15082019 Thursday — Trade Plan & Journal - Bear Market Trader
#dailyreportcard #onegoodtrade #daytrading #becomingaCPT Check out my blog for all the details on today's trading incl. trading plan and daily report card. Wanna chat? Just feel like trolling me? Get in touch.
oil, wti, crude oil, crude, day trading, daytrading, trade journal, journaling, trade plan, commodities, playbook, one good trade, becoming a CPT, consistently profitable trader,
2104
post-template-default,single,single-post,postid-2104,single-format-standard,bridge,ajax_fade,page_not_loaded,,side_area_uncovered_from_content,qode-theme-ver-9.5,hide_inital_sticky
 

15082019 Thursday — Trade Plan & Journal

15082019 Thursday — Trade Plan & Journal

15082019 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

  • align with mar­ket narrative?

    Trade Idea

    • Hypo 1 Short
      • HTF D TC 50MA
    • Hypo 2 
      • HTF D TT 50MABO
    • Hypo 3 Short/Long

      My goals for the day (Dai­ly Report Card)

      • Define win­ning
        • Only A/A+trade ideas based on good nar­ra­tive on 1st account (4 points)
        • Don’t wor­ry about P&L, let the trade work out based on mar­ket nar­ra­tive and have cor­rect sizing(4 points)
        • For­ward test setups on 2nd account that are aligned with trade idea (2 points)

      Read­ing the Tape

      • What is printing? 
        • 16:05
          • HTF
            • What is the mar­ket narrative?
              • Pos­si­ble HTF D TT 50MABO F because we have had fail­ure to BO and it looks inde­ci­sive. Smart mon­ey could be using this lev­el as an area to unload short positions
          • TTF
            • Lots of resis­tance at TTF R Over­bought 55.30 lev­el, basi­cal­ly flat here
            • Wait­ing for a BD of TTF R S line
          • Bias
            • Short
          • Oppor­tu­ni­ty (if any)
            • What set­up am I going to stalk?
              • HTF D TT 50MABO F
        • 16:35
          • HTF
            • What is the mar­ket narrative?
              • Pos­si­ble 50MABO after all?
          • TTF
            • Have not bro­ken 55.30 yet
          • Bias
            • Short until we breach 55.30
          • Oppor­tu­ni­ty (if any)
            • What set­up am I going to stalk?
              • HTF D TT 50MABO F
        • 17:05
          • HTF
            • What is the mar­ket narrative?
              • HTF D TT 50MABO F
          • TTF
            • TTF R Sup­port line got broken
          • Bias
            • Short
          • Oppor­tu­ni­ty (if any)
            • What set­up am I going to stalk?
              • HTF D TT 50MABO F, tar­get HTF LKC
        • 17:35
          • HTF
            • What is the mar­ket narrative?
              • Pos­si­bly look­ing for sup­port at HTF LKC
          • TTF
            • Drop with bro­ken SD lines indica­tive of pos­si­ble rever­sal which would coin­cide with HTF LKC giv­ing sup­port for the short to medi­um term
          • Bias
            • Unclear at the moment, slight­ly long because of pos­si­ble rever­sal at this lev­el but will need more confirmation
          • Oppor­tu­ni­ty (if any)
            • What set­up am I going to stalk?
              • HTF LKCCAS TTF D TT
        • 18:05
          • HTF
            • What is the mar­ket narrative?
              • Same ATM
        • 18:35
          • HTF
            • What is the mar­ket narrative?
              • Pos­si­ble HTF LKC BD
          • TTF
            • POs­si­ble TTF D TC VWAP
          • Bias
            • Short
          • Oppor­tu­ni­ty (if any)
            • What set­up am I going to stalk?
              • TTF D TC VWAP to con­firm pos­si­bil­i­ty of HTF LKC BD
        • 19:05
          • HTF
            • What is the mar­ket narrative?
              • Pos­si­ble bot­tom at HTF R Over­sold level
          • TTF
            • Pos­si­ble TTF D TT with exhaust­ed move
          • Bias
            • Long but need more confirmation
          • Oppor­tu­ni­ty (if any)
            • What set­up am I going to stalk?
              • None ATM
        • 19:35
          • HTF
            • What is the mar­ket narrative?
              • HTF R Oversold
          • TTF
            • TTF D TT LKCCAS
          • Bias
            • Long
          • Oppor­tu­ni­ty (if any)
            • What set­up am I going to stalk?
              • None atm
        • 20:05
          • HTF
            • What is the mar­ket narrative?
          • TTF
            • Bias
              • Oppor­tu­ni­ty (if any)
                • What set­up am I going to stalk?

          Dai­ly Report Card

          Trade Idea

          • Hypo 1 Short
            • HTF D TC 50MA
          • Hypo 2 Long 
            • HTF D TT 50MABO
          • Hypo 3 Rotational
            • 54.70 — 55.30





          Dai­ly Report Card



          Date:8/15/2019



          Week­ly GoalExe­cute A+ / A setups



          Com­bined Score75



          Process Report Card (10 each)

          9Ses­sion PECS

          10Hypos

          5Mar­ket Prep

          10Dai­ly review

          6Progress tow. week­ly goal

          40Total






          Per­for­mance Report Card (10 each)
          100%10Real-time analy­sis
          2/210Setups Iden­ti­fied (inc. TEST)
          2/210Setups tak­en
          1/25Erro­neous Entries
          2/20Erro­neous Exits

          35total



          • Week­ly Goal
            • Only A/A+trade ideas based on good nar­ra­tive on 1st account (4 points)
              • There were none although trad­ed great new nar­ra­tive so excit­ed to test and learn more to add to my A/A+ setups
            • Don’t wor­ry about P&L, let the trade work out based on mar­ket nar­ra­tive and have cor­rect sizing(4 points)
              • I did wor­ry about this and my P/L reflects in a way that I would have been up so much more if I hadn’t cov­ered too soon. I am giv­ing myself a month or two to allow myself doing this while I focus on get­ting nar­ra­tive right and fol­low­ing it and less on exe­cu­tion. This is my next main focus of week­ly goal.
            • For­ward test setups on 2nd account that are aligned with trade idea (2 points)
              • Did real­ly well here. 
          • Review
          Trade IdeaPos.Entry ErrorsExit ErrorsType TradeSizeRea­son to cover
          1101HTF D TT 50MABO F (exper­i­men­tal)1FOLPMy first time hold­ing a core posi­tion but when it hit my first tar­get I cov­ered togeth­er with the next posi­tion and did not respect exit rule
          1201HTF D TT 50MABO F (exper­i­men­tal)10FOLPsee 1
          1301HTF D TT 50MABO F (exper­i­men­tal)10Deliv­ery guyact of god’ I guess… When this hap­pened I was in the mon­ey and even though I had stops in place I decid­ed to cover
          2410HTF LKC BD (exper­i­men­tal)10TPHit Tar­get
          2501HTF LKC BD (ADD) (exper­i­men­tal)10FOLPAt the time I was think­ing to take some risk off since I had 20 con­tracts in total (togeth with pre­vi­ous posi­tion) on the trade and closed 5 but I think it was actu­al­ly FOLP since I took the oth­er 5 off not too much lat­er only to see the mar­ket hit my would be TP level
          HTF LKC BD (ADD) (exper­i­men­tal)10FOLP
          • How accu­rate was my assess­ment of mar­ket context?
            • Hypo 1 — 100%
              • I did well here although I fig­ured out that this par­tic­u­lar nar­ra­tive is not quite like my ‘old’ approach would have dic­tat­ed. Learned the intri­ca­cies of a new nar­ra­tive that hap­pened to fit my ‘old’ nar­ra­tive approach. Super hap­py with this and get­ting bet­ter every time.
            • Real-time analy­sis — 100%
              • Did well here
          • Exe­cu­tion
            • Trade 1, 2, 3, and 5 had FOLP already addressed
            • Trade 4 I missed my best entry because I wasn’t look­ing at my screen but then I gath­ered that the premise of the set­up was still valid (anoth­er trend leg com­ing up) so I entered anyway
              • Hap­py that I entered, very unhap­py I didn’t stalk the oppor­tu­ni­ty and missed my best R/R. Had I got­ten in there I would have almost instant­ly be in the mon­ey. Which is one of my lat­er goals to focus on. 
          • How well did I man­age my phys­i­cal, emo­tion­al and cog­ni­tive states?
            • P: Did well here
            • E: I had one out­burst get­ting annoyed with a tech­ni­cal issue I’ve been hav­ing on my PC but luck­i­ly I did not let it get in my way and stayed composed
            • CS: Did well here
          • What’s one thing you learned today?
            • I learned that all the lev­els I have deemed to be of val­ue in my mar­ket nar­ra­tive approach have a flip side as well when things don’t go the way they ‘should’. Like Lar­ry Alintof said: “when things that ‘should’ hap­pen don’t hap­pen”. This is a valu­able piece of infor­ma­tion in the mar­ket nar­ra­tive. Instead of hold­ing on to your bias, look at why you don’t see con­fir­ma­tion of your bias but rather clues in the oth­er direc­tion. This is of course eas­i­er said than done. Anoth­er great day for the books. The play­book that is:) 
          • Positive(s)
            • Took a first try on a core posi­tion which now that I think of it would have increased my 9% even more… Ah well… keep exper­i­ment­ing and see if it’s for you. Per­haps use sep­a­rate accounts. Take a posi­tion trade on one, take set­up trades on the oth­er. This might be inter­est­ing so will think on it some more. 
            • Took entries based on mar­ket nar­ra­tive even though I had missed the best entry. They don’t all have to be great trades as long as I fol­low mar­ket narrative. 
            • No video, social media, mes­sen­ger apps. Did great here. 
          • Negative(s)
            • Did not stalk a trade because I wasn’t pay­ing atten­tion to the screen. I think I kin­da got com­pla­cent after hav­ing pock­et­ed some wins think­ing I don’t have to push for more. When I am on a roll (although now on a roll with actu­al pro lev­el ‘on a roll’ is way dif­fer­ent, I can acknowl­edge that) I should push it instead of get­ting complacent.

          Feed­back?

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

          T3chAddict
          t3chaddict@bearmarkettrader.com

          Day trader. Tech geek. Sim Racing Enthusiast.

          No Comments

          Post A Comment