Stop Obsessing Over P&L — Trust the Process
When a new uptrend kicks off, one of the toughest shifts is learning to stop obsessing over your P&L every time the action cools off.
It’s normal — price breathes. Pullbacks are part of healthy trends. But if you’re glued to your cushion, fearing every red bar, you’ll end up reacting instead of executing.
That’s when emotions creep in, and good trades get cut short.
Stick to the process. Trust your structure. Let your selling rules guide you — not the noise of a fluctuating P&L.
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SITUATIONAL AWARENESS, GAMEPLAN, and TOP IDEAS 6/4
THE MARKET PICTURE (5-pillars checklist)
1. $QQQ Price Action — risk-on
Still sitting comfortably above the rising 21dma-structure, holding trend posture through an AVGO-driven gap down in tech.
Character of the day was the tell — names gapped into structure, got bought, reversed to close green. Constructive, but futures showing overnight pressure again.
2. Breadth Regime — neutral (constructive lean)
MCSI flat around neutral at 0.08 — room either side, market wants to swing. No regime commitment yet.
MCO hooked up today from -0.08, GDB of 12. Flat breadth with an upside hook — constructive on the margin, needs follow-through to mean anything.
3. Internals — risk-on (fragile)
Credit Spreads rejected their declining 21dma-structure with a downside reversal.
VIX did the same. Both lined up risk-on — but a reclaim of structure on either flips this pillar in a hurry.
4. Liquid Leaders Action — risk-on
Leaders were the anchor today — held up well and gave traction across the book when the tape got sloppy.
Follow-through question is tomorrow: if leaders can’t carry today’s action and break two-day lows, that’s a reverse expectation breaker confirming.
5. Portfolio & NER Feedback — risk-on
Constructive digestion day — oops reversals off structure across the book, leaders doing the work.
Action: NEW none / ADDED INTC, APLD / TRIMMED none / CLOSED none
NER -1.50% (small NE risk open from today’s adds), Open Heat -16.30%, sitting at 172.5% exposure — about as high as I sustain.
THE GAMEPLAN
Today was the constructive day — tomorrow is the confirmation day. Leaders closed strong, internals reversed risk-on, MCO hooked up off the lows, oops reversals across the book. All the right boxes got checked. But futures are showing overnight pressure again, and as much as I like today’s action, if it can’t carry over and follow through tomorrow, this becomes a completely different game.
The make-or-break pillar is leaders working in tandem with breadth — can they hold today’s lows while MCO keeps its hook? MCSI flat at neutral means the market has room either way and is going to swing — the next two sessions decide which side. If leaders break two-day lows, MCO rolls back over, and internals reclaim their 21dma-structure to the upside, that’s a reverse expectation breaker confirming and the regime flips. In that case I cut new exposure back to core and shift into defense — not because the trend is broken, but because at 172.5% I can’t afford to wait around for it to be obvious.
Tomorrow’s posture: super patient with the adds (INTC, APLD) — let them prove the adds were right. But quick to cut if follow-through fails, just because of how much exposure I’m carrying. If today’s action holds and leaders push, I use any momo to chill exposure into the weekend.
TOP IDEAS FOCUS LIST
Focusing on names sitting at or pulling into rising 21dma-structure — that’s where I want my entries, not chasing extension.
$BE (17) — Industrials / Electrical Equipment
$TSEM (82) — Technology / Semiconductors
$INTC (187) — Technology / Semiconductors
$RKLB (385) — Industrials / Aerospace & Defense
$APLD (400) — Technology / Information Technology Services
$ASTS (541) — Technology / Communication Equipment
$Q (856) — Technology / Semiconductors
$IONQ (1053) — Technology / Computer Hardware
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Themes Lab — 6/4 🧪
Top-down theme tracker mapping 180+ themes across the market. Surfaces where the real RS strength lives and which names are setting up inside the leaders.
LEADING THEMES (RS)
• Memory — RS 93 (#1)
• Power Semiconductors — RS 92 (#2)
• Semiconductor Equipment — RS 82 (#3)
• Foundry — RS 89 (#4)
• AI Infrastructure — RS 82 (#5)
Semis sweeping the top 5 at +93% 3M, with Memory and Power Semis both north of RS 91 on broad constituent strength.
TOP SETUPS @ 21dma-structure area
• $TSEM 99 — Foundry
• $MTSI 99 — RF Semiconductors
• $CRDO 98 — Connectivity Semiconductors
• $MKSI 98 — Semiconductor Equipment
• $TTMI 98 — Electronics Mfg Services
• $AVGO 97 — AI Infrastructure
• $BE 97 — Hydrogen
• $RKLB 97 — Space Infrastructure
• $TXN 96 — Analog Semiconductors
• $FN 97 — Electronics Mfg Services
THEMES SETTING UP (full breadth)
Watch the themes where the whole leadership board is coiling at the 21dma-structure area together — that’s where the cleanest follow-through tends to come from:
• Electronics Mfg Services — $TTMI, $FN all setting up (2 of 5 leaders)
• Connectivity — $VSAT, $ASTS, $SIRI, $LUMN all setting up (4 of 5 leaders)
• Quantum Computing — $IONQ, $INFQ, $QBTS all setting up (3 of 3 leaders)
• Advanced Materials — $CENX, $SOLS all setting up (2 of 5 leaders)
TAKEAWAY
Tape is risk-on and Semis & Hardware owns the leadership board — Memory, Power Semis, Foundry, and AI Infrastructure all coiling with named leaders at structure. Strongest rotation to watch: Connectivity breadth (4 of 5 leaders setting up) as a non-semi pocket worth tracking for follow-through.
By: @TradersLab_
LEADERS STALKLIST
Liquid Leaders Universe (top RS)
SNDK, MU, BE, WDC, PL, VSAT, STX, CIEN, SATS, DELL, AMD, NBIS, DOCN, BTSG, FLEX, VSH, LRCX, DDOG, RKLB, APLD, AA, FTNT, MKSI, STM, HBM, HPE, CRWD, RDW, TSEM, MT, GH, INTC, CSCO, TER, ARM, FROG, IRDM, TTMI, ALAB, CENX, LSCC, AMAT, PANW, ACMR, CNC, INOD, LUNR, SMTC, ATI, TECK, PENG, CRDO, ASML, BB, ILMN, BWA, NVT, COHR, ASTS, DAL, MRVL, OUST, TKR, RAL, KEEL, ORA, VIK, NOK, ST, CORZ, BKSY, NTAP, HUM, ON, KNX, DVA, NXT, KLAC, AAON, FPS, NVTS, LUMN, TIGO, AKAM, TWLO, MTSI, POWI, JBL, AVT, ROKU, SYNA, TWST, GLW, CROX, RMBS, QCOM, MGM, CGNX, IONQ, ODFL
Liquid Leaders Episodic Pivot (EP) sorted by Gap (Potential new Leader/Catalyst)
None
Liquid Leaders 21dma-structure Pullback scan (LONG)
BE, LITE, AAOI, VSAT, TSEM, TTMI, VIAV, MXL, IREN, INTC, BTSG, GLW, CENX, MTSI, AMKR, APLD, TIGO, FN, ASTS, VIK, CRDO, ONTO, XPO, DVA, TXN, IBKR, CGNX, Q, SCCO, LGN, SKM, ROKU, PWR, IONQ, MCHP, ZM, BURL, ENTG, UAL, APP, DECK, AFRM, W, SHOP, CRM, SPOT, ALK, TMO, BAH, VRSK, IT
REFERENCES
PT Wiki Is Now Live!!
After weeks of building, writing, editing, and organizing... I’ve finally wrapped up the Free PrimeTrading Wiki. This is the central place where I’ve documented my entire swing trading system — the mindset, process, setups, tools, and how I actually execute.
If you’ve ever wanted a full breakdown of how I approach the market day in and day out, this is it.
What’s Inside:
Alex's Swing Trading System – full framework, entries, sizing, market timing
TradersLab Scans – the exact filters I use to build my Focus List
Trading Psychology Reflections – key mindset shifts and lessons
Glossary of Terms – clear definitions so we’re all speaking the same language
Education Articles – deep dives on Risk Management and Market Structure
Education Sessions – recorded walkthroughs: system, TLMM, process building
Tools – my Trading Journal + TradingView scripts (21dma structure, ATR extensions)
The only piece still missing is the Discord Onboarding section — it’ll be added in the next few days. This project is for you — to help you understand the why, not just the what. Let me know what you think.
https://traderslab.gitbook.io/primetrading
I really hope that you enjoyed it. If you did, please share it & hit the LIKE button so that more folks can be reached and this Newsletter can grow. :)