How did I trade today? 20210309

09 Mar How did I trade today? 20210309

Sum­ma­ry: Nice lit­tle speedbump

#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 trade the main fund

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: IB took out LTF demand at VAL, trad­ed and closed low­er just above H4 C‑dem, con­fi­dent close below VAL, closed as H1 Evening Star
  • C: Closed as a Ham­mer extend­ing below but clos­ing with­in IB, pos­si­bil­i­ty for a rever­sal as we have H4 c‑dem right below although price did close con­fi­dent­ly below VAL reject­ing val­ue. Going long is prob­a­bly risky. Going to let a trade come to me if any. Short­ing around these lev­els is not ide­al either due to said demand under­neath and no clear prof­it target.
  • D: Closed as a DBD below IB still above H4 c‑dem and LTF demand
  • E: closed mak­ing LLs tak­ing out LTF demand
  • F: Closed as an Inside Bar
  • G: Closed as a DBD mak­ing LLs
  • H: Made 1 TPO LL and closed as an Inside Bar with 4 TPO struc­ture. H4 closed as a big Bear Engulf

• GOLD
  • IB: IB trad­ed high­er clos­ing on its high below H4 C‑sup
  • C: Closed as a Doji
  • D: Closed as anoth­er DOji, M15 Slight Bear Engulf in a con­sol­i­da­tion, although seems like a sus­tained auc­tion for now. 
  • E: Closed as anoth­er doji with longer sell­ing wick
  • F: Closed as anoth­er doji but this time with long buy­ing wick
  • G: Closed mak­ing HH
  • H: Closed mak­ing HH, H4 con­fi­dent con­tin­u­a­tion high­er close with­in supply

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 Bull ENgulf long sell­ing wick still some sell­ers around these levels
  • Pre­ferred: Ear­ly con­fi­dent close below VAL tak­ing out LTF demands, IB exten­sion down coin­cid­ing with rejec­tion and sus­tained auction.
  • Con: Larg­er time­frame bull­ish sen­ti­ment. H4 C‑dem right below VAL.
  • 100% cor­rect
  • B closed con­fi­dent­ly below VAL con­tin­ued with a base and drop in D with C extend­ing below although clos­ing with­in IB. The rest of the ses­sion was a sus­tained auc­tion lower. 

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 — Return to Value
  • Nar­ra­tive: H4 run high­er, D1/W1 demands
  • Pre­ferred: Strong bull­ish price action fol­lowed by IB exten­sion up and sus­tain auction. 
  • Con: H4 VWAP in DT
  • 90% cor­rect
  • Even though there was strong bull­ish price action dur­ing IB, what fol­lowed was a speed bump through 4 dojis being cre­at­ed before a con­tin­u­a­tion higher. 

Process

How well did I fol­low my process?

• How accu­rate was my assess­ment of mar­ket con­text? Was I aligned with mar­ket nar­ra­tive through my hypos?
  • GBPNZD: I did well here
  • Gold: I did well here
• Was I right on the outcome?
  • GBPNZD: Yes I was. Although due to under­ly­ing demand I did not feel like trad­ing right into it. Plus com­bined with a larg­er time­frame bull­ish sentiment. 
  • Gold: yes I was but again I did not want to go long as I had not encoun­tered objec­tive­ly a speed bump like this before, plus it would be trad­ing right into H4 sup­ply with a larg­er time­frame bear­ish sentiment. 
• Was there an oppor­tu­ni­ty and did I take it?
  • GBPNZD: There was but I did not take it due to afore­men­tioned rea­sons trad­ing right into demand
  • Gold: There was but I did not take it due to afore­men­tioned rea­sons trad­ing right into supply
• What could I have done better?
  • I did well to stay out when things weren’t as clear to me. After yes­ter­day I feel I should also be look­ing for ‘clean­er’ trades or at least trades I am more con­fi­dent with. This is not the time to exper­i­ment with ‘new found setups’. 
• 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 although I was a bit anx­ious in the begin­ning. I kin­da felt like ‘mak­ing up’ for yes­ter­day but quick­ly under­stood that is my idiot side talk­ing. Dis­re­gard­ed it and went to what I do best. Take notes and observe. If any­thing jumps out for me to take I am sure I will execute. 

What did I learn today?

• That I can stay objec­tive even after a loss

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

• Treat the mon­ey in the account as trad­ing cap­i­tal. It is not real. It is sim­ply there for me to have the oppor­tu­ni­ty to take a trade when it is worth trad­ing. Flat is more than good to have as a position. 

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

• Wor­ry about any one trade. It is the long haul that matters.

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 20210309

Pre­mar­ket Prep Gold 20210309

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