18 Jul 18072019 Thursday — Trade Plan & Journal
18072019 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
- LTF = Lower Time Frame
- TTF = Trading Time Frame
- HTF = Higher Time Frame
- Hypo = HYPOthetical
Health review (for the past week)
- Weekly goal
- Follow health plan
- Perform Daily Tasks
- 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 but not as sharp as usual. Which is to be expected Since I slept less than 8 hours for the last 2 days. Because of this I will give myself a 3 rating.
- How would you rate it (1–5)? 1/2 = don’t trade 3= quarter position 4= half position 5= full position
- 3
Market Prep
Intraweek Fundamentals
- API report
- Latest Release Jul 16, 2019
- Actual ‑1.401M
- Previous ‑8.129M
- EIA report
- Latest Release Jul 17, 2019
- Actual ‑3.116M
- Forecast ‑2.694M
- Previous ‑9.499M
Intraday Technical Analysis
- HHTF
- HHTF R LKC BD to 200MA in potential exhausted move from UKC in the last 2 days
- HTF
- Prev. High 58.455
- PVAH 58.455
- PPOC 57.692
- PVAL 57.213
- Prev. Low 56.334
- Potential another HTF D TT but this time it looks different and could be a D TC instead
- TTF
- What has the Asian Session printed?
- Small PA range bound on HTF
- What trade locations among this structure would l like to get involved in that will offer me the best R/R opportunities?
- HTF D TC @ LKC / TTFLKCBD
- What has the Asian Session printed?
Trade Idea
- Hypo 1 Short
- HTF D TC @ LKC
- Entry around 56.80
- Targets 56.50, 56.35
- Hypo 2 Long
- HTF D TT @ VWAPCAS / TTF200MABO
- Entry around 56.95
- Targets 57.20, 57.35, 56.65
- Hypo 3 Rotational
- TTF R 56.40 — 57.05
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?
- HHTF200MACAS but possible D TC @1.0 SD, HTF D TT @LKCCAS / D TC @ LKC, TTF200MACAR twice now but it could really go either way. Since I have no strong sense of clarity I’m gonna look for clues and not focus on taking trades.
- TTF200MABO to HTF50MABO attempt
Daily Report Card
Trade Idea
- Hypo 1 Short
- HTF D TC @ LKC
- Entry around 56.80
- Targets 56.50, 56.35
- Hypo 2 Long
- HTF D TT @ VWAPCAS / TTF200MABO
- Entry around 56.95
- Targets 57.20, 57.35, 56.65
- Hypo 3 Rotational
- TTF R 56.40 — 57.05
| Date: | 7/18/2019 | Weekly Goal | Execute A+ (TTF TC) / A setups (TTF NT) | |||
| Combined Score | 89 | |||||
| Process Report Card (10 each) | Performance Report Card (10 each) | |||||
| 9 | Session PECS | 70% | 7 | Real-time analysis | ||
| 10 | Hypos | 2/2 | 10 | Setups Identified (inc. TEST) | ||
| 10 | Market Prep | 1/2 | 5 | Setups taken | ||
| 10 | Daily review | 0/1 | 10 | Erroneous Entries | ||
| 8 | Progress tow. weekly goal | 0/1 | 10 | Erroneous Exits | ||
| 47 | Total | 42 | ||||
- Weekly Goal
- Only trade A/A+ trade ideas
- Forward test experimental trades
- Review
| Trade | Entry Errors | Exit Errors | Type Trade | Sizing | Reason to cover | Problem | Proposed solution | |
| 1 | 0 | 0 | TTF200MACAR | 1 | Scratched | Did not BD from LKC | - | - |
- How accurate was my assessment of market context?
- Hypo 2 — 100%
- Did well here
- Real-time analysis — 70%
- I realized it was more probable for either HYPO1 or 2 to play out and initially took a short trade based on 1 but scratched that after a lack of follow-through to the move. Then failed to switch gears into hypo 2 because PA wasn’t as clear. Then when the 1st part of the move happened I was not in it and I let it go. Did well here to not act on FOMO. There was eventually a 2nd leg to the move which I was not familiar with but have documented it for my playbook.
- Hypo 2 — 100%
- How well did I manage my physical, emotional and cognitive states?
- P: I did well here although had a small dip after a meal and decided to switch to a standing desk to continue. This helped.
- E: Did well here.
- CS: Did well here besides that dip for a little bit.
- What’s one thing you learned today?
- That I’m getting better at my approach to the market however not there yet on execution. Progress, not perfection.
- Positive(s)
- Did well to be patient and not get ‘pulled into’ the market and trade everything I see. I do my best when I am very particular on which setup I take. The setup that follows the main narrative of the session and not short moves here and there.
- Did well to not react to FOMO.
- Trust that I am getting better in trading based on the narrative and can rid myself of all the noise and sub-par trades around this narrative. If the move has happened I am too late. Don’t follow. Focus on learning on how to catch the move. Focus on cleanly executing trades just like the one I scratched based on HYPO 1. This is my job.
- Negative(s)
- Besides failing to switch gears to hypo 2 I did great. I will replay and analyze as always.
Feedback?
Any questions or feedback you might have please feel free to leave a comment or contact me directly.
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