My Weekly Review Process
OVERVIEW
I started the week with a new focus and had a small green day but no massive success on Monday. I adhered to a more explicit focus on using only one contract for plan optimization and focusing on the one plan that can really propel me forward daily. I was optimistic that this would yield results this week.
I was quickly taken aback as I was severely stuck in gray zones within my strategy starting on Tuesday. As far as trading execution goes, I adhered to all my rules and took the trades that were offered, but they all were failures and resulted in small losses. It seemed like this day was not in my favor, so I brushed it off by moving onward with the same mentality.
I concluded that I needed to be more firm in trusting my plans and giving them the benefit of the doubt even on days like these because, most of the time, I cut myself short by not playing my designated trade plans or taking profits too soon. So it just sucks that the day I started to fully understand this, every plan didn't work out, but I was optimistic that this was the better path to traverse.
My strategy already has a decent win percentage, but the problem is very much myself and how I perceive and execute my plans which is still very much lacking.
Going into the next day, Wednesday, my mindset and rules have gotten more robust, but my performance could be better due to pattern failures. I would say that my mindset and confidence have gotten stronger. Still, the performance was lacking these days and was increasing in losses due to pattern failures. I did not increase position size but took most or all of my planned trades.
It is evident that with increased confidence in my plans and many opportunities available when everything fails like this day showed, it would magnify my risk even more. As a side note, all of my loss days could have been mitigated more to be much less because I did have the opportunity to either take profits like I usually do or recoup some profits on subsequent trades. Still, it was a choice not to since I really wanted to realize my trade plan. Just got the short end of everything these past few days, but they revealed more things to consider and refine.
It was clear that increased confidence in the strategy when everything failed increased my risk significantly because it was a product of confidence and the number of entries associated with the strategy. I had ample trades that fit my criteria to enter, but they all failed to go according to plan, which resulted in taking losses according to plan. Still, the summation ultimately led to poor performance on the daily bottom line.
This day, I decided to refine my strategy to focus on KL rejects/KL bounces and RZ cross-over bounces/rejects. The idea is to eliminate more noise and risk when all plans fail. I narrowed my strategy down to these events because, over time, the RZ cross-overs often lead to a decent reversal trend with a significant upside. In addition, the KLs always have a decent win percentage when patient enough.
I have always wanted to be available to partake in many opportunities, but now I realize this is an added risk. Therefore, it is better to narrow the focus to increase confidence, eliminate added risk, decrease stress, increase patience, and make trading more predictable/fun.
I was ready to use my refined focus, mindset, and strategy on Thursday. Even though this day ended as a loss day, I minimized the losses and began to feel better about this new direction. The opportunity was there, but I needed more time to feel comfortable refining my focus.
Friday shows the power of this newly refined focus, improving my RZ and KL planning. This day was a triumphant day. I finally felt good and proud of my performance. I patiently waited for the setups; they all played out nicely with significant % gains. I missed a setup since I was away from the computer, but it was nice to see the patterns and my plans working 100% again.
NEW GOALS FOR NEXT WEEK
This week was tough, and I am grateful for this week. I could not have made any changes this week if I had done what I usually have done and just taken my small gains and had a flat or profitable week. But I actively decided to change and have more confidence in my patterns which led me to refocus and improve my strategy.
Moving forward, I want to repeat the process I did on Friday for next week and see how that changes my performance.
- Focus on Intraday System Patterns A & B.
- Pattern A: reaction zone crossovers for an RZ reject or bounce.
- Pattern B: key levels for a KL reject or KL bounce.
- Fewer trades with more confidence.
- Focus on SPY and TSLA options ONLY!
- Time to simplify the process and improve/reach the next level.
- Do not give in to negative triggers.
- Do not give losers more time!
- FOCUS ON POSITIVE TRIGGERS
- FOCUS ON ADAPTING TO PRICE ACTION
- FOCS ON (1) CONTRACT FOR PLAN OPTIMIZATION.
- FOCUS ON THE ONE PLAN THAT CAN PROPEL ME FORWARD DAILY.
- GIVE PLANS THE BENEFIT OF THE DOUBT AND LET THEM PLAY OUT.
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