How did I trade today? 20210831

Sum­ma­ry: Trust your gut and take a chance

#fin­twit #order­flow #day­trad­ing #dai­lyre­port­card #trad­inglifestyle #day­trader­life #grasshop­per­sanony­mous #trad­ing­forex #trad­ing­com­modi­ties #NEXT

A small sum­ma­ry of how I did dur­ing the ses­sion. Things I did well. Things I need to keep work­ing on. Trade Reviews are part of my post-mortem but usu­al­ly I post those the next day.

My week­ly goals: 

• Min. 3 times work­ing out at home + manda­to­ry cardio
• Trad­ing rules
  • M15/M30 entries and exits at 1st DTTZ, M5 entries and exits at 2nd DTTZ
  • 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

BAD Trade selec­tion

Good Trade siz­ing or SL placement

Good Trade Exe­cu­tion & Mgmt.

Good Risk Adjust­ed Returns

Yes Clar­i­ty — in tune with price

Mup­pet Meter (1 being best — 5 being worst): 3

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Notes

DAX

• IB trad­ed high­er in line with FF. C closed high­er but with­out extend­ing IB. 
• D TPO did the same but no exten­sion although formed a M15 Bull Engulf so it is pos­si­ble there will be an extension. 
• And there was. E extend­ed and is test­ing 16000 right now. Entry off IB break (which I opt­ed out of due to being in E TPO) would sit at almost 1R right now. 
• F closed as a Bear Engulf Fail­ing Auc­tion. Although H1 closed as an invert­ed ham­mer poten­tial­ly a base for more upside. The sell­in tail in E is con­firmed though after a test of 16000
• I took a paper trade off a pullback 
• Short 15984.44, SL 16009.69, TP 15933.94 (2R) , 15921.75 (2.5R at IB low)
• I did not want to take an actu­al trade due to H1 Invert­ed Ham­mer that could sig­nal a con­tin­u­a­tion rather than a rever­sal plus price had moved quite a bit out­side of IB high. 
• Price reached 5R 🙂

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How well did I man­age my phys­i­cal, emo­tion­al and cog­ni­tive states?

I did well here. Noth­ing much to mention. 

Clar­i­ty

I strug­gled a bit at first think­ing to go long due to a pos­si­ble sus­tained auc­tion. Then when I gath­ered my thoughts on the exten­sion being dur­ing E TPO I won­dered if this auc­tion could still be sus­tained. Nonethe­less, due to the tim­ing of the exten­sion I did not want to go in off of a break of IB. 

Then when price failed the auc­tion I hes­i­tat­ed due to H1 leav­ing an Invert­ed Ham­mer which could mean a pos­si­ble con­tin­u­a­tion. This, and the open sen­ti­ment not entire­ly favor­ing a mean rever­sion although dur­ing the ses­sion price had tra­versed to mean rever­sion lev­el and start­ed react­ing even after ADR got exhaust­ed dur­ing IB. Price had test­ed the round num­ber of 16000 above and then reversed. And it reversed HARD. I will review this tomor­row in my missed trade review.

What did I learn today?

I learned that I can read price action just fine but I failed to act on it. I am more inclined to let a trade go when in lack of con­fi­dence and yes this has helped me on many occa­sions. How­ev­er, this has also cost me quite some mon­ey being left on the table. 

What’s one (or more) thing(s) I need to do more often?

Trust my gut. 

What’s one (or more) thing(s) I need to do less often?

Not take trades. Trust myself and just go for it. If it los­es it los­es and I learn. 

Under the cir­cum­stances, did I per­form at my best?

I did fair­ly well but not the greatest. 

For my trade plan(s) on this par­tic­u­lar day, go here:

20210831 Pre­mar­ket Prep DAX

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