How did I trade today? 12172020

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

Sum­ma­ry: Bal­anc­ing Market

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. Noth­ing much going on. 
  • C: Closed extend­ing down from IB
  • D: Formed a poor low and closed as an Inside Bar
  • E: Took out Poor Low clos­ing as DBD closed leav­ing a slight buy­ing tail behind
  • F: Closed as a Bull Engulf fail­ing auction
  • G: Extend­ed to the oth­er side form­ing a Neu­tral Day clos­ing as a Pin Bar
  • H: Closed as a slight ral­ly to the pin bar

Sum­ma­ry

• GOLD
  • IB: Trad­ed high­er fol­lowed by a pinbar 
  • C: Closed as M30 Evening Star but with longer buy­ing wick so there are still some buy­ers present. Test­ed IB edge down but no exten­sion. Medium/high still has poten­tial for upside due to pre­vi­ous demand beent aken out. 
  • D: Closed as a consolidation
  • E: Closed as Bear Engulf from con­sol­i­da­tion extend­ing down 1 TPO
    • Look­ing like a pos­si­ble Return to Val­ue play (Hypo 3) might be the best here 
  • F: Extend­ed fur­ther down but then retraced for a pos­si­ble 2nd chance entry on the Bear Engulf
    • Closed as an Inside Bar
  • G: Closed as a Three Inside Up
  • H: Closed as a con­tin­u­a­tion to G dig­ging deep­er into 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 1 — Bal­anc­ing Market
  • Play off near­by LTF SD ZOIs or ADR 0.5
  • 100%
  • An exten­sion down with price fal­ter­ing at LTF demand, M5 Inside Bar (retrac­ing more then 50%) fol­lowed by a Base and Ral­ly could have been an entry at 1.89675, SL 1.89545, TP (2R) 1.89935 would have been eas­i­ly hit. Took it down for my play­book as I am not accus­tomed to trad­ing off M5 yet. Dee whipped me well 🙂 

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
  • Price with­in D1/H4 QHi, Asia trad­ed high­er, near­ing Mean Rever­sion criteria.
  • Pre­ferred: Price action rever­sal, IB exten­sion down, sus­tained auction.
  • 100%
  • Only there was no fol­low-through to the move. We had an Evening Star with long buy­ing wick. Fol­lowed by con­sol­i­da­tion and fin­ish­er down through Bear Engulf con­se­quent­ly extend­ing some. Due to the Medi­um Time frame nar­ra­tive this would not have been a good opportunity. 

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?

• No trades although a paper trade tak­ing off a M5 entry on GBPNZD based on Hypo 1 play­ing off near­by LTF demand

How well did I fol­low my process?

• Trade selec­tion
  • GBPNZD paper trade — although risky due to no clear back­up on M15 and by the time M30 was fin­ished the move would have been over for the most part. 
  • Gold — A M15 entry on the Bear Engulf would not have been good through bad SL place­ment. A M5 entry would have been best. Entry 1880.536, SL 1883.265, TP (2R) 1875.078 would have been eas­i­ly hit as trade went to 3R. How­ev­er there was no oth­er LTF price action at the moment to con­firm the trade so it would have been more risky. Took it into my play­book as well. 
• Trade Siz­ing & SL placement
  • SL place­ment would have been good based on a M5 entry on both assets
• Trade Exe­cu­tion & Mgmt
  • Mon­i­tor the trades to hold into high­er time frame would have net­ted a good outcome

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

• I did well to not trade as I was pre­oc­cu­pied with per­son­al life

What did I learn today?

• When in a bal­anc­ing mar­ket and there is no fol­low-through on a momen­tum play (ie. fail­ure to dig and close deep­er into under­ly­ing demand) we can go down to M5 look­ing for an entry play­ing off near­by low­er time frame SD zones and mon­i­tor for a pro­file and price action con­fir­ma­tion tran­si­tion­ing into high­er time frames: M15, M30 etc. 

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

• Trust myself to know when I do and do not want to take a trade.

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

• I did well today.

Under the cir­cum­stances, did I per­form at my best?

• Yes I did… was pre­oc­cu­pied but still man­aged to con­trol myself to stay clear-headed. 

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

Pre­mar­ket Prep GBPNZD 12172020

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Pre­mar­ket Prep Gold 12172020

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