23rd June 2022 - Trading Journal & Market Breadth
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According to my charts the Russell is bouncing the hardest. The $QQQ & $SPXC remain somewhat lacklustre for now. New lows have dropped however.
$QQQ Stocks Above 100 Day, 150 Day & 50 Day
$SPXC Stocks Above 100Day, 150 Day & 50 Day
Pre Market Work:
I have been somewhat lax this week with a trading journal. I actually missed a planned trade on the $SPXC futures with a limit order by .25. At the time I was fine with this but yesterday I entered a similar trade much earlier than I'd usually like and I am putting it down to a touch of "I'm not missing it again". I stopped out and later entered a better long trade with very tight RR to end the day in the green. I also attempted a trade in $VIVO as biotechs are looking strong but the volume wasn't there and I stopped for a decent day trade profit. I am working with my scans and updating my watchlists but right now I am somewhat suspect of the rally. I do not see sustainable swing setups that I am happy to take so I am biding my time with a few hit and run trades here and there.
Here is the basis of my trading plan today. If i get a really nice entry to the futures I will go long for a potential run to $3850. I will also see if there is any movement on my watchlists but realistically I don't believe this will be the case.
Traded $GTLB & $VIVO along with $SPXC by way of futures. Ended the day with a small profit. I should have continued both first trades as swings but I'm still so hesitant and slipping back into day trade mode. Which isn't necessarily a bad thing to be super careful but I choked my trades yesterday because I didn't want to see them even go barely red.
No positions going into Friday.
Notes & Open Trades:
- No Positions
Please note I operate my risk with options that I can lose 100% of the premium. This is the safest way to trade them in my opinion. Even if I cut at 50% once I am setup to lose 100% within my risk threshold then I will stay ahead of my required R:R.
I know that when I first set up my Trading 212 account I made the mistake of buying my positions in the invest account rather than the ISA account. Do you think IBKR does a better job of communicating this to first-time investors?