How did I trade today? 01042021

Sum­ma­ry: Took 1R prof­it even though I did­n’t plan on trad­ing. Call­ing it ear­ly today. 

P&L: +1R

#fin­twit #order­flow #day­trad­ing #dai­lyre­port­card #day­trad­ing #trad­inglifestyle #day­trader­life #grasshop­per­sanony­mous #trad­ing­forex #trad­ing­com­modi­ties #NEXT

Every trad­ing day I recap my trades, includ­ing more than entries and exits. Why did I take the trade? How did I man­age the trade, my emo­tions and cog­ni­tive func­tion? All the good stuff as well as all the ugly of being a day trad­er. As always, feel free to reach out to me. 

My week­ly goal: 

• Don’t take trades where SL place­ment is sub­op­ti­mal. Instead, reassess for a bet­ter entry if pos­si­ble. Unless there is a planned momen­tum trade.

Good Pre-mar­ket routines

Good Ses­sion PECS

Good Trade selection

Good Trade siz­ing or SL placement

Good Trade Exe­cu­tion & Mgmt.

Good Risk Adjust­ed Returns

Yes Dai­ly review

Mup­pet meter (1 being best — 5 being worst): 1

Sum­ma­ry

• GBPNZD
  • IB: Trad­ing down dur­ing IB
  • C: IB exten­sion down
    • Short 1.89415 SL 1.89695 TP 1.88856 
    • Closed below IB
  • D:  Cov­ered at 1.89173 for 1R
    • Price reached VAH and there was a con­sol­i­da­tion on M5 chose to exit
    • Closed as an Inside Bar with slight­ly longer buy­ing wick, M15 bull engulf
  • E: Con­sol­i­da­tion with a buy­ing tail in D

Sum­ma­ry

• GOLD
  • IB: 0.7xIB move high­er fol­lowed by an Inside Bar exhaust­ing ADR
  • C: closed as a Doji
  • D: Closed as a con­sol­i­da­tion still no IB extension
  • E: M30 DBD, pos­si­ble H1 Evening star

Hypos — GBPNZD

• Which hypo played out and how did I hypoth­e­size it play­ing out? How did it actu­al­ly play out? What did the pro­file and price action show?
• Hypo 1 — Swing Reversal
  • Pre­ferred: Retest of new H4 C‑sup, IB exten­sion down, sus­tained auction
  • 90%
  • There was no retest of new­ly formed H4 c‑sup

Hypos — GOLD

• Which hypo played out and how did I hypoth­e­size it play­ing out? How did it actu­al­ly play out? What did the pro­file and price action show?
• Hypo 2 — Mean Reversion
  • Pre­ferred: Price action rever­sal, IB extend­ing over fol­lowed with failed auc­tion and quick follow-through
  • 80%
    • at the moment of writ­ing this. Will revis­it this lat­er as I am quit­ting ear­ly today

How accu­rate was my assess­ment of mar­ket con­text? Was I aligned with mar­ket context?

• I did well here

How did I feel before, dur­ing, and after the trade?

• I felt good. Ini­tial­ly I thought not to trade today. Then I thought I should have entered ear­ly but due to the momen­tum behind the move and a pos­si­ble val­ue accep­tance lat­er on I thought I’d go in on an IB extension.

How well did I fol­low my process?

• Trade selec­tion
  • Fair. Took a momen­tum trade dur­ing C. 
    • Bet­ter entry would have been at the open. Prefer­ably at the first M15 Bear Engulf close. 
• Trade Siz­ing & SL placement
  • Did well here
• Trade Exe­cu­tion & Mgmt
  • When I saw a con­sol­i­da­tion on M5 at VAH I exit­ed the trade. 

How well did I man­age my phys­i­cal, emo­tion­al and cog­ni­tive states?

• I did well here

What did I learn today?

• A medi­um time­frame set­up can use the LN open­ing dri­ve to con­tin­ue its intend­ed move. 

What’s one thing I need to do more often?

• Stay focused on my process. Process is king. 

What’s one thing I need to do less often?

• Feel the need to trade. It worked out today but it could have gone wrong. Rule is: don’t trade when I don’t feel like it. 

Under the cir­cum­stances, did I per­form at my best?

• I did well here

For my trade plan(s) on this par­tic­u­lar day, go here:

Pre­mar­ket Prep GBPNZD 01042021

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Pre­mar­ket Prep Gold 01042021

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