Summary: Sitting on my hands
#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
- Not today
- Only trade the main account
- No trades taken
- 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
Summary
- GBPNZD
- IB: Traded up to VAL and B closed as an hammer
- C: Extended one TPO above before reversing and closed lower although with long selling/buying wicks quite neutral
- D: Tested IB low and closed as a spinning top with long buying wick
- E: Closed as a Morning Star
- Building structure at IB high, possibility for a further extension higher
- F: Made HHs but closed below VAL as an inverted hammer. Looks like just responsive activity
- G: was wrong as G made HHs closing above IB taking out LTF supply and accepting value
- H: Made HHs closing near its high
- GOLD
- IB: Traded down from VAL, B closed as an inside bar
- C: Closed as a Three Outside Up
- D: Continued higher
- E: Continued higher
- F: Extended above IB but did not close above
- G: closed as a dragonfly doji
- H: Closed making 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 2 — Value Acceptance
- Narrative: Open sentiment, D1 demand
- Preferred: Early acceptance and quick follow-through
- Con: H4 c‑sup right there 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?
Price traded higher to VAL during IB and proceeded to test valu during C retreating and testing IB low during D closing as a pinbar. E formed a Morning star and price continued higher accepting value. As of now there was no rotation (yet).
What was the play of the day?
A value acceptance play although more risky as it happened later on in the session. Though due to the near proximity to D1 demand and H4 Phase 1 a long bias could have been more weighted.
Was I right on the outcome? Which Hypo played out and why was it not Hypo 1 (if any)?
Yes although it was in Hypo 2.
Was there an opportunity and did I take it?
The value acceptance play would have been directly into a newly formed H4 supply and thus I don’t think there was a good opportunity. Although I have noted for my playbook that because of said newly formed supply price can bounce back before continuing higher as it did today.
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?
I did well to stay out as there was no safe trade to take.
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 2 — Balancing market
- Narrative: open sentiment
- Preferred: play off nearby ADR 0.5 and exhaustion levels
- Con: Trend is up so longs are favored
- 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 dead on as even though price traversed below VAL there was no IB extension down. Instead there was a reversal at LTF demand coinciding with H4 VWAP in UT. And what followed was a continued move higher extending above IB.
What was the play of the day?
Balancing Market play off of LTF demand below VAL.
Was I right on the outcome? Which Hypo played out and why was it not Hypo 1 (if any)?
Yes I was even though it was Hypo 2. Due to the consolidation at value edge premarket and a possible strong finisher down I hypothesized as my hypo 1 a potential rejection down. Which in an uptrend was perhaps less likely.
Was there an opportunity and did I take it?
There was an opportunity but I did not take it as I was not stalking a potential play. I was still focused on GBPNZD and then with work outside of trading.
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?
I could have taken the trade I guess but I was preoccupied. Nothing wrong with it. Next time Gadget. NEXT TIME!
How did I feel before, during, and after the trade?
No trade taken
How well did I manage my physical, emotional and cognitive states?
I did well here. I finally feel much better. I’ve been not sharp at all this last week or so due to lack of sleep. Sure next week I’ll be back to my normal awesome self 🙂
What did I learn today?
More of a confirmation that I don’t need to trade. Which I have gotten much better at.
What’s one thing I need to do more often?
Forward-test ideas. I am going to create a subsection on my website for forward testing ideas. This way I can share it with all of you and keep organized track of what I am doing.
What’s one thing I need to do less often?
I did well today
Under the circumstances, did I perform at my best?
Yes I did
For my trade plan(s) on this particular day, go here: