How did I trade today? 20210421

21 Apr How did I trade today? 20210421

Sum­ma­ry: Trade your plan

#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
  • Check 
• Only trade the main account
  • Check 
• Be mind­ful of DTTZs
  • Check 
• Only price-action based exit rules (or if hit time stop comes earlier)
  • Check 
• 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

Good Trade Exe­cu­tion & Mgmt.

Good Risk Adjust­ed Returns

Yes Dai­ly review

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

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Summary

• GBPNZD
  • IB: A closed with­in Val­ue, B as a Bull­ish Inside Bar
  • C: Closed as a consolidation
  • D: Extend­ed IB high and closed above
  • E: Closed as a Bear Engulf fail­ing auction
  • F: Closed as a spin­ning top with longer sell­ing wick
  • G: Closed lower
  • H: Closed extend­ing below IB form­ing a Neu­tral Day

• GOLD
  • IB: Trad­ed lower
  • C: Closed as an Inside Bar pos­si­ble Base expect­ing a drop
    • Sell Stop Order: Short 1779.800, SL 1783.8, 1772.094
  • D: Extend­ed below trig­ger­ing Sell Stop Order clos­ing below IB above LTF demand
    • and walked away to spend time with my gf although mon­i­tor­ing through my phone at 15 minute intervals
  • E: Closed low­er although not mak­ing a LL leav­ing a poor low
  • F: Closed as a Bull Engulf
    • Closed the trade at 0.3R
  • G: Did not make a LL clos­ing as a Hammer
  • H: Closed as RBR as a weak failed auc­tion, H4 Bear Engulf

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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 — Val­ue Acceptance
  • Nar­ra­tive: Open sen­ti­ment and slight move down on H4 after ear­li­er H4 QHi was rejected
  • Pre­ferred: Ear­ly accep­tance and quick fol­low-through, mon­i­tor for a pos­si­ble break below val­ue tak­ing out demand 
  • Con: H4 demand at VAL
  • 90% cor­rect

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

A closed with­in val­ue that fol­lowed by B clos­ing slight­ly above in a Bull­ish Inside Bar. What fol­lowed was a RBR extend­ing above IB to then have a Bear Engulf in E and con­se­quent move low­er where H test­ed IB low and closed below form­ing a Neu­tral Day rotat­ing through value.

What was the play of the day?

Val­ue Accep­tance play.

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

I was

Was there an oppor­tu­ni­ty and did I take it?

I thought the oppor­tu­ni­ty in Gold was bet­ter so I went with that. Kin­da hap­py as GBPNZD had ini­tial­ly accept­ed val­ue but then pro­ceed­ed to close above coin­cid­ing with an exten­sion high. This would have sure­ly tak­en out my SL.

What could I have done better?

I did well to focus on one instru­ment as I was eye­ing a mean rever­sion trade in Gold. Although he oppor­tu­ni­ty might not have been the great­est which I will out­line below. 

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

No trade taken. 

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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 — Mean Reversion
  • Nar­ra­tive: Open sen­ti­ment, D1/H4 QHi, Asia trad­ed higher.
  • Pre­ferred: Bear­ish PA, IB exten­sion down with sus­tained auction
  • Con: Trend is up. 
  • 90% cor­rect

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

IB trad­ed down with an Inside Bar in C (pos­si­ble Base) fol­lowed by an exten­sion down in D clos­ing above LTF demand (coin­cid­ing with near prox­im­i­ty to H4 VWAP)

What was the play of the day?

A Mean Rever­sion play. Large Imbal­ance at the open with IB trad­ing down fol­lowed by a momen­tum exten­sion below. 

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

Yes I was

Was there an oppor­tu­ni­ty and did I take it?

There was an oppor­tu­ni­ty and I did take it. 

DTTZ: 1st

Entry: Sell Stop Order at IB exten­sion down

Prof­it Mar­gin (ADR or con­ges­tion): VAH would have been 2R and there was H4 demand in the way although there was H4 VWAP in UT that proved reactive. 

What would a price action exit rule have done?

0.3R like I did

How was SL place­ment and Sizing?

It was good. Entry off Short 1779.800, SL 1783.8, 1772.094

What would time-based have done?

-0.1R

What could I have done better?

I think I did well

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

I felt good with the trade, dur­ing I got slight­ly jumpy but noth­ing too seri­ous. I did decide to walk away and spend a lit­tle time with my gf. After­wards I am not feel­ing any­thing spe­cial. Just hap­py I took the trade. 

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

I did okay here. Then also decid­ed to walk away from the screens. Felt okay with that accept­ing a ‑1R loss or hit­ting my TP. When I used 15 minute inter­vals to check price I saw a pos­si­ble rever­sal and got out. 

What did I learn today?

I did well to take the trade and then to walk away. I thought with how every­thing has been going late­ly some time away could be good. 

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

Take a trade accord­ing to my plans

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

Think I suck at this. I shouldn’t think I am great either but it is easy to beat your­self up when hav­ing made a mis­take like I did yes­ter­day. Even though I am actu­al­ly feel­ing pret­ty fine. I know why I fucked up yes­ter­day and it had most­ly to decide with me being too tired. Ah well… #NEXT

Under the cir­cum­stances, did I per­form at my best?

Yes I did.

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

Pre­mar­ket Prep GBPNZD 20210421

Pre­mar­ket Prep Gold 20210421

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