10 Jun How did I trade today? 20210610
Summary: Getting over my nightowl tendencies
#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 goals:
- 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
- Use SL scaling in case the profit target for the setup doesn’t provide 2R for example for FA or VAA setups
- No social media / messenger apps / phone calls allowed during the trading window
Good Pre-market routines
Fair Session PECS
Bad Trade selection
BadTrade sizing or SL placement
Fair Trade Execution & Mgmt.
Good Risk Adjusted Returns
Yes Daily review
Muppet meter (1 being best — 5 being worst): 3
Summary
- GBPNZD
- 1st DTTZ
- IB popped LTF/H4 demand and M15 formed a Bull engulf although due to popping of H4 demand this could possibly just be a reaction and the sentiment is still bearish although price is trading at a D1 C‑dem / H4 50MA in UT. ADR exhaustion still 23% away. Preferably this should have been closer to IB.
- B closed slight above Asia low and thus above yesterday’s low as well as D1 demand.
- Waited for a retest of IB low and went in short at 1.96187, SL 1.96339, 1.95778
- Mismanaged the position sizing and had to adjust for it.
- Price finally went against the trade failing the auction and I closed the trade off at a ‑0.4R loss.
- 2nd DTTZ
- Then I went long for a failed auction play which did not work out either. Another ‑0.4R loss due to yet again mismanaging the trade sizing and SL placement.
- 1st DTTZ
- GOLD
- 1st DTTZ
- IB traded 1.94xASR indicating potential responsive activity. Price accepted value and rotated through. I am looking for a potential failed auction. D traded higher to IB high. Would need a close in E to extend above and close within IB.
- E closed as a near Bear Engulf but actually is more of a consolidation.
- I went short anyone as it coincided with a M15 Three Inside Down and possible H1 Base after an Inside Bar
- Short 1890.300, SL 1893.300, TP 1885.736 (1.5R)
- Wanted to resize and accidentally closed off the trade at ‑0.6R.
- 1st DTTZ
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 — Trend Continuation
- Narrative: H4 closing down, possible H4 phase 3 / 4,
- Preferred: Strong Bearish PA, IB extension down (momentum) and sustained auction taking out LTF/H4 demand (and thus taking out yesterday’s low, preferably during IB),
- Con: trading into D1 demand
- 100% correct
- Hypo 4 — Mean Reversion although I should have called it a failed auction
- Narrative: D1 Demand, test of yesterday’s low
- Preferred: Move down fulfilling mean reversion criteria, strong bullish PA IB extension up to value edge
- Con: possible bearish medium timeframe narrative
- 70% correct
What happened around the 1st DTTZ? Which Hypo played out (if any)?
Price extended below IB during C and then followed through in D.
What happened around the 2nd DTTZ? Which Hypo played out (if any)?
E closed as an Inside Bar and F completed a Three Inside Up.
What was the play of the day?
Trend Continuation to Failed Auction
Was I right on the outcome? Which Hypo played out and why was it not Hypo 1 (if any)?
Yes I was although due to the open sentiment I had favored a Return to Value before a continuation. In hindsight a return to value would be against the H4 Three Outside down which is usually not a good sign for a continued move down after a pullback.
Was there an opportunity and did I take it?
Yes there was an opportunity and yes I did take it. First one was a trend continuation that didn’t pan out and failed the auction. The failed auction also did not pan out. Total ‑0.8R.
T1
DTTZ: 1st
Entry: Late-sustained auction entry at test of IB edge
Profit Margin (ADR or congestion): expecting a continuation to a possible H4 Phase 4 would have provided 2R
T2
DTTZ: 2nd
Entry test of IB low after a failed auction
Profit margin: 1.5 R at IB high
What would a price action exit rule have done?
-1R although through mismanagement and manually taking off the trade I took a ‑0.4R loss.
How was SL placement and Sizing (Was there a need for scaling)?
This was good after I scaled down the SL placement.
What would time-based have done?
SL would have hit ‑1R
What could I have done better?
I did well to take the trade and stick with it to try and let it do it’s thing. Sadly the market did not want to take it any further and failed the auction against my trade.
How did I feel before, during, and after the trade?
I felt good being in a trade. Two even. After the first trade I took a long along the line of the failed auction. This did not work out either. Summer-time trading can do that.
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?
- None
What happened around the 1st DTTZ? Which Hypo played out (if any)?
There was a huge IBR and no extension in my trading window. Although there was a consolidation and with PNYC there could be a reversal and that’s what I took.
What was the play of the day?
Nothing at PNYC
Was I right on the outcome? Which Hypo played out and why was it not Hypo 1 (if any)?
Not within my trading window will see tomorrow.
Was there an opportunity and did I take it?
There was no opportunity but took one anyway trying a short. But I accidentally closed off the trade at ‑0.6R. But the trade would have probably stopped out.
What could I have done better?
I could have waited for a better setup which within my trading window would have meant no trade.
How did I feel before, during, and after the trade?
I felt okay actually.
How well did I manage my physical, emotional and cognitive states?
I felt quite uneasy earlier during London but then started feeling better. Felt okay during NY.
What did I learn today?
That I am getting more comfortable taking trades. Now I just need to get better alignment with market narrative.
What’s one (or more) thing(s) I need to do more often?
Take trades. Make mistakes.
What’s one (or more) thing(s) I need to do less often?
Worry about losses. It is what it is. Follow the process.
Under the circumstances, did I perform at my best?
I did okay…. Happy I took some trades.
For my trade plan(s) on this particular day, go here:
No Comments