How did I trade today? 01262021

Sum­ma­ry: Failed Auction

Account (P&L): FLAT

#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: 

• Only take trades accord­ing to a hypo unless mul­ti­ple con­di­tions are met

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

• GOLD
  • IB: Val­ue accep­tance dur­ing A (‘weird’ PA), B Closed as an Inside Bar
  • C: Trad­ed down, no exten­sion (yet)
  • D: Closed trad­ing low­er with­in IB
  • E: Closed as Inside Bar with longer sell­ing wick
  • F: CLosed extend­ing below 
  • G: M30 Bull­ish Inside Bar leav­ing behind a poor low, M15 Bull Engulf clos­ing with­in IB
  • H: Move high­er with­in IB 

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 1 — Val­ue Acceptance
  • Pre­ferred: Ear­ly accep­tance with quick follow-through.
  • Con: Price trad­ing at H4 QHi
  • 70%
  • Yes val­ue was accept­ed but we then pro­ceed­ed to trade low­er extend­ing down tran­si­tion­ing into a failed auc­tion. Only now in over­lap noise time we can see a pos­si­ble fol­low-through to the val­ue accep­tance. Maybe.

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

• I did well to not go in on the val­ue accep­tance. There is some­thing I don’t like about a can­dle that starts some­where in the ‘mid­dle’ of the pre­ced­ing can­dle and clos­es high­er. I have seen this before and nev­er had luck with it. Often times it also kept me in a trade if it was formed against my ini­tial direc­tion and more than not I was correct. 

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

• I felt fine. No trades. 

How well did I fol­low my process?

• Trade selec­tion
  • I could have entered on a M15 Bull Engulf clos­ing with­in IB (M5 was already fal­ter­ing and revers­ing) but I was pre­oc­cu­pied with work out­side of trad­ing. At time-based cut off it would have yield­ed 0.5R tops. 
• Trade Siz­ing & SL placement
  • It would  have been great just below the low in F
• Trade Exe­cu­tion & Mgmt
  • Time-based cut off would have tak­en care of minor prof­its in this trade. 

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

• I did well here

What did I learn today?

• When a trade is obvi­ous I know when to take action. When not I sim­ply stay out. If I am not con­fi­dent about what I am see­ing unfold­ing I rather not risk being in the trade even in the off chance the trade might work out And thus devel­op bad habits. I trade based off my stats. 

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

• Stay obser­vant. Be dumb. Fol­low price. As Tom Can­field says. 

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

• I did con­sid­er­ably well today

Under the cir­cum­stances, did I per­form at my best?

• I did well today

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

Pre­mar­ket Prep Gold 01262021

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