How did I trade today? 20210407

07 Apr How did I trade today? 20210407

Sum­ma­ry: All about the Day Trad­ing Time Zones

#fin­twit #order­flow #day­trad­ing #dai­lyre­port­card #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: 

• Min. 3 times hit­ting the gym + manda­to­ry cardio
  • Going to the gym now
• Only trade the main account
  • Check
• Be mind­ful of DTTZs
  • Check
• Only price-action based exit rules (or if hit time stop comes earlier)
  • Failed
• M15/M30 entries and exits at 1st DTTZ, M5 entries and exits at 2nd DTTZ
  • Check

Good Pre-mar­ket routines

Good Ses­sion PECS

Good Trade selection

Good Trade siz­ing or SL placement

Bad Trade Exe­cu­tion & Mgmt.

Good Risk Adjust­ed Returns

Yes Dai­ly review

Mup­pet meter (1 being best — 5 being worst): 3

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Summary

• GBPNZD
  • IB: IB almost ranged 60 pips, B closed as an Inside Bar
  • C: Placed a Buy Stop at 1.96275, SL 1.96025, TP 1.96775
    • Extend­ed IB tra­vers­ing to ADR 0.5 which is close to 1xASR so took the trade off for a 0.5R profit.
  • D: Closed mak­ing HH in a sus­tained move
  • E: Closed mak­ing HH in a sus­tained move almost exhaust­ing ADR
  • F: Exhaust­ed ADR although hit­ting H4 VWAP in R near­ing D1 c‑sup and LTF supply
    • Closed as an Inside Bar mak­ing a HH, M15 Evening Star although ADR got exhaust­ed so not too com­fort­able going short
  • G: Con­firmed sell­ing tail in F clos­ing as a doji, 
  • H: Closed as a DBD return­ing to IB high (not clos­ing with­in), H4 Bull Engulf with sell­ing tail.

• GOLD
  • IB: Con­sol­i­da­tion at M30 QHi, H4 c‑sup
  • C: Extend­ed below IB touch­ing LTF demand
  • D: Closed as an Inside Bar
  • E: CLosed as a slight DBD
  • F: Closed as an Inside Bar
  • G: Closed as DBD
  • H: Closed as a Bull Engulf at LTF demand not clos­ing with­in IB, H4 Bear­ish Inside Bar 

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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
  • Nar­ra­tive: Large Imbal­ance at the open, IB range wide but not too wide. Retraced all of H4 bear Engulf and took out supply. 
  • Pre­ferred: Strong Bull­ish Price action, IB exten­sion up, sus­tained auc­tion to VAL
  • Con: Pos­si­ble D1 Phase 3
  • 100% cor­rect

How accu­rate was my assess­ment of mar­ket con­text? What were the cir­cum­stances of the devel­op­ing nar­ra­tive? How did they devel­op accord­ing to DTTZ?

I was cor­rect on both Hypo 1 and it looks like right now Hypo 2 is unfold­ing even though ADR got exhaust­ed. There was a momen­tum play in C even­tu­al­ly mak­ing HHs through F before form­ing a sell­ing tail and revers­ing for the 2nd DTTZ.

What was the play of the day?

Mean Rever­sion trade. An entry off IB break. 

Was I right on the out­come? Which Hypo played out and why was it not Hypo 1 (if any)?

Yes I am. Hypo 1 played out the towards the end of the ses­sion (or rather 2nd DTZZ) there was a rever­sal in line with a Return to Value. 

Was there an oppor­tu­ni­ty and did I take it?

Mean Rever­sion.

DTTZ: 1st DTTZ, C TPO (momen­tum)

Entry: Buy Stop 

Prof­it Mar­gin (ADR or con­ges­tion): There was 2R+ towards the D1 c‑sup although ASR didn’t allow for much about 1R. Trade end­ed up going to 1.5 and price-based exit rule would have net­ted 0.9R.

What would a price action exit rule have done?

0.9R

How was SL place­ment and Sizing?

Good due to the momen­tum nature of the trade. Although entry could have been slight­ly tighter. 

What would time-based have done?

-0.1R

What could I have done better?

I could have let the trade go and exit based on price action. I didn’t due to ADR 0.5 and run­ning out of ASR. 

How did I feel before, dur­ing, and after the trade?

Feel­ing good to have tak­en the trade. Felt good dur­ing the trade. Still feel­ing good afterwards. 

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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 1 — Return to Value
  • Nar­ra­tive: D1 RBR with Base around W1 c‑dem, H4 c‑dem with­in value
  • Pre­ferred: Ear­ly IB exten­sion down, Bull­ish price action rever­sal at VAH/LTF demand, failed auction. 
  • 50% cor­rect

How accu­rate was my assess­ment of mar­ket con­text? What were the cir­cum­stances of the devel­op­ing nar­ra­tive? How did they devel­op accord­ing to DTTZ?

I was cor­rect in the ini­tial direc­tion and even though final­ly there was a bull engulf at the end of the trad­ing win­dow, price did not actu­al­ly bounce higher. 

What was the play of the day?

A M30 Swing Rever­sal with IB exten­sion lower.

Was I right on the out­come? Which Hypo played out and why was it not Hypo 1 (if any)?

Not real­ly hence the 50% on hypo 1. 

Was there an oppor­tu­ni­ty and did I take it?

No I did not take it. If there was one it would have been at 1st DTTZ with C extend­ing below. But Accord­ing to my trad­ing rules this would not have fit and thus not an oppor­tu­ni­ty missed. 

What would a price action exit rule have done?

N.A.

How was SL place­ment and Sizing?

N.A.

What would time-based have done?

N.A.

What could I have done better?

N.A.

How did I feel before, dur­ing, and after the trade?

N.A.

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

I did well here and I thought I had made the right deci­sion when I took prof­it due to the ASR. Didn’t want to be a dick for a tick and was won­der­ing if I should have been on the trade to begin with as it seemed it didn’t have enough ASR left. Price even­tu­al­ly over­shot ASR and exhaust­ed ADR before it reversed. 

What did I learn today?

That I can take trades with­out hes­i­ta­tion. Even did so on a buy stop. I like wait­ing for IB to fin­ish and the reassess. 

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

Exe­cute my plan. Wor­ry about details lat­er. This is a marathon. Don’t need to do every­thing right straight away. 

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

Wor­ry about mak­ing mistakes

Under the cir­cum­stances, did I per­form at my best?

I think I did fair­ly well. 

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

Pre­mar­ket Prep GBPNZD 20210407

Pre­mar­ket Prep Gold 20210407

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