15 Jun How did I trade today? 20210615
Summary: Failed Auction from within value
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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 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
Good Session PECS
Fair Trade selection
Fair Trade sizing or SL placement
Good Trade Execution & Mgmt.
Good Risk Adjusted Returns
Yes Daily review
Muppet meter (1 being best — 5 being worst): 2
Summary London
- DAX
- 1st DTTZ
- IB traded higher. Pulled back to VAH before closing as a Bullish Inisde Bar.
- 2nd DTTZ
- Long: 15782.60, SL 15752.60, TP 15842.60
- Price took out my SL ‑0.63R due to fumbling with the SL placement. It is my first time in a long time trading DAX again so was initially fumbling with FX synergy to actually put the trade on.
- 1st DTTZ
- GOLD
- 1st DTTZ
- B closed as a Bear Engulf and C extended below.
- Missed a possible late-sustained auction entry in D not quite testing IB low. Missed it by 2 TPOs. D then closed as a possible Base.
- 1st DTTZ
Summary NY
- GOLD
- 1st DTTZ
- Price opened within value then C extended above and failed auction by closing as a weak bear engulf.
- Short 1864.720, SL 1867.710, TP 1860.75 (1.2R at IB low)
- 1st DTTZ
DAX
- 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 — Failed Auction
- Narrative: Variation to Hypo 1,
- Preferred: price fails to find business above IB not taking out yesterday’s high, PA reversal failing auction.
- Con: Trend is UP 3/3, equities
- 100% correct
What happened around the 1st DTTZ? Which Hypo played out (if any)?
IB traded higher, pulled back in C then formed a Bullish Inside Bar in D. E formed a Three Inside Up.
What happened around the 2nd DTTZ? Which Hypo played out (if any)?
F failed auction through Bear Engulf
What was the play of the day?
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 it was Hypo 2
Was there an opportunity and did I take it?
There was an opportunity based on Hypo 1 and I took it. Got stopped out ‑1R.
DTTZ: 2nd
Entry: M30 Bullish Inside Bar
Profit Margin (ADR or congestion): Expecting a sustained auction 2R could have been realistic.
What would a price action exit rule have done?
SL hit ‑1R
How was SL placement and Sizing (Was there a need for scaling)?
It was initially too wide so I adjusted to just below the candle body formation
What would time-based have done?
-1R
What could I have done better?
I did well to take the trade.
How did I feel before, during, and after the trade?
I felt okay. Nothing special.
GOLD NY
- 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 Rejection Up Failure / Auction Fade / Failed Auction
- Narrative: D1 Bearish Narrative
- Preferred: Close above VAH coinciding with IB extension (technically rejecting value). Failure to sustain auction for a possible Failed Auction. Auction Fade if price extends higher.
- Con: The initial move would have taken out H4 supply
- 90% correct
What happened around the 1st DTTZ? Which Hypo played out (if any)?
Failed Auction in C
What was the play of the day?
Failed Auction
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?
I did.
DTTZ: 1st
Entry: M30 Bear Engulf failing auction
Profit Margin (ADR or congestion): 1.2R at IB low
What would a price action exit rule have done?
1.2R, I took it off at 1R
How was SL placement and Sizing (Was there a need for scaling)?
SL placement could have been tighter. I failed to use proper scaling.
What would time-based have done?
N.A.
What could I have done better?
I could have scaled my SL better and thus my sizing. I used a standard SL size and I could have had a tighter SL cutting through the wicks.
How did I feel before, during, and after the trade?
I felt good. Nothing special.
How well did I manage my physical, emotional and cognitive states?
I did well today. I only had one coffee and I ate well.
What did I learn today?
Failed Auctions can work from within value as well.
What’s one (or more) thing(s) I need to do more often?
Take more educated guesses and jump on board.
What’s one (or more) thing(s) I need to do less often?
Feel I have to trade.
Under the circumstances, did I perform at my best?
Yes, I did well. Sure the SL could have been better but that is a work in progress.
For my trade plan(s) on this particular day, go here:
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