Summary: Trade your plan
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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
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- Only trade the main account
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- Be mindful of DTTZs
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- Only price-action based exit rules (or if hit time stop comes earlier)
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- M15/M30 entries and exits at 1st DTTZ, M5 entries and exits at 2nd DTTZ
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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 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
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.
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.
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: