23082019 Friday — Trade Plan & Journal

23082019 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
  • No rice noo­dles etc in the evening
• 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 even though I only slept 7 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?
    • HHTF R S‑Line BD how­ev­er big push back at 2.0 SD
• HTF
  • Lev­els
    • Prev. High 56.384
    • PVAH 56.200
    • PPOC 55.909
    • PVAL 55.319
    • Prev. Low 54.792
  • What is the mar­ket nar­ra­tive and bias?
    • Side­ways slight­ly slop­ing up after the LKCCAS yes­ter­day to know 50MA area
      • Unclear if we’re gonna set­up for a BO or CAR
• TTF
  • Does the Asian ses­sion show clues that align with mar­ket narrative?
    • TTF200MABO with PB but 200 slop­ing down with 50 just try­ing to cross over
      • Unclear on a con­tin­u­a­tion long here since we broke the UT that broke 200

Trade Idea (lack of clarity)

• Hypo 2 Short
  • HTF50MACAR
  • Entry around 55.35
  • Tar­gets 55.20, 55.05, extend­ed 54.90
• Hypo 2 Long
  • HTF50MABO
  • Entry around 55.50
  • Tar­gets 55.75
• Hypo 3 Short
  • HTF200MACAR
  • Entry around 55.65
  • Tar­gets 55.50, 55.25, 55.05, ex. 54.90

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? 
  • 15:35
    • HTF
      • What is the mar­ket narrative?
        • Pos­si­ble HTF R S‑Line form­ing with either CAS or BD
    • TTF
      • After the TTF200BO we turned over and are look­ing to per­haps move down from 200 again
    • Bias
      • Unclear ATM
        • I’ll be look­ing for signs of a HTF S‑Line BD or CAS
    • Oppor­tu­ni­ty (if any)
      • What set­up am I going to stalk?
        • Unclear ATM
  • 16:35
    • HTF
      • What is the mar­ket narrative?
        • HTF R S‑Line BD
    • TTF
      • HTFs at work it seems. PA very erratic
    • Bias
      • Unclear
    • Oppor­tu­ni­ty (if any)
      • What set­up am I going to stalk?
        • Unclear
  • 17:05
    • HTF
      • What is the mar­ket narrative?
        • PA is below VWAP so am more short-biased than otherwise
    • TTF
      • TTF R AD going on but very messy. As men­tioned before prob­a­bly HFTs at work here
    • Bias
      • SLight­ly short but will need more con­fir­ma­tion before tak­ing anoth­er trade
    • Oppor­tu­ni­ty (if any)
      • What set­up am I going to stalk?
        • Unclear
  • 17:35
    • HTF
      • What is the mar­ket narrative?
        • Move down towards LKC no clear sign of CAS 
    • TTF
      • Still the same
  • 19:05
    • HTF
      • What is the mar­ket narrative?
        • Stayed above 2.0 SD and moved over VWAP
    • TTF
      • TTF R R‑Line BO pos­si­ble 200 BO
    • Bias
      • Long
    • Oppor­tu­ni­ty (if any)
      • What set­up am I going to stalk?
        • Unclear ATM
  • 19:35
    • HTF
      • What is the mar­ket narrative?
        • Still the same

Dai­ly Report Card

Trade Idea (lack of clarity)

• Hypo 1 Short
  • HTF50MACAR
  • Entry around 55.35
  • Tar­gets 55.20, 55.05, extend­ed 54.90
• Hypo 2 Long
  • HTF50MABO
  • Entry around 55.50
  • Tar­gets 55.75
• Hypo 3 Short
  • HTF200MACAR
  • Entry around 55.65
  • Tar­gets 55.50, 55.25, 55.05, ex. 54.90

	Dai­ly Report Card
Date:	8/23/2019
Week­ly Goal	Exe­cute A+ / A setups
Com­bined Score	90
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
1/1	0	Erro­neous Entries
0/1	10	Erro­neous Exits
	40	total

• Week­ly Goal
  • Only A/A+trade ideas based on good nar­ra­tive on 1st account (4 points)
    • Did well here besides the mistake.
  • Don’t wor­ry about P&L, let the trade work out based on mar­ket nar­ra­tive and have cor­rect sizing(4 points)
    • Did well here as well.
  • For­ward test setups on 2nd account that are aligned with trade idea (2 points)
    • Did well here
• Review

Trade Idea	Pos.	Entry Errors	Exit Errors	Type Trade	Size	Rea­son to cover
1	1	1	0	ACCIDENT	25	error	Set­ting up macros with mouse click bind­ing and acci­den­tal­ly bought
2	2	0	0	HTF R S‑Line BD	25	TP	Hit 1st target
2	3	0	0	HTF R S‑Line BD	5	TP	Hit 1st target
3	4	0	0	Quick Scalp	25	TP	Quick Scalp

• How accu­rate was my assess­ment of mar­ket context?
  • Hypo 1 — 100%
    • Very messy dur­ing EU, hypo played out dur­ing US
  • 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?
  • Patience and mar­ket nar­ra­tive is key. Plus get­ting bet­ter at tak­ing the scalps even though there were not many oppor­tu­ni­ties (based on my rules) today
• Positive(s)
  • I came in today kin­da hop­ing to have many trades like yes­ter­day but I didn’t take that into the ses­sion. I let it go and went after MGI. 
• Negative(s)
  • I could have had more scalps but since I am still kin­da new at this I was more con­ser­v­a­tive. Also, PA was very errat­ic so that put me off a bit. 

Feed­back?

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