S&P 500 No Trade — 2024-01-29
The objective is not to grade the P&L. It is to grade the decision.
Charts
Trade Review
1/29/24 #SPX Buy Setup Today was a reminder of patience on my setup. Overall my setup was correct but, today I didn’t take the opportunity to wait for my entry signal and took all my trades with too much aggression. The buy was the expected result but, I saw price dropping without considering that we could trade down to the NWOG. Price gave me the required entry of a LTF +FVG and +BRK setup but I took the trade without seeing a wick rejection and candle closure above after the wick.
Entry: 4919.375, 4917.75 SL: 4914.75, 4915.50 Targets: 4927.25, 4934.75,4950 Risk off 1:1: 4927.25
Good: The overall setup was great and gave a multiple R return with rice trading through the PWH to make again a new All Time High.
Bad: A lack of patience as mentioned above on the entry. I seem to lose more often when I’m not patient. Unfortunately, the contracts minimums being even a single contract is too large for my little account. The contract sizes don’t match my risk parameters and puts me at a point where I’m risking entirely too much per trade.
Cory publishes the working thesis before the session, not after — this Playbook and Trade Review are part of that same documented process. No signals, no highlight reel.
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