How did I trade today? 12112020

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

Sum­ma­ry: Medi­um time­frame price action guides the narrative

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
  • Took out some H4 demand dur­ing IB. 
    • Moved 0.9xASR stop­ping at H4-C‑D 1.86339
  • C: Pos­si­ble M15 Three Inside Up although inside bar not cre­at­ed on the hour
    • Closed as a M30 Inside Bar, no con­tin­u­a­tion on the M15 inside bar instead anoth­er inside bar (pos­si­ble base).
  • D: Closed as a consolidation 
  • E: Extend­ed down 1 TPO below IB. I believe due to the wide IB range we could be see­ing respon­sive activ­i­ty for the remain­der of the ses­sion. Extend­ed one more TPO and closed with­in IB trad­ing down.
  • F: Closed as an Inside Bar with longer sell­ing wick
  • G: Extend­ed mak­ing LLs closed as a ham­mer and weak failed auction
  • H: Trad­ed down mak­ing LL halt­ing at W1 C‑dem

Sum­ma­ry

• GOLD
  • With­in val­ue still
  • C: Bull Engulf
  • D: Slight follow-through
  • E: Bounce off Over­head LTF sup­ply would have made a good Val­ue Rejec­tion Up Failure. 
  • F: Closed trad­ing down to VAL
  • G: Extend­ed below VAL
  • H: Bull Engulf

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 3 — Trend Continuation
  • IB extend­ing down (momen­tum) tak­ing out under­ly­ing demand 
  • 80%
  • We instead had a wide IB range devel­oped extend­ing to H4 C‑dem after tak­ing out a pre­vi­ous H4 demand. Price pro­ceed­ed to have some con­sol­i­da­tion and extend­ed fur­ther down. 

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 — Respon­sive activ­i­ty — Val­ue Rejec­tion Failure
  • Play off near­by LTF SD, ADR 0.5
  • 100%
  • Exact­ly as hypoth­e­sized. Failed to cap­ture an oppor­tu­ni­ty as I am gain­ing expe­ri­ence in Gold plus being focused on GBPNZD.
• Hypo 2 — Val­ue Rejec­tion Down
  • Pre­ferred: Ib exten­sion Up (momen­tum) sus­tained auction
  • 80%
  • Play did hap­pen after the rever­sal at LTF sup­ply and extend­ed down from VAL only to reverse back up with a M30 Bull Engulf.

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

• I did fair here. I feel I was kind of biased in my mean rever­sion hypo (1). ALthough due to H4 Phase 4 and a sup­ply get­ting tak­en out dur­ing IB I could have been slight­ly more bear­ish. Hav­ing said that I would not have trad­ed short on a wide IB and straight into under­ly­ing demand. Per­haps if IB was tighter and we had a momen­tum move. 

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

• No trades tak­en. Feel­ing good. 

How well did I fol­low my process?

• Trade selec­tion
  • I was eye­ing a pos­si­ble mean rever­sion that didn’t come. When observ­ing a pos­si­ble trend con­tin­u­a­tion play, besides trad­ing right into a demand, I couldn’t find a good entry besides pos­si­bly a M15 Bear Engulf after a con­sol­i­da­tion dur­ing D 
• Trade Siz­ing & SL placement
  • N.A.
• Trade Exe­cu­tion & Mgmt
  •  N.A.

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

• I did well here. Again with the light food every­thing went well.

What did I learn today?

• I learned that with a H4 Phase 2 fol­lowed by a con­sol­i­da­tion and strong fin­ish­er down we can have a wide IB range plus con­tin­u­a­tion to the move. Espe­cial­ly when con­sid­er­ing that W1 demand is not that far away (SD ZOI act­ing as ‘mag­nets’. 

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

• Focus on my process. If a trade doesn’t fit my rules I don’t trade. 

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

• Wor­ry about get­ting trades in. The mar­ket giveth when­ev­er it is damn well ready.

Under the cir­cum­stances, did I per­form at my best?

• I did okay today. I was slight­ly biased in my mean rever­sion hypo and was look­ing for a long entry. When that didn’t come I just observed and saw that Hypo 3 was in play. 

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

Pre­mar­ket Prep GBPNZD 12112020

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Pre­mar­ket Prep Gold 12112020

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