How did I trade today? 12072020

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

Sum­ma­ry: Wide IB Range

P&L: +1R

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. 

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
  • Dur­ing IB price extend­ed over ASR trad­ing down tak­ing out LTF demands. Could mean grounds for a rever­sal. Closed as H1 Marubozu can­dle. With IB extend­ing over ASR I don’t feel com­fort­able going short. 
  • C: Even with the IB exten­sion down I don’t think it’s sta­tis­ti­cal­ly viable to go short here trad­ing into H4/D1 demand. 
    • Closed inside bar with slight­ly longer buy­ing wick failed auc­tion after extend­ing IB down.
  • D: Due to too wide IB, near­by D1 C‑Dem and being with­in H4/D1 demand, M15 Morn­ing Star I went long expect­ing some momen­tum behind the move going through IB
    • Long 1.88881, SL 1.88571, TP 1.89501
    • Closed deep­er with­in IB at DPOC as M30 Three Inside Up, H1 Inside Bar
  • E: Closed as doji with slight­ly longer buy­ing wick trad­ing at DPOC
    • Closed trade at 1.89101, 3rd TPO close after failed auc­tion not look­ing con­fi­dent so took the trade off at 1R. 
  • F: Closed as Bear Engulf
  • G: Closed down as continuation
  • H: Closed down as continuation

Sum­ma­ry

• GOLD
  • Dur­ing IB price extend­ed 0.9x ASR trad­ing down tak­ing out H4 demand. Could mean grounds for a reversal.
  • C: C closed as an inside bar retrac­ing more than 50% of pre­vi­ous body. 
  • D: Closed as a pos­si­ble base after Inside Bar dur­ing C
  • E: Bal­anc­ing mar­ket due to very wide IB. 

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 2 — Trend Continuation
  • News dri­ven. LTF bear­ish PA. 
  • Pre­ferred: Take out of LTF demands with a close deep with­in D1-C-Dem. Ib exten­sion down with sus­tained auction.
  • 90%
  • This move hap­pened dur­ing IB and I did not take advan­tage of it since I couldn’t find a good entry. By the time IB closed it had exhaust­ed ADR and range was over 1x ASR so moved on to a pos­si­ble Hypo 1
• Hypo 1 — Mean Reversion
  • Mod­er­ate to large imbal­ance, near­by D1 C‑Dem, H4 QLo
  • Pre­ferred: Strong Bull­ish PA, IB exten­sion with sus­tained auc­tion. Mon­i­tor for val­ue acceptance. 
  • 70%
  • Failed auc­tion after a too wide IB range extend­ed below. WIth­in the same TPO we closed back with­in IB and LTF rever­sal price action tranis­tioned into a M30 Three Out­side Up. I was in before that happened.

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?
• Mar­ket Bal­anc­ing due to too wide ASR (0.9x)

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 before, dur­ing and after. 

How well did I fol­low my process?

• Trade selec­tion
  • I did well on the trade. I gath­ered the IB range was too wide and that the exten­sion down (with near­by D1 C‑dem) could fail. And it did. With exten­sion in C and then clos­ing inside IB dur­ing the same TPO I looked at M15 for an entry sig­nal. WHen the Three Inside Up came I went in. 
• Trade Siz­ing & SL placement
  • The SL place­ment was not good as it cut through the M30 for­ma­tion. This is direct­ly against my week­ly goal to not take these trades. I kin­da thought we’d see a high­er momen­tum move through IB due to pos­si­ble sell­ers being trapped here. 
• Trade Exe­cu­tion & Mgmt
  • After get­ting in I mon­i­tored for a sus­tained move and looked for any signs of weak­ness. When LTF showed price slow­ing down and M30 closed as a doji on the 3rd TPO after the failed auc­tion I gath­ered it would be more risky to keep the trade on and so I took it off. 

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

• I did well here

What did I learn today?

• Get­ting bet­ter at using LTF price action tran­si­tion­ing into high­er time frames 

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

• Stay objec­tive

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

• I did 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 GBPNZD 12072020

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Pre­mar­ket Prep Gold 12072020

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