How did I trade today? 12082020

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

Sum­ma­ry: Return to Val­ue + M5 Price Action behaviour

P&L: FLAT

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 trad­ed down, H1 Bear Engulf
  • C: Closed as an Inside Bar, pos­si­ble Base due to pro­file extend­ing down from IB but also failed auction.
  • D: Closed as con­sol­i­da­tion. I was wait­ing for a M15 Bull Engulf (on the hour) to get in long as per Hypo 1 but when it didn’t close like that I stayed out. Look­ing at M5 showed me a good entry and if I had got­ten in I would have got­ten 2R in no time. Les­son learned for next time. 
  • E: Closed deep­er into IB halt­ing at M30 VWAP in range
  • F: Closed as an Inside Bar, LTF show­ing weakness
  • G: Closed as Three Out­side Down. Gonna fin­ish up DRC and my Playbook

Sum­ma­ry

• GOLD
  • H1 DBD, M30 Bear Engulf
  • C: Closed low­er but still with­in IB
  • D: Not much going on so think­ing Hypo 2 — reac­tive activ­i­ty in play. Sim­i­lar paint dry­ing stuff again…. 

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 — Return to Val­ue (with or with­out a VAA)
  • Pre­ferred: IB take out LTF demand, price action rever­sal at VAH. Mon­i­tor for either IB exten­sion up or failed auc­tion in case of exten­sion down. Even with a val­ue accep­tance we could end of revers­ing. Mon­i­tor for TPO struc­ture build up and reversal
  • 100%
  • Slight IB exten­sion down and failed auction.

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 — Response Activity
  • 100%

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?

• Didn’t take any trades

How well did I fol­low my process?

• Trade selec­tion
  • I was stalk­ing a long oppor­tu­ni­ty as per hypo 1. C had print­ed an Inside Bar. M15 was show­ing weak­ness in price mov­ing low­er. I was wait­ing for a M15 Bull Engulf to enter in on, but the bar closed as an Inside bar clos­ing D off as a con­sol­i­da­tion. I imme­di­ate­ly looked at M5 to see what was going on there and noticed I could have entered (RBR). Due to M15 and M30 not val­i­dat­ing my the­sis through price action con­fir­ma­tion I hes­i­tat­ed and let the trade go. Think­ing the con­sol­i­da­tion might con­tin­ue. I gath­ered I can prac­tice let­ting a trade go and sim­ply learn for next time as I am focused on let­ting M30 guide my trades with a pos­si­ble bet­ter entry on M15. 
• Trade Siz­ing & SL placement
  • Did not take the trade but SL place­ment would have been great. Trade quick­ly hit 2R. What more can you ask for?!
• Trade Exe­cu­tion & Mgmt
  • After hit­ting 2R price start­ed fal­ter­ing on M5 again set­ting forth a pos­si­ble tran­si­tion into M15 and so on so tak­ing the 2R would have def­i­nite­ly be the best bet. 

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

• I did real­ly well here even though I did not take a trade. I did not feel bad about ‘miss­ing’ the trade. Even though it didn’t fit my trad­ing rules so not a com­plete miss. All in all well done and gained expe­ri­ence on a return to val­ue play that I haven’t had that many of to be honest. 

What did I learn today?

• A M30 con­sol­i­da­tion near val­ue in per­spec­tive of a pre­de­ter­mined hypo I could pos­si­ble look for entries on M5. I have seen sim­i­lar sit­u­a­tions before. Took notes for play­book and #NEXT

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

• Just be patient. I know when to take a trade. So when I don’t feel like tak­ing a trade it is usu­al­ly for per­fect­ly fine reasons. 

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

• I feel I did well today even though I didn’t take that trade. 

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 12082020

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Pre­mar­ket Prep Gold 12082020

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