16 Aug 16082019 Friday — Trade Plan & Journal
16082019 Friday — 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 less carbs
- 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. Slept enough hours.
- 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?
- Lots of AD between VWAP as R and 50MA as S
- What is the market narrative?
- HTF
- Levels
- Prev. High 55.293
- Prev. Low 53.741
- What is the market narrative and bias?
- WE might have started HTF R and will be looking for confirmation in the form of a HTF R UKCCAR, but stay open for a potential BO as well
- Levels
- TTF
- Does the Asian session show clues that align with market narrative?
- Small PA sloping up with 50 crossing over 200and PA staying above VWAP and 50
- Does the Asian session show clues that align with market narrative?
Trade Idea
- Hypo 1 Short
- HTF R UKCCAR (possibly overbought)
- Entry around 55.25
- Targets 55.05, 54.80
- Hypo 2 Long
- HTF R 50MACAS
- Entry around 54.90
- Targets 55.25, 55.45
- Hypo 3 Short
- HTF R Overbought
- Entry around 55.45
- Targets 55.05
- Hypo 4 Short
- HTF R 50MABD
- Entry around 54.65
- Targets 54.25
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?
- Small PA move from HTF LKC to UKC just had a bounce off UT VWAP near 200 area, waiting to see if we can confirm a HTF R
- What is the market narrative?
- TTF
- TTF was in a messy UT and just broke it and 50 then a bounce off LKC
- Bias
- Unclear ATM however it could be that we have more rejection and thus support at HTF VWAP so I am slightly more long here and we could see a BO
- Opportunity (if any)
- What setup am I going to stalk?
- HTF UKC BO to possibly HTF R Overbought
- What setup am I going to stalk?
- HTF
- 16:35
- HTF
- What is the market narrative?
- WE made a slight bounce of VWAP and still uncertain if there’s a continuation to the move
- What is the market narrative?
- TTF
- We had some rejection of TTF R LKC whichc coincides with the bounce off HTF VWAP and have crossed 50 and might be setting up for a continuation of the move.
- Bias
- Long
- Opportunity (if any)
- What setup am I going to stalk?
- Uncertain but we might see a move to HTF R Overbought so will look for TTF to confirm and provide with potential setup
- What setup am I going to stalk?
- HTF
- 17:05
- HTF
- What is the market narrative?
- Still the same
- What is the market narrative?
- TTF
- Looking more and more bullish, VWAP crossing over 50
- Bias
- Long
- Opportunity (if any)
- What setup am I going to stalk?
- I’ll look for entry near a VWAP testing
- What setup am I going to stalk?
- HTF
- 17:35
- HTF
- What is the market narrative?
- Possible HTF UKC BO in progress
- What is the market narrative?
- TTF
- We had a rally over UKC and looking for signs of a continuation or reversal
- Bias
- Long but staying open for short
- Opportunity (if any)
- What setup am I going to stalk?
- Perhaps a TTF UT 1.0SD Continuation
- What setup am I going to stalk?
- HTF
- 18:05
- HTF
- What is the market narrative?
- Maybe a HTF UK BO F?
- What is the market narrative?
- TTF
- After the shot rally up we reversed back to now testing VWAP with possible BD
- Bias
- Slightly short but TBH mostly unclear on narrative — will just sit here and document the session
- Opportunity (if any)
- What setup am I going to stalk?
- None ATM
- What setup am I going to stalk?
- HTF
- 18:35
- HTF
- What is the market narrative?
- HTF UKC BO F
- What is the market narrative?
- TTF
- TTF R Overbough S line possible BD
- Bias
- Short
- Opportunity (if any)
- What setup am I going to stalk?
- TTF R AD S line BD
- What setup am I going to stalk?
- HTF
- 19:05
- HTF
- What is the market narrative?
- HTF UKC BO F comnfirmed and we might be see a 50MABD as well
- What is the market narrative?
- TTF
- TTF R AD S line BD with 200MABD as well but we might be looking for a 200MACAR before continuation since VWAP hasn’t ‘caught up’ yet
- Bias
- Opportunity (if any)
- What setup am I going to stalk?
- HTF
- 16:05
Daily Report Card
Trade Idea
- Hypo 1 Short
- HTF R UKCCAR (possibly overbought)
- Entry around 55.25
- Targets 55.05, 54.80
- Hypo 2 Long
- HTF R 50MACAS
- Entry around 54.90
- Targets 55.25, 55.45
- Hypo 3 Short
- HTF R Overbought
- Entry around 55.45
- Targets 55.05
- Hypo 4 Short
- HTF R 50MABD
- Entry around 54.65
- Targets 54.25
Daily Report Card | ||
Date: | 8/16/2019 | |
Weekly Goal | Execute A+ / A setups | |
Combined Score | 100 | |
Process Report Card (10 each) | ||
10 | Session PECS | |
10 | Hypos | |
10 | Market Prep | |
10 | Daily review | |
10 | Progress tow. weekly goal | |
50 | 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 A/A+trade ideas based on good narrative on 1st account (4 points)
- There were none but am working on my market narrative approach and will soon bring these over into the category of A/A+ setups just need some longer time of consistency first.
- Don’t worry about P&L, let the trade work out based on market narrative and have correct sizing(4 points)
- Did well here. I hit my target even though the move dropped further. In hindsight I could have noticed the move was gonna ‘disrespect’ my first target and go for the next target but still happy I took it. There’ always next time and I’m still learning.
- Forward test setups on 2nd account that are aligned with trade idea (2 points)
- I think I did really well here won’t you agree? 🙂
- Only A/A+trade ideas based on good narrative on 1st account (4 points)
- Review
Trade Idea | Pos. | Entry Errors | Exit Errors | Type Trade | Size | Reason to cover | |
- | - | - | - | - | - | - | - |
1 | 1 | 0 | 0 | HTF UKC BO F | 2 | TP | Hit Target |
1 | 2 | 0 | 0 | HTF UKC BO F (ADD) | 2 | TP | Hit Target |
- How accurate was my assessment of market context?
- Hypo 1 — 100%
- Even though hypo was correct it was another day of when things ‘should’ happen but don’t and I logged this for my playbook. What a great day.
- Real-time analysis — 100%
- Did really well here
- Hypo 1 — 100%
- 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?
- My niche might be in the corner of “When things ‘should’ happen, don’t happen”.
- Positive(s)
- Did well to spot the relation between market narrative and finding ‘clues’ on TTF to support this.
- Did well to pull the trigger
- Even though I was allowed to trade bigger since this was an experimental narrative I was trading, I decided to trade smaller to gain confidence in the move
- Did well to not chase the market after the drop and look for more ‘clues’ to see if a continuation was in the works
- Did great to spot there wasn’t a continuation but rather an exhausted move too far away from VWAP to warrant a continuation for the time-being
- Negative(s)
- Not staying humble and doing a victory-dance on multiple occasions. Happy nobody saw me 🙂
Feedback?
Any questions or feedback you might have please feel free to leave a comment or contact me directly.
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