01 Jul 01072019 Monday — Trade Plan & Journal
01072019 Monday — Trade Plan & Journal
Terminology (partially made up by yours truly)
- PA = Price Action
- BO = Break Out
- BD = Break Down
- CAR = Confirm As Resistance
- CAS = Confirm As Support
- UKC = Upper Keltner Channel
- LKC = Lower Keltner Channel
- TV = Tick Volume
- WPP = Weekly Pivot Point
- DPP = Daily Pivot Point
- DR = Daily Resistance (pivot)
- DS = Daily Support (pivot)
- WR = Weekly Resistance (pivot)
- WS = Weekly Support (pivot)
- HL = Higher Low
- HH = Higher High
- LH = Lower High
- LL = Lower Low
- SD = Standard Deviation
- VWAP = Volume Weighted Average Price
- AS = Asian Session
- LS = London Session (EU)
- NY = New York Session (US)
- R/R = Risk to Reward
- M2M = Move to Move
- T2H = Trade to Hold
- DT = DownTrend
- UT = UpTrend
- LTF = Lower Time Frame
- TTF = Trading Time Frame
- HTF = Higher Time Frame
- Hypo = HYPOthetical
Health review (for the past week)
- Weekly goal
- Eat 2 meals a day
- How do you feel? Have you recently had a break of daily routine (like a trip)?
- Had a busy weekend and did have enough sleep last night.
- How would you rate it (1–5)? 1 = don’t trade 2/3 =half position sizing 4/5 = full position
- 3
Market Prep
Intraday Fundamentals
- API report
- Tomorrow
- EIA report
- Wednesday
Intraday Technical Analysis
- HTF
- Define context
- Where were the overnight highs and lows and PVA?
- High 59.782
- PVAH 59.569
- PPOC 59.141
- PVAL 58.996
- Low 57.748
- Where is the LIS?
- PPOC area
- What didn’t happen?
- We broke HTF200MA but then gapped up at AS open
- Dialling in on opportunities
- Is there a shift in value/excess migration? What is the current market condition? Are we trending, balancing/range bound? Where are we in the trend range axis?
- Technically HTF R is still in effect however we might be BO
- Is there a shift in value/excess migration? What is the current market condition? Are we trending, balancing/range bound? Where are we in the trend range axis?
- Where were the overnight highs and lows and PVA?
- Define context
- TTF
- What trade locations among this structure would l like to get involved in that will offer me the best R/R opportunities?
- HTF Overbought or HTFUKCCAR
- What has the Asian Session printed?
- Gap up and then traded slightly higher
- What trade locations among this structure would l like to get involved in that will offer me the best R/R opportunities?
Trade Idea
- Hypo 1 Short
- HTFUKCCAR
- Entry around 59.60
- Targets 59.30, extended 59.05
- Hypo 2 Long
- HTF50MACAS
- Entry around 59.30
- Targets 59.50, 59.70, extended 60.20
- Hypo 3 Short
- TTF200MABD
- Entry around 59.15
- Targets 58.90, 58.70, extended 58.20
My goals for the day (Daily Report Card)
- Define winning
- Only focus on A/A+ setups and work on consistency in taking them. To have a better sample size I will need to go through a few cycles before I can think of the next level. Do this for the next month at least. It would be 3 months by then and I can analyze my trading and reassess if need be.
Reading the Tape
- What is printing?
- 16:05
- TTF UT going on but perhaps losing momentum
- 16:35
- Price BD from TTF UKC and VWAp now at 50MA, possible further BD
- 17:05
- Nothing going on
- 17:35
- Nothing going on
- 18:05
- Not much going on. Haven’t reversed. TTF KC widened, LTF R going on
- 18:35
- PA still sluggish and reached TTF LKC and BD from HTF UKC
- 19:05
- Possible continuation of TTFLKCBD
- 19:35
- Con continuation however we reversed and are about to test 50MA
- 16:05
Daily Report Card
Trade Idea
- Hypo 1 Short
- HTFUKCCAR
- Entry around 59.60
- Targets 59.30, extended 59.05
- Hypo 2 Long
- HTF50MACAS
- Entry around 59.30
- Targets 59.50, 59.70, extended 60.20
- Hypo 3 Short
- TTF200MABD
- Entry around 59.15
- Targets 58.90, 58.70, extended 58.20
Date: | 7/1/2019 | Weekly Goal | Execute A+ (TTF TC) / A setups (TTF NT) | |||
Combined Score | 52 | |||||
Process Report Card (10 each) | Performance Report Card (10 each) | |||||
2 | Session PECS | 20% | 2 | Real-time analysis | ||
7 | Hypos | 4/5 | 7 | Setups Identified (inc. TEST) | ||
1 | Trading the process | 4/4 | 10 | Setups taken | ||
10 | Daily review | 1/4 | 7 | Erroneous Entries | ||
1 | Progress tow. weekly goal | 2/4 | 5 | Erroneous Exits | ||
21 | Total | 31 | ||||
- Weekly Goal
- Only focus on A/A+ setups and work on consistency in taking them. To have a better sample size I will need to go through a few cycles before I can think of the next level. Do this for the next month at least. It would be 3 months by then and I can analyze my trading and reassess if need be.
- Review
P/L ticks | Trade | Entry Errors | Exit Errors | Type Trade | Sizing | Reason to cover | Problem | Proposed solution | |
-25.7 | 1 | 0 | 0 | (experimental) HTF Gap | 1 | SO | Stopped Out | - | - |
-5.7 | 2 | 0 | 0 | TTF U TC | 2 | SO | Stopped Out | - | - |
-11.6 | 3 | 0 | 0 | TTF U TC | 2 | SO | Stopped Out | - | - |
-45.5 | 4 | 0 | 1 | (experimental) TTFLKCBD | 2 | SO | Stopped Out | Moved stop | Take a break after 3 losses and reassess if you’re in the right state of mind |
-36.1 | 5 | 1 | 1 | (experimental) TTFLKCBD | 2 | SO | Stopped Out | Added to previous losing position |
- First trade was during Asian Session and took the smallest amount I could trade.
- The rest were during the EU session
- Number 2 and 3 were good setups but got stopped out
- 4 and 5 was horrible. Did not take my stop and moved it. Then decided to put it extra wide not thinking clear. On top of that number 5 was an add to the previous loser number 4. I am tired and not thinking straight today. I’ve had a good run of not messing up for a while but today I messed up everything. One good thing is that I used small position sizes and did not increase sizing and overall lost 2% of account (accounting for all 5 trades). Trade 2 and 3 should have been taken on my 1st account but that didn’t work today for some reason. Already contacted broker about this. So losses on 2nd (test) account should be slightly less
- How will I work on preventing this in the future?
- 2 things
- 1) when I did my health assessment I should have been more critical and adjusted my template to incorporate a stricter valuation of sleep. I had 2 nights of insufficient sleep in a row and this has drastically lowered my ability to stay focused on my plan and basically start deciding things in the moment. Very wrong. Thus no more trading if this is the case.
- 2) after I had taken 3 Losses I should have reassessed my mental state or at least taken a walk to try and clear my head. Stuck a post it to my screen.
- 2 things
- How accurate was my assessment of market context?
- Hypo 2 — 70%
- We didn’t quite drop as low
- Real-time analysis
- 20% see above
- Hypo 2 — 70%
- How well did I manage my physical, emotional and cognitive states?
- P: Bad. Didn’t sleep enough the last 2 days.
- E: I wasn’t too emotional just ‘unwilling’ to obey my rules
- CS: Severely impaired, see above
- What’s one thing you learned today?
- That I should be stricter with my sleep regiment and if I did not get enough sleep for 2 or more days I should not trade.
- What’s one thing I need to do more often?
- Get more sleep. I’m doing well during the week usually but then some weekends I go overboard. I had already talked to my gf on supporting me in making changes to battle this yesterday. Loe and behold today I mess up.
- What’s one thing I need to do less often?
- Denying what I know is going to help me get to the next level.
Feedback?
Any questions or feedback you might have please feel free to leave a comment or contact me directly.
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