Summary: Process is king
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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
- I did all my workouts this week
- Trading rules
- M15/M30 entries and exits at 1st DTTZ, M5 entries and exits at 2nd DTTZ
- I did well here
- Use SL scaling in case the profit target for the setup doesn’t provide 2R for example for FA or VAA setups
- I am getting better at scaling SL
- M15/M30 entries and exits at 1st DTTZ, M5 entries and exits at 2nd DTTZ
- No social media / messenger apps / phone calls allowed during the trading window
- Doing well with this for the most part but could be better.
Good Pre-market routines
Good Session PECS
Fair 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 — London
- DAX
- 1st DTTZ
- Price accepted and rotated through value traversing 0.58xASR. Then extended down in C before closing within IB
- 2nd DTTZ
- Price closed twice within IB, M15 Consolidation and RBR so I tried a long based on a failed auction.
- Long 15700, SL 15685, TP 15730
- Got stopped out immediately. ‑1R. I’m done for the day.
- 1st DTTZ
- GOLD
- 1st DTTZ
- IB traded 0.58xASR to VAL, C extended above IB closing as a possible base within IB right at the edge.
- D TPO closed within IB as a Bear Engulf leaving a weak selling tail in C at VAL, going short as per Hypo 3
- Short 1791.090, SL 1795.080, TP 1785.10 1.5R above LTF demand at IB low
- 2nd DTTZ
- F extended above IB in what looks like a pop and took out my SL ‑1R.
- 1st DTTZ
DAX — London
- 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
- Value Acceptance (short), demand within value, not good TP
- 100% correct
- Hypo 3
- Failed Auction Long, after hypo 2
- 100% correct
- Hypo 4
- Auction Fade Long at H4 demand
- 100% correct
What happened around the 1st DTTZ? Which Hypo played out (if any)?
Price accepted value during IB and rotated through. C extended below and then failed auction somewhat weakly.
What happened around the 2nd DTTZ? Which Hypo played out (if any)?
Price shot down and kept going but had a slight pullback before continuation.
What was the play of the day?
Sustained Auction down
Was I right on the outcome? Which Hypo played out and why was it not Hypo 1 (if any)?
Yes and no. The failed auction well failed and sustained auction to the downside.
Was there an opportunity and did I take it?
There was and I did. Down ‑1R with SL hit.
DTTZ: 2nd
Entry: M15 consolidation and break higher
Profit Margin (ADR or congestion): Plenty at IB high but would have taken M30 VWAP.
What would a price action exit rule have done?
N.A.
How was SL placement and Sizing (Was there a need for scaling)?
I scaled below M15 formation which was okay.
What would time-based have done?
N.A.
What could I have done better?
I think I did okay for trying a failed auction play. At least I’m taking more trades now and don’t seem to be anxious too much.
How did I feel before, during, and after the trade?
I felt good. Not much to note.
GOLD — London
- 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
- Failed Auction Short, probe of value
- 70% Correct
What happened around the 1st DTTZ? Which Hypo played out (if any)?
Price traded higher to VAL and extended in C then formed a Bear Engulf with a weak selling tail in C.
What happened around the 2nd DTTZ? Which Hypo played out (if any)?
Price traded higher before returning back to IB.
What was the play of the day?
A very flimsy failed auction
Was I right on the outcome? Which Hypo played out and why was it not Hypo 1 (if any)?
Hypo 3 kinda played out.
Was there an opportunity and did I take it?
I did but then got stopped out ‑1R.
What would a price action exit rule have done?
N.A.
How was SL placement and Sizing (Was there a need for scaling)?
Above formation. Good.
What would time-based have done?
N.A.
What could I have done better?
I think I did okay to try and take the trade.
How did I feel before, during, and after the trade?
I felt good. Nothing much to note.
How well did I manage my physical, emotional and cognitive states?
I did well here. I stayed calm and collected going through my OODA loops and stuck with my trade.
What did I learn today?
That I can take trades and stay objective without grasshoppering.
What’s one (or more) thing(s) I need to do more often?
Take trades and go through OODA loops.
What’s one (or more) thing(s) I need to do less often?
Worry about outcome of any single trade.
Under the circumstances, did I perform at my best?
I think I did okay.
For my trade plan(s) on this particular day, go here: