I don't ducking know why would I take this?? I didn't see a volume push above the high. For you to play this, you gotta always have this kind of volume!!!! Also, if you play, ALWAYS play when you see VVM develop towards that LEVEL. Don't hesitate! Instead see the market context and fucking react! I always hesitate whether the trigger is right or no. Therefore, in order to combat this, always wait for a pullback to demand OR wait for a pullback overall. Once you see buyers step in after the pullback, ONCE YOU SEE BUYERS STEP IN after the pullback, GET IN and put stop at the point where buyers stepped in. STOP OUT when needed.
Things I did wrong:- Not looking at 5 min and focusing only on 1 min. Not putting stops wide enough. My emotions were flaring all over the place which made me like overtrade 1 trade. Then I had to stop. The second trade made me feel like I would lose potential profits. However, if I have a stop, why would you not respect it? In order to prevent this, ALWAYS look at market context and how things are developing. Are we pushing above supply? Are we making higher highs/lows ets
-Best thigns I did:- 1) Be patient for market context; 2) Knew that buyers weren't showing strength; 3) Respected my plan; 4) Took profits fast; 5) Was patient; 6) WATCHED THE 5 MIN!
-Things I did wrong: 1) Not being patient enough; 2) Also, you were pulling trigger for calls in DEMAND. THAT WAS EMOTIONS SINCE I saw green candles coming up. I thought to myself that "what if I miss the R:R?" So bad. Gotta be patient and see context!
Thesis:- Buyers weren't showing in demand. The market was balanced and any upward push was being sold off from sellers IN DEMAND which indicates WEAK buying therefore selling pressure. So, I recognized that and took puts as SOON AS I SAW VVM. However, what I did notice is that YOU GOTTA ENTER ON THE 5 MIN AS SOON AS YOU SEE VVM! On the 1 minute, the drawback is that it's ALOT OF FAKEOUTS. On a 5 min, to avoid potential downsides, ALWAYS ENTER WHEN VVM IS PRESENT AS SOON AS DON'T HESITATE. Also, think about R:R everytime!
SPY CALLS was taken out of the supply zone and into the supply zone. Confirmation was the market context that played into it. I bought into strength and sold into supply. I didn't sell into supply BUT I just scalped for me to be just over breakeven over the day. I mean this is how Carmine would have taken it, so I mean this would be like on of his recap-vids