08 Apr How did I trade today? 20210408
Summary: Progress, not perfection
#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
- To punish myself for breaking my exit rule (even though making money) I went for a double workout.
- Only trade the main account
- Check
- Be mindful of DTTZs
- Check
- Only price-action based exit rules (or if hit time stop comes earlier)
- FAIL
- 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
Summary
- GBPNZD
- IB: A closed as a bear engulf, B as an Inside Bar
- Looking for a potential break below in C closing as a DBD then perhaps a sell limit order in D at newly formed c‑sup for a 2nd chance entry
- C: Extended below, M15 Bear Engulf, possible low/medium initiative day
- D: Sell Limit Order at 1.95600, SL 1.95853, TP 1.95103
- Formed a poor low then popped it and took the trade off at 0.4R, now watching the trade go to 1R and just took out H4 demand so will probably see a continuation. Kinda got worried due to Gold going short as well as there is somewhat of a inversed correlation between them. Although perhaps not today. Also if H4 demand got taken out it would not coincide with taking out of LTF demand and perhaps a bounce might occur. I can make excuses as much as I want. Fact remains. I did not follow my exit rule.
- D closed at 1R, looks like a sustained auction, H1 marubozu candle close deep within H1 demand
- E: M15 closed as a Bull Engulf within IB would need M30 to close within as well for a failed auction. Only a 1 TPO buying tail though so could just be the reaction off popping the H4 demand.
- Price action exit would have scratched the trade at 0R, let’s see how this develops further.
- Closed as a Bull Engulf within IB at DPOC. Due to a lack of buying tail I will not initiate a long position based off the bull engulf and failed auction as this might just be a reaction to popping the H4 demand.
- F: Closed as an Inside Bar
- G: Closed as a Three Inside Down not making LLs
- H: CLosed as an Inside Bar
- I: Closed as a slight DBD
- J: Closed as an Inside Bar near-doji with longer selling wick
- IB: A closed as a bear engulf, B as an Inside Bar
- GOLD
- IB: traded higher with B having a long selling wick
- C: M15 Three Inside Down, C closed as a dragonfly doji
- D: Closed as an Evening Star extending below IB although leaving a longer buying wick
- E: Probably the same happened with Gold as well when H4 supply got pooped premarket, the session traded against the sentiment for the time-being. I will monitor for a possible move higher though.
- Closed as a slight continuation below although not extending below IB so no LLs
- F: Closed as a consolidation
- G: Closed higher
- H: Closed as a doji with longer selling wick
- I: Extended above IB
- J: Made HHs
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 — Return to Value
- Narrative: Possible D1 DBD, H4 break down from consolidation
- Preferred: Strong Bearish Price action, 2nd chance entry perhaps, IB extension down with sustained auction
- Con: Trading within newly formed H4 demand but perhaps weak
- 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?
C extended below IB forming a DBD, a 2nd chance entry off newly formed C‑sup was my entry and D continued further down taking out H4 demand before popping back up. After the pop of demand price retraced and closed as a bull engulf but weak failed auction before reversing in the initial direction through a Three Inside Down.
What was the play of the day?
A Return to Value play. Moderate Imbalance within range with a H4 break down from consolidation and possible D1 DBD. Through a M30 DBD extending below IB in C, continuing lower extended 1x IB during D popping H4 demand.
Was I right on the outcome? Which Hypo played out and why was it not Hypo 1 (if any)?
Hypo 1 was correct although popping of H4 demand (at D1 VWAP in UT) caused a little bounce and E closed as a Bull Engulf. Will review more later.
Was there an opportunity and did I take it?
There was. I visualized C closing as a possible DBD extending below IB. Then D pulling back to a 2nd chance entry and that was my entry short. Banked 0.4R profit. Ignored my exit rule.
DTTZ: 1st DTTZ
Entry: 2nd Chance Entry through Sell Limit order
Profit Margin (ADR or congestion): Not the best as 1R was at H4 demand End and 1x IB range extension creating a normal day at the time of writing. There might be more continuation later on.
What would a price action exit rule have done?
0R scratch, although due to popping of H4 narrative a continuation could be expected so some more time could have been added to the trade. This is something I have witnessed before.
How was SL placement and Sizing?
SL placement was great. Above formation and at x.xx85 for short. Entry at x.xx60
What would time-based have done?
0.5R
What could I have done better?
Let my price action based exit take me out. Regardless of scratching or not as this is what will make me money in the long run.
How did I feel before, during, and after the trade?
I felt okay before as I was stalking. Okay during the trade too until I saw that H4 demand end was within LTF demand and thus not coinciding. I thought there could be a pop back into IB and did not want to risk it. Together with no inverse correlation with Gold I thought to take profits as I am in capital preservation conditions anyway.
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 — H4 Swing Reversal
- Narrative: H4 supply overhead, Trading within D1 supply, possible D1 consolidation
- Preferred: IB extension up with price action reversal at H4 supply, perhaps a failed auction or TPO structure build and or single print fade
- Con: Possible D1 RBR
- 80% correct
How accurate was my assessment of market context? What were the circumstances of the developing narrative? How did they develop according to DTTZ?
There was no continuation to the move and no extension up. Instead an Evening Star and extension below. Then a failed auction and outside of trading window price extended above IB in line with hypo 1.
What was the play of the day?
H4 Swing Reversal although not the best of setups.
Was I right on the outcome? Which Hypo played out and why was it not Hypo 1 (if any)?
Hypo 1 did play out later on the session. Hypo 2 was within my trading window,
Was there an opportunity and did I take it?
I did not take the opportunity as I was focused on FX.
DTTZ: Hypo 2 at 1st DTTZ, Hypo 2 and 2nd DTTZ.
Entry: N.A.
Profit Margin (ADR or congestion): N.A.
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.
How well did I manage my physical, emotional and cognitive states?
I did well here for the most part and I will review a few more times why I pocketed the profit when I did.
What did I learn today?
That I am getting most right. Understanding the market narrative plus aligning myself with it. Waiting for an expected outcome. Even placed a sell limit order at a 2nd chance entry. Just need to work on my exits.
What’s one thing I need to do more often?
Do all that I am doing preceding taking a trade. More of this.
What’s one thing I need to do less often?
Taxe my exit prematurely. Do less of this.
Under the circumstances, did I perform at my best?
Mwehh not really… I could have been better. Although it was my first time objective witnessing the pop of a H4 demand and consequent short-term (lower time frame) reversal. To punish myself I had a double workout today. Next time might have to do a Bart Simpson exercise.
For my trade plan(s) on this particular day, go here:
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