Trading Day Summary 20210923

Sum­ma­ry: Grow­ing more con­fi­dent trade by trade

#DAX #DE30 #XAUUSD #fin­twit #order­flow #day­trad­ing #dai­lyre­port­card #trad­inglifestyle #day­trader­life #trad­ing­forex

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.

My week­ly goals: 

• Trad­ing rules
  • Use SL scal­ing in case the prof­it tar­get for the set­up doesn’t pro­vide 2R for exam­ple for FA or VAA setups
  • No ear­ly exits, either hit SL or 2R target

Good Pre-mar­ket routines

Good Ses­sion PECS

Good 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): 1

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Notes

Gold

• C extend­ed and closed above IB tak­ing out LTF sup­ply in a poten­tial sus­tained auc­tion move. A test of IB high might be a good entry for a sus­tained move. How­ev­er, VAL doesn’t pro­vide with 2R target.
• When using ASR cal­cu­lat­ed off trad­ing win­dow I could get in a 20 pip stop and choose to do a 25 pip paper trade long. Decid­ed for a paper trade as this is my first time using such scal­ing and the long trade is against sen­ti­ment as well as trend. 
• D test­ed IB high and closed high­er as a pos­si­ble base. E formed a RBR reach­ing VAL and 2R target.

DAX

• IB trad­ed high­er so did C but no exten­sion of IB (yet)
• E extend­ed and closed above IB. No reac­tion from D1 sup­ply (yet)
• Final­ly the failed auc­tion is on but I can’t find an entry with good prof­it tar­get so let­ting this one go. 

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Summary of the Trading Day

• Result
  • 2R (paper Trade)
• Prod­uct
  • Gold
• Open Sen­ti­ment
  • 0.56xASR Below Val­ue, Out­side Range
  • Mod­er­ate to Large Imbalance
• IBR
  • 0.47xASR
• Hypo
  • 3
  • Sus­tained Auc­tion Up, (very risky) late-sus­tained auc­tion entry preferred
• Attempt­ed Setup
  • Sus­tained Auction
• Entry Tech­nique
  • Re-test of IB high through Buy Lim­it order but a Break of IB would have been good as well due to expect­ed momen­tum in C break­ing high­er after B had formed a Bull Engulf
• TPO peri­od for Entry
  • D TPO
• Trade Dura­tion
  • 35 min­utes
• Long/Short
  • Long
• Trade Com­ments
  • Price opened trad­ing at H4 demand after a H4 QLO rejec­tion. IB retraced to H4 Base sup­ply lev­el indi­cat­ing a pos­si­ble con­tin­u­a­tion high­er. 0.56xASR Below Val­ue, Out­side Range with mod­er­ate to large imbal­ance it could go either way. Although B TPO formed a Bull Engulf and price extend­ed on momen­tum in C TPO. 
  • Used tighter scal­ing due to expect­ing a short term move by using AR account­ing till noon instead of the entire ses­sion. This enabled to have a 2R tar­get at VAL which is the most prob­a­ble target

Actu­al Development

D TPO closed as a pos­si­ble Base and E took it high­er reach­ing VAL and 2R target.

Good points

• Good that I spot­ted the trade
• Good that I used the new scal­ing technique

Bad Points

• I could have placed a real trade

Next Day Analysis

• Tar­get hit?
  • yes
• Time-based Exit?
  • 2.8R
• Over­lap Noise?
  • 2.1R
• End of Day?
  • -1R
• High­est R multiple?
  • 3.6R

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

20210923 Pre­mar­ket Prep Gold

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20210923 Pre­mar­ket Prep DAX

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