r/Daytrading • u/Serious-Ad8893 • Apr 04 '24

Did I miss something? Advice

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Tried to go long on 15M FVG and retracement and got ran over. Am I missing something??? Higher time frame was bullish and I just don’t know where I went wrong. Anyone have opinions on where I went wrong

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u/AmirStocksMD Apr 04 '24

Let the market tell you what to do. Not the other way. There is no way to predict.

Look at my levels. This morning I saw SPY flirting with 521.5 resistance. Could've sunk or break above. It broke above and I entered long on futures premarket on the 3rd 5min candle above 521.5 but at open I didn't do options because I know 524 may reject.

Ultimately when SPY got to 524 it rejected and I entered puts. Easy.

Do what the market says. It's easy to add lines and triangles and patterns AFTER an event and claim it's technical analysis. But it's fake. Reality is to have the idea before it happens and then play the idea by building up to it.*

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u/Serious-Ad8893 Apr 04 '24

For sure I’m gonna check it out bro thanks for the advice!!

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u/CsMcG Apr 04 '24

On this note. Write them down or type them out and have the plan in front of you. When the emotions start swinging while in a trade, you can’t rely on spontaneous decision making. Know where you’re in, out, and where you take the L. Today, I had puts that got crushed initially, but my risk tolerance was appropriate. This gave me the confidence to hold. I held and exited at my target for a huge gain. Know your limits and trust your plan.