How did I trade today? 12222020

22 Dec How did I trade today? 12222020

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

Sum­ma­ry: Let the mar­ket lead

P&L: 0.8R

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: M15 Evening Star formed with­in H4 sup­ply, accord­ing to Hypo 1 doing an ear­ly entry
    • Short 1.90118, SL 1.90479, TP 1.89396
    • Took prof­it at 0.8R due to near­by M30 VWAP in UT and LTF demand near­by. M5 Had start­ed fal­ter­ing as well. 
    • Closed as M30 Three Out­side Down
  • C: Closed as Bull Engulf after hav­ing extend­ed down react­ing off LTF demand and M30 VWAP in UT leav­ing behind a buy­ing tail (to be con­firmed at next TPO close)
  • D: Extend­ed above IB form­ing a Neu­tral Day tak­ing out H4 sup­ply run­ning into yet anoth­er H4 sup­ply (H4-C‑S 1.90493 RNo)
    • Closed high­er out­side of IB
  • E: Quick­ly reversed (pos­si­bly on Brex­it news) and extend­ed the oth­er way again leav­ing behind a sell­ing tail. Closed as a Bear Engulf extend­ing below again. 
  • F: Closed as Bull Engulf. Due to lack of clar­i­ty and hav­ing tak­en minor prof­its I will fin­ish up for today. 

Sum­ma­ry

• GOLD
  • IB: Closed trad­ing slight­ly high­er from open
  • C: Closed retrac­ing down with long sell­ing wick
  • D: Bull Engulf
  • E: Extend­ing above IB
  • F: Closed as an Inside Bar fail­ing auction.

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 — Mean Reversion
  • Pre­ferred: Bear­ish price action con­fir­ma­tion, IB exten­sion down, pos­si­ble IB exten­sion up before fail­ing and fol­low­ing through down.
  • 60%
  • There was a M15 Evening Star ear­ly dur­ing IB that I took but when price start­ed fal­ter­ing around M30 VWAP in UT and LTF demands I took it off. Price extend­ed down and quick­ly reversed and closed as a bull engulf.
  • Price reversed yet again with a Bear Engulf and straight back dur­ing F form­ing anoth­er Bull Engulf.

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 — Swing Reversal
  • Pre­ferred: Bull­ish price action, IB exten­sion up, sus­tained auction. 
  • 90%
  • There was no sus­tained auc­tion, instead a failed one. 

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. Dur­ing the trade I felt a lit­tle jumpy but noth­ing much. I think the jumpi­ness came from real­iz­ing the trade didn’t have a clear 2R tar­get. Although there was noth­ing inter­fer­ing on H4 there was enough con­ges­tion on LTF. I intend­ed a pos­si­ble low/medium activ­i­ty day but when I saw price fal­ter­ing I got out. 

How well did I fol­low my process?

• Trade selec­tion
  • As per Hypo 1 although there was no fol­low-through to the move it was the best play accord­ing to circumstances.
• Trade Siz­ing & SL placement
  • I did well here although the stop could have been slight­ly tighter tech­ni­cal­ly. But still not bad. 
• Trade Exe­cu­tion & Mgmt
  • I did well to rec­og­nize the LTF price fal­ter­ing due to near­by M30 VWAP in UT accom­pa­nied by demand. 

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

• I did well here

What did I learn today?

• In case of a new­ly tak­en out medi­um time­frame SD ZOI a mean rever­sion trade in the oppo­site direc­tion could be risky. 

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

• Stay obser­vant and take cal­cu­lat­ed risks

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

• Wor­ry about get­ting enough trades in. The mar­ket gives when it is ready to give. Not because I want it to. 

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 12222020

Pre­mar­ket Prep Gold 12222020

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