17 Jun How did I trade today? 20210617
Summary: Take chances. Make mistakes. And Learn.
#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.
Good Pre-market routines
Good Session PECS
BAD 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): 2
Summary — New York
- GOLD
- 1st DTTZ
- A closed as a Bullish Inside Bar, B as a possible base with longer buying wick, IBR 0.62xASR a bit wide but might be proportional the huge gap down.
- C extended above, placed a buy stop order at 1787.400, SL 1783.400, TP 1795.500 as per Hypo 1
- Got stopped out ‑1R
- 1st DTTZ
GOLD — New York
- 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
- Auction Fade Short, Hypo 1 plays out reaching near H4 Supply Base without hitting it, target IB high
- 50% correct (it was actually a Failed Auction)
What happened around the 1st DTTZ? Which Hypo played out (if any)?
An extension in C that failed auction and a move through IB and extending below forming a Neutral Day.
What was the play of the day?
Failed Auction play
Was I right on the outcome? Which Hypo played out and why was it not Hypo 1 (if any)?
Not really. I had expected a mean reversion but that did not come at all.
Was there an opportunity and did I take it?
I did think to take a trade based on an extension in C TPO. But failed to understand I was using a PA formation from outside of RTH together with an extension pre-PNYC. Trade went in my favor about 0.8 before stopping me out.
DTTZ: 1st
Entry: IB extension, possibility of a M30 RBR.
Profit Margin (ADR or congestion): Would have been 2+R if it was a good play.
What would a price action exit rule have done?
Got stopped out ‑1R
How was SL placement and Sizing (Was there a need for scaling)?
SL placement was good, I placed it right below the formation.
What would time-based have done?
N.A.
What could I have done better?
I could have not taken the trade due to faulty reading of PA and extension before PNYC.
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 did well today
What did I learn today?
I learned that I can take a gamble based on my own assumption (faulty as it may) and be okay with it.
What’s one (or more) thing(s) I need to do more often?
Take chances. Make mistakes. And Learn.
What’s one (or more) thing(s) I need to do less often?
Even though I took a bad trade I believe I did well here. I don’t have much experience trading NY so there are some details I am not entirely clear on yet. But that will come. One trade at a time.
Under the circumstances, did I perform at my best?
Yes, I did.
For my trade plan(s) on this particular day, go here:
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