How did I trade today? 20210603

Sum­ma­ry: Trend Con­tin­u­a­tion with mod­er­ate to large imbal­ance at the open

#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 work­ing out at home + manda­to­ry cardio
• Trad­ing rules
  • Focus on tak­ing ONE trade a day. If I missed the first DTTZ then a trade needs to be tak­en on the 2nd DTTZ unless there is a high/medium ini­tia­tive activ­i­ty day.
  • Only price-action based exit rules (or if hit time stop comes earlier)
  • M15/M30 entries and exits at 1st DTTZ, M5 entries and exits at 2nd DTTZ
  • Buffer trades (prof­it tar­get >1R) are allowed and encouraged
  • 13 trades by the end of the month
• No social media / mes­sen­ger apps / phone calls allowed dur­ing the trad­ing window

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
  • 1st DTTZ
    • IIB trad­ed low­er only tra­vers­ing 0.17xASR. C closed above IB as a Bul Engulf in for now a sus­tained move although due to open sen­ti­ment price could reverse in mean rever­sion fash­ion. Will wait for one more TPO to assess. 
    • D made HHs tak­ing out the old H4 Sup­ply. E made HHs and it looks like a sus­tained auction
  • 2nd DTTZ
    • F did not make HH but G did by one TPO for now. 

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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 3 — Trend Continuation
  • Nar­ra­tive: Direct con­tin­u­a­tion to H4 narrative, 
  • Pre­ferred: IB exten­sion Up, pos­si­ble Late-sus­tained auc­tion entry
  • Con: Sus­pect to say the least due to open sen­ti­ment although 0.57xASR could fall with­in the pos­si­bil­i­ty of strength behind the move if IB backs up the narrative.
  • 100% cor­rect

What hap­pened around the 1st DTTZ? Which Hypo played out (if any)?

There was an exten­sion in C TPO then D briefly test­ed IB high before con­tin­u­ing higher.

What hap­pened around the 2nd DTTZ? Which Hypo played out (if any)?

Low ini­tia­tive sus­tained auc­tion high­er through­out the rest of the session. 

What was the play of the day?

Trend Con­tin­u­a­tion

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

It was hypo 3 that played out. Due to the open sen­ti­ment I thought it would be less like­ly but I stand corrected. 

Was there an oppor­tu­ni­ty and did I take it?

There was an oppor­tu­ni­ty but due to the open sen­ti­ment I did not want to go long off of an IB break. I was look­ing to join the auc­tion with a late-sus­tained auc­tion entry. Although the only test of IB edge was dur­ing D and I had decid­ed to wait for one more TPO to gain more under­stand­ing if there would be a sus­tained auction. 

What could I have done better?

I think I did well today

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

No trades taken

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

I did well today

What did I learn today?

That due to D1/H4 bull­ish nar­ra­tive (with trend being up) there can still be a trend con­tin­u­a­tion with a mod­er­ate to large imbal­ance at the open. 

Also with a tight IBR a failed auc­tion play would be a sub­par setup

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

Trade my plan. 

What’s one (or more) thing(s) I need to do less often?

I did well today

Under the cir­cum­stances, did I per­form at my best?

I did

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

Pre­mar­ket Prep GBPNZD 20210603

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Pre­mar­ket Prep Gold 20210603

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