How did I trade today? 20210224

Sum­ma­ry: Val­ue Rejec­tion Down

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

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: 

• Only take trades accord­ing to a hypo unless mul­ti­ple con­di­tions are met

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: A tried extend­ing below VAL but closed with­in. B trad­ed low­er exhaust­ing ADR clos­ing (big rejec­tion) just above D1-C‑D 1.91600
  • C: Closed as an Inside Bar, M15 Three Inside Up although long sell­ing wick on first candle
  • D: Closed as an Inside Bar again
  • E: Extend­ed below IB but closed back with­in leav­ing behind a hammer
  • F: Almost made a LL but missed by 2 TPOs, M15 con­sol­i­da­tion at D1-C‑D 1.91600 but no TPO struc­ture build up. 
    • Closed with­in IB as a drag­on­fly doji
  • G: Made LL already 150+% ADR

Sum­ma­ry

• GOLD
  • IB: Closed as con­sol­i­da­tion with longer sell­ing wicks
  • C: Extend­ed slight­ly below IB and closed as a doji with longer sell­ing wick
  • D: Trad­ed and closed below IB
  • E: Closed as an Inside Bar with long sell­ing wick
  • F: Closed as a Three Inside Up
  • G: Trad­ed high­er not yet form­ing a Neu­tral Day

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 — Val­ue Rejec­tion Down
  • Nar­ra­tive: D1 QHi rejec­tion, H4 DBD poten­tial­ly in the making
  • Pre­ferred: Ear­ly val­ue rejec­tion down IB exten­sion down and sus­tained auction
  • Con: H4 and D1 c‑dems below
  • 100%
  • IB reject­ed val­ue to the down­side (exhaust­ing ADR) clos­ing deep into demand which it then lat­er took out. There was a pull­back in C fol­lowed by more bear­ish price action and even­tu­al­ly extend­ing below. 

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?
• None of the hypos played out.
  • We had a move down fol­lowed by a failed auc­tion. That is if you count the open below val­ue. Oth­er­wise we had a val­ue rejec­tion down fol­lowed by a rever­sal back up. Lack­ing clar­i­ty here. Don’t think this has ever hap­pened before. So will review this later.

Process

How well did I fol­low my process?

• How accu­rate was my assess­ment of mar­ket con­text? Was I aligned with mar­ket narrative?
  • GBPNZD: I did well to under­stand that we could see more uni­di­rec­tion­al play although due to the some­what wide IB range and demand under­neath I did not want to go short. 
  • Gold: Did okay here. 
• Was it a good trade (if any)
  • No trades taken
• What could I have done better?
  • GBPNZD: There was a lot of con­flict­ing lev­els and price action on medi­um and larg­er time­frames. I guess I could have giv­en more weight to the rejec­tion of D1 QHi. Will review today’s ses­sion to find out more. 
  • Gold: As men­tioned above. Will review.
• How did I feel before, dur­ing, and after the trade?
  • No trades taken. 

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

• I did well here not to feel like I had to get in on the uni­di­rec­tion­al move. I felt that going trad­ing direct­ly into demand (espe­cial­ly in the last week of the month) was a bad play so stuck with it. Feel good about that. 

What did I learn today?

• Fol­low the rules

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

• Fol­low the rules

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

• Not fol­low the rule 🙂

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 20210224

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Pre­mar­ket Prep Gold 20210224

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