How did I trade today? 20210615

Sum­ma­ry: Failed Auc­tion from with­in value

#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

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

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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. 

• 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. 

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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)

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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. 

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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.

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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:

Pre­mar­ket Prep Gold 20210615

See more

Pre­mar­ket Prep DAX 20210615

See more

NY Pre­mar­ket Prep Gold 20210615

See more

NY Pre­mar­ket Prep WTI Crude 20210615

See more

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