08082019 Thursday — Trade Plan & Journal

08082019 Thurs­day — 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
• 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 although feel­ing a lit­tle lack of ener­gy somehow.
• 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
  • 4= half posi­tion = 1st 25 2nd 5

Mar­ket Prep

Intra­day Tech­ni­cal Analysis

• HHTF
  • What is the mar­ket narrative?
    • Drop to Dai­ly sup­port lev­el with imme­di­ate bounce back
• HTF
  • Lev­els
    • Prev. High 53.733
    • PVAH 53.733
    • PPOC 53.461
    • PVAL 51.394
    • Prev. Low 50.468
  • What is the mar­ket nar­ra­tive and bias?
    • Yes­ter­day there was a D TC that got pushed back hard and now we’re trad­ing back in KC with small PA cross­ing the 50MA with­out any inter­ac­tion. Lack of clar­i­ty here on the narrative.
• TTF
  • Does the Asian ses­sion show clues that align with mar­ket narrative?
    • PA is trad­ing high in KC slop­ing up with small PA, the small PA is kin­da mak­ing me think we will have a counter-move but will need to wait for confirmation

Trade Idea (lack of clarity)

• Hypo 1 Long
  • HTF R 50MABO+PB
  • Entry around 52.65
  • Tar­gets 53.05, 53.45
• Hypo 2 Short
  • HTF UKCCAR
  • Entry around 52.90
  • Tar­gets 52.40, 51.80
• Hypo 3 Rotational
  • 51.90–52.80

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? 
  • 15:05
    • HTF
      • What is the mar­ket narrative?
        • WE had a D TT yes­ter­day that looks exhaust­ed and small PA slop­ing up not inter­act­ing with 50MA, some­thing is up. VWAP is pos­si­ble cross­ing over 50MA and PA is about to touch it
    • TTF
      • TTF rolling over into R
    • Bias
      • Unclear at the moment
    • Oppor­tu­ni­ty (if any)
      • What set­up am I going to stalk?
        • None ATM
  • 15:35
    • HTF
      • What is the mar­ket narrative?
        • Pos­si­ble HTF50MABD
    • TTF
      • TTF made a move below LKC, Over­sold ter­ri­to­ry, no signs of con­tin­u­a­tion just yet
    • Bias
      • Slight­ly short but need more confirmation
    • Oppor­tu­ni­ty (if any)
      • What set­up am I going to stalk?
        • None ATM
  • 16:35
    • HTF
      • What is the mar­ket narrative?
        • Still same
  • 17:35
    • HTF
      • What is the mar­ket narrative?
        • Same
    • TTF
      • Bounces below 50MA could be worth research­ing to see if there’s an edge
    • Bias
      • Short but not going to trade on it. Just sit­ting back and log­ging mar­ket structure
    • Oppor­tu­ni­ty (if any)
      • What set­up am I going to stalk?

Dai­ly Report Card

Trade Idea (lack of clarity)

• Hypo 1 Long
  • HTF R 50MABO+PB
  • Entry around 52.65
  • Tar­gets 53.05, 53.45
• Hypo 2 Short
  • HTF UKCCAR
  • Entry around 52.90
  • Tar­gets 52.40, 51.80
• Hypo 3 Rotational
  • 51.90–52.80

	Dai­ly Report Card
Date:	8/8/2019
Week­ly Goal	Exe­cute A+ / A setups
Com­bined Score	97
Process Report Card (10 each)
	10	Ses­sion PECS
	7	Hypos
	10	Mar­ket Prep
	10	Dai­ly review
	10	Progress tow. week­ly goal
	47	Total
Per­for­mance Report Card (10 each)
100%	10	Real-time analy­sis
0/0	10	Setups Iden­ti­fied (inc. TEST)
0/0	10	Setups tak­en
0/0	10	Erro­neous Entries
0/0	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	-	-	Quick scalp	5	-	-	-	-

• How accu­rate was my assess­ment of mar­ket context?
  • Hypo 2 — 70%
    • Did OK here
  • Real-time analy­sis — 100 %
    • Did well here
• How well did I man­age my phys­i­cal, emo­tion­al and cog­ni­tive states?
  • P: Did well here
  • E: Did well here
  • CS: Did well here
• What’s one thing you learned today?
  • That I am com­ing to grips with the way my approach works.
• Positive(s)
  • I only took one scalp because I saw an oppor­tu­ni­ty and I took it. I nor­mal­ly don’t do this. 
  • I stayed away from tak­ing a direc­tion­al posi­tion because I it was a new mar­ket nar­ra­tive that I was not too famil­iar with. 
  • I logged the details of the ses­sion into my PB

Feed­back?

Any ques­tions or feed­back you might have please feel free to leave a com­ment or con­tact me directly.