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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.
- IB: M15 Evening Star formed within H4 supply, according to Hypo 1 doing an early entry
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: