering into this area, we
119. 4:15understand, or we should understand that
120. 4:17this is the most important level on the
121. 4:19map for the entire month. We come up
122. 4:21here, we test it once, twice, three
123. 4:23times, four times, five, six times.
124. 4:25We're unable to actually break past
125. 4:2730,100 for the event that is going to
126. 4:30cause us to actually break past this
127. 4:33area. It's going to continue with a lot
128. 4:36of momentum and break past this. And
129. 4:39when it does, it's going to potentially
130. 4:41cause a pretty large move to the upside.
131. 4:43And that's exactly the type of trade
132. 4:45that we were trying to catch. We were
133. 4:46watching for it majority of the week.
134. 4:49Now, this week's been a little it's been
135. 4:51kind of a consolidation week. So, we
136. 4:54haven't really had the opportunity to
137. 4:55try and catch it, but here it came
138. 4:57today. And when we get into this type of
139. 5:00entry and we begin to trail the stop,
140. 5:02I'm trailing the stop on the funded
141. 5:03account due to, you know, consistency
142. 5:06reasons or whatever. So, I'm okay with
143. 5:08how I ended up managing for a 2. Now,
144. 5:11with the live account, I should have not
145. 5:14have been so aggressive with the
146. 5:15trailing stop. So, that was the mistake
147. 5:17I made for the live account because the
148. 5:20target was clear. The target was 30,100
149. 5:23at the bare minimum if we're going to
150. 5:24make another attempt higher. I got out
151. 5:28early for 100 points. The full target
152. 5:31was was going to be for about 200
153. 5:33points. So, we caught 50% of the
154. 5:37intended move because we trailed the
155. 5:40stop. And the reason why it's a mistake,
156. 5:42I know this is hindsight. So, we can
157. 5:44look at this and be like, okay, well,
158. 5:46you know, we didn't necessarily know
159. 5:49that it was going to continue up another
160. 5:51100 or 200 points to the upside. That's
161. 5:54fair, but the target is the target and
162. 5:58the target is there for a reason. and it
163. 6:00was a valid target in this case, but we
164. 6:03ended up trailing the stop on the live
165. 6:05account because we've been seeing these
166. 6:07balance sessions all week and I kind of
167. 6:11got worried that we were going to snap
168. 6:13back into the range. That's the wrong
169. 6:15way to think about it because if this is
170. 6:18the move, then this is the move and we
171. 6:20have to give it room to run to full TP.
172. 6:23We shouldn't be necessarily trailing it
173. 6:25as tight as we were. So, I did end up
174. 6:28making a mistake on that trade, which
175. 6:29I'm not necessarily too happy of. Yes,
176. 6:32it resulted in a 2R for the live
177. 6:34account, but we were waiting for that
178. 6:37trade. So, we were waiting for that
179. 6:39trade all week and it finally comes and
180. 6:41we can't take full advantage of it. So,
181. 6:44it's just a lesson to think about in
182. 6:47terms of I did allow prior sessions and
183. 6:52what happened in prior sessions to
184. 6:53influence my decision-m for today, which
185. 6:56wasn't the right thing to do. And when
186. 6:58we trailed the stop, right, we trailed
187. 7:00the stop right here and we ended up um
188. 7:03kind of just getting tagged out just
189. 7:05barely before we ended up moving to full
190. 7:08target. It is what it is. It was a very
191. 7:10quick morning this morning. and we were
192. 7:11done within the first 15 minutes and we
193. 7:13did take it on stream in front of like
194. 7:15200 people. But the execution could have
195. 7:18been better. It doesn't matter that we
196. 7:21we hit a a 2R because when moves like
197. 7:25this happen or we're planning for a move
198. 7:27like this to happen, we need to take
199. 7:29advantage of it. And making decisions on
200. 7:32trailing stop-losses for my live account
201. 7:36based off of essentially fear is a
202. 7:39mistake. It's an operator mistake. It's
203. 7:42it's a it's an execution mistake. So,
204. 7:45little unfortunate, but you know, at
205. 7:47least we were able to capture some of
206. 7:49the move, but it was a very quick day
207. 7:51today. So, I'm just making a quick
208. 7:52recap, trying to get these recaps out
209. 7:54there. Recently, it's been pretty rough.
210. 7:57This month so far has been a pretty
211. 7:59rough month for me. I'm going to be
212. 8:00real. I'm sure if you guys watch the
213. 8:02stream, the stream, you probably know
214. 8:04there's been multiple days I haven't
215. 8:05been able to take a trade. There's been
216. 8:07multiple days we make a quick move off
217. 8:09the open and then just enter into a chop
218. 8:11during the AM session. A lot of slow
219. 8:14grinds and a lot of mean reversion
220. 8:16behavior so far being stuck or contained
221. 8:19below this monthly ceiling. What I'm
222. 8:22hoping at this point or what I'm going
223. 8:23to be watching for is I want to see us
224. 8:26actually accept above the 30,100 area.
225. 8:31Now, if we do end up slamming back into
226. 8:33this area, then this type of behavior
227. 8:35may continue or we may start seeing a
228. 8:37run to the downside. But in the event
229. 8:39that we stay above here and we accept
230. 8:41above the monthly ceiling that we've had
231. 8:43all month, we could start seeing us
232. 8:45continue this value up structure all the
233. 8:46way to alltime high, which is kind of my
234. 8:49base scenario of what I'm expecting to
235. 8:52see moving forward. And in the event
236. 8:54that that happens, you know, hopefully
237. 8:57we'll have a little bit better price
238. 8:58action that I can take advantage of. and
239. 9:00we just need to be prepared for it. But
240. 9:02we'll see how it goes. So, it'll be
241. 9:03interesting to see how the rest of the
242. 9:05day plays out. I'm hoping we accept
243. 9:07above here and then I am going to be
244. 9:08paying attention to the overnight
245. 9:10whether we're going to continue the
246. 9:11drift up or if we're going to pull back
247. 9:13before New York begins to rip it higher.
248. 9:15So, it'll be interesting to see. We
249. 9:17caught 100 points today, funded account,
250. 9:19live account. We caught it on stream. It
251. 9:22was a very easy trade and it was a very
252. 9:24quick trade. So, we move on to the next
253. 9:27day. We learned from our mistake that we
254. 9:29made today. Wasn't a perfect day, but we
255. 9:32will adjust and we will get better. So,
256. 9:35I'll catch you guys next time I do a
257. 9:37daily recap. Peace.