07 Aug 07082019 Wednesday — Trade Plan & Journal
07082019 Wednesday — 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
- R = Range
- LTF = Lower Time Frame
- TTF = Trading Time Frame
- HTF = Higher Time Frame
- HHTF = Higher High Time Frame
- Hypo = HYPOthetical
- AD = Accumulation Distribution
Health review
- Weekly goal
- Eat 2 meals only
- How do you feel? Have you recently had a break of daily routine (like a trip)? Did you have 2 (or more) nights of insufficient sleep?
- I feel good. A little bit of a cold still but mostly gone
- How would you rate it (1–5)? 1/2 = don’t trade 3= quarter position 1st 12 2nd 2, 4= half position = 1st 25 2nd 5, 5= full position = 1st 50 2nd 10
- 5= full position = 1st 50 2nd 10
Market Prep
Intraday Technical Analysis
- HHTF
- What is the market narrative?
- We stayed below VWAP but it looks like there is some higher level AD going on since some of the moves don’t make much sense
- What is the market narrative?
- HTF
- Levels
- Prev. High 55.295
- PVAH 55.219
- PPOC 54.953
- PVAL 54.225
- Prev. Low 53.249
- What is the market narrative and bias?
- PA in Oversold territory but no confirmation of actually being oversold, still below VWAP as well with no hard rejections of any levels, bias is to the short side unless we can BO from VWAP and move back into KC but until then the sentiment is TC based.
- Levels
- TTF
- Does the Asian session show clues that align with market narrative?
- TTF is nearing 200MA however still 30–40ticks off, potential for near-touch and continuation of DT but uncertain at this point. Again no big rejections of tech levels seen.
- Does the Asian session show clues that align with market narrative?
Trade Idea (lack of clarity)
- Hypo 1 Short
- HTF D TC @ VWAP
- Entry around 53.45
- Targets 53.20, 53.05
- Hypo 2 Long
- HTF D TT @ VWAP CAS
- Entry around 53.70
- Targets 54.10, 54.60
- Hypo 3 Rotational
- 53.20–53.90
My goals for the day (Daily Report Card)
- Define winning
- Only trade A/A+ trade ideas
- Forward test experimental trades
Reading the Tape
- What is printing?
- 15:35
- HTF
- What is the market narrative?
- Possible D TT to 50MACAR for HHTF D TC
- What is the market narrative?
- TTF
- LTF is showing bounces that could setup for a LTF200MABO with could set up a TTF200MACAR or TTF200MABOF
- Bias
- Long on the short term short on the longer term
- Opportunity (if any)
- What setup am I going to stalk?
- HTF D TT in the form of a TTF U NT = long
- HTF D TC @ 50MACAR = short
- HTF
- 16:05
- HTF
- What is the market narrative?
- Possible HTF D TT to 50MA
- Look for confirmation as LKCCAS
- What is the market narrative?
- TTF
- Potential TTF200MABO or CAR
- Bias
- Unclear at the moment. Wait for more confirmation on HTF D TT to go long
- Opportunity (if any)
- What setup am I going to stalk?
- PB to HTF LKCCAS to confirm D TT
- HTF
- 16:35
- HTF
- What is the market narrative?
- HTF D TT in process of being confirmed by LKCCAS
- What is the market narrative?
- TTF
- Potential TTF R 200MABO setting up by AD above 50MA and under 200MA
- Bias
- Long
- Opportunity (if any)
- What setup am I going to stalk?
- TTF R 200MABO
- What setup am I going to stalk?
- HTF
- 17:05
- HTF
- What is the market narrative?
- HTF D TT invalidated and bias has turned short
- What is the market narrative?
- TTF
- We dropped from TTF50MA to now LKC and looking to BD, if this is a D NT I will look for a D TC to get short
- Bias
- Short if we can break 2.0 SD on HTF otherwise long bias according to previous trade idea
- Opportunity (if any)
- What setup am I going to stalk?
- TTF D TC however PA is still far away from VWAP and they would have to come nearer to each other. Wait and see.
- What setup am I going to stalk?
- HTF
- 17:35
- HTF
- What is the market narrative?
- No LKCCAS instead what looked like a HL @ 2.0SD but am thinking that there is more to this move then it leads on at this point since there is no convincing evidence suggesting otherwise.
- What is the market narrative?
- TTF
- TTF R went to oversold and back into KC
- Bias
- Short but need more confirmation
- Opportunity (if any)
- What setup am I going to stalk?
- TTF R 50MACAR into a LKCBD
- What setup am I going to stalk?
- HTF
- 18:05
- HTF
- What is the market narrative?
- Still same
- What is the market narrative?
- TTF
- TTF R still in effect with AD above LKC
- Bias
- Short below 53.25 but need more confirmation
- Long if we can hold above 53.50
- Opportunity (if any)
- What setup am I going to stalk?
- TTF R 50MACAR into a LKCBD = short
- TTF200MABO = long
- What setup am I going to stalk?
- HTF
- 18:35
- HTF
- What is the market narrative?
- Possible support @ 2.0 SD in line with HTF D TT
- What is the market narrative?
- TTF
- TTF R AD LKCCAS to potential 50MABO
- Bias
- Long
- Opportunity (if any)
- What setup am I going to stalk?
- TTF R 50MABO+PB
- What setup am I going to stalk?
- HTF
- 19:05
- HTF
- What is the market narrative?
- Unclear as the market hasn’t really made a move yet
- What is the market narrative?
- HTF
- 15:35
Daily Report Card
Trade Idea (lack of clarity)
- Hypo 1 Short
- HTF D TC
- Entry around 53.45
- Targets 53.20, 53.05
- Hypo 2 Long
- HTF D TT
- Entry around 53.70
- Targets 54.10, 54.60
- Hypo 3 Rotational
- 53.20–53.90
Daily Report Card | ||
Date: | 8/7/2019 | |
Weekly Goal | Execute A+ / A setups | |
Combined Score | 98 | |
Process Report Card (10 each) | ||
10 | Session PECS | |
8 | Hypos | |
10 | Market Prep | |
10 | Daily review | |
10 | Progress tow. weekly goal | |
48 | Total | |
Performance Report Card (10 each) | ||
100% | 10 | Real-time analysis |
1/1 | 10 | Setups Identified (inc. TEST) |
1/1 | 10 | Setups taken |
0/1 | 10 | Erroneous Entries |
0/1 | 10 | Erroneous Exits |
50 | total | |
- Weekly Goal
- Only trade A/A+ trade ideas
- Forward test experimental trades
- Review
Trade | Entry Errors | Exit Errors | Type Trade | Size | Reason to cover | Problem | Proposed solution | |
- | - | - | - | - | - | - | - | - |
1 | 1 | 0 | HTF D TT @ LKCCAS | 5 | SO | Stopped Out | - | - |
1 | 0 | 0 | HTF D TT @ LKCCAS | 5 | TP | Hit Target | - | - |
- How accurate was my assessment of market context?
- Hypo 2 — 80%
- There was no follow-through to the move so left the narrative for what it is and logged it’s characteristics
- Real-time analysis — 100%
- Did well here
- Hypo 2 — 80%
- How well did I manage my physical, emotional and cognitive states?
- P: Feeling better
- E: Did well here
- CS: Did well here
- What’s one thing you learned today?
- If there’s no follow through on the move and narrative is unclear just stay out (which I did)
- Positive(s)
- Stayed out when narrative was unclear
- Negative(s)
- After I ‘state’ that market narrative is unclear I tend to be less focused and do other things. I would like to stay ‘in-tune’ with the market even though this could also be a trap to trade when I shouldn’t. I will think about this some more.
Feedback?
Any questions or feedback you might have please feel free to leave a comment or contact me directly.
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