01092019 Trade Plan — Failed my Goal — Done For Today - Bear Market Trader
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01092019 Trade Plan — Failed my Goal — Done For Today

Daily Report Card

01092019 Trade Plan — Failed my Goal — Done For Today

01092019 Trade Plan — Failed my Goal — Done For Today

Ter­mi­nol­o­gy (par­tial­ly made up by yours truly)

  • PA = Price Action
  • BO = Break Out
  • BD = Break Down
  • CAR = Con­firm As Resistance
  • CAS = Con­firm As Support
  • UKC = Upper Kelt­ner Channel
  • LKC = Low­er Kelt­ner Channel
  • TV = Tick Volume
  • WPP = Week­ly Piv­ot Point
  • DPP = Dai­ly Piv­ot Point
  • DR = Dai­ly Resis­tance (piv­ot)
  • DS = Dai­ly Sup­port (piv­ot)
  • WR = Week­ly Resis­tance (piv­ot)
  • WS = Week­ly Sup­port (piv­ot)
  • HL = High­er Low
  • HH = High­er High
  • LH = Low­er High
  • LL = Low­er Low
  • SD = Stan­dard Deviation
  • VWAP = Vol­ume Weight­ed Aver­age Price
  • AS = Asian Session
  • LS = Lon­don Ses­sion (EU)
  • NY = New York Ses­sion (US)

Per­son­al Checklist

5 pos­i­tive 1 negativeSatSunMonTueWed
Beers night before102000
Time bed yesterday05:0001:3011:0022:0722:40
woke up---6:226:20
Hours sleep688.58:157:40
Sleep well?12232
Neg­a­tive thoughts?11211
Exer­cise yester(to)day22333
Cof­fees today1 espres­so. 1/2 coffee1 espres­so spread over 2 hours1 espres­so spread over 2 hours1 espres­so spread over 1.5 hours at 7:30am1 turk­ish cof­fee (1 scoop) in the morning
Inter­mit­tent fastingnonoyesyesyes
Water L22233

Health review (for the past week)

  • How would you describe your over­all health?
    • I feel I am being more active and sleep­ing bet­ter. How­ev­er last night I slept a lit­tle late because my head was rac­ing still. Read a book for a while and then fell asleep.
  • How do you feel?
    • I feel a lit­tle ‘edgy’ so best to be extra cau­tious. Per­haps I feel like this because of the Turk­ish cof­fee I had in the morn­ing. Let’s see if I have this tomor­row as well when drink­ing Turk­ish cof­fee with 1 scoop
  • How would you rate it (1–5)?
    • 3

The Big Pic­ture (dai­ly)

  • What hap­pened yesterday?
    • Yes­ter­day dur­ing the AS we start­ed the ses­sion test­ing DPP 49.077 as resis­tance but then quick­ly dropped to test the 48.50 lev­el as sup­port. As if to estab­lish the bound­aries of the range
    • Dur­ing LS we broke through DPP and start­ed an uptrend on the 5M stay­ing above the UKC find­ing some resis­tance at the 49.60 level
    • But after a pull­back we con­tin­ued the trend up to test the Dai­ly 49.80 and DR1 49.845 lev­els dur­ing NY until we final­ly broke it only to return back down quick­ly and the high­er time frame trend seems to be los­ing momen­tum but the uptrend has not been bro­ken yet

Intra­day Fundamentals

  • API report
    • Accord­ing to the API report there was a draw of ‑6.270 which would mean more bull­ish­ness into the mar­ket. But as always let the mar­ket show you it agrees.
  • EIA report
    • The EIA report will come out today so let’s see what they have to say
    • High 1.14846
    • Low 1.14221
    • Close 1.14404
  • Addi­tion­al
    • US Chi­na trade talks ongoing

Intra­day Tech­ni­cal Analysis

-1/31/412/31 — 1/41/71/8
Pip move211.1257.6489166.8165
  • What can we tell from the PP levels?
    • DR1 has widened in dis­tance but DR2 has stayed the same
    • On the sup­port side we tight­ened on DS1 and stayed the same on DS2
      • What does this mean?
  • Where are the high­er time frame S/R levels?
    • We crossed the 4H 200MA and Dai­ly 49.80 lev­el so the next high­er time frame resis­tance lev­el is 52.30
    • If we break back down we have the 47.50 week­ly lev­el after 49.80 dai­ly level
  • What does the 4H and 30M chart show?
    • The 4H chart shows that we broke through the 200MA above the 49.80 dai­ly level
      • We did this dur­ing the AS
    • The 30M chart looks like we are overex­tend­ed and we might see a pullback
      • Let’s see if that pull­back is going to be all the way back down to dai­ly 49.80 to CAS
  • How far away are we from tech­ni­cal levels?
    • On the resis­tance side we can see that the Dai­ly 52.3 and WR2 52.351 are very close to each other

  • What has the Asian Ses­sion printed?
    • Since AS opened we have moved aup and broke through the 4H 200MA and Dai­ly 49.80 level
      • Although the trend seems to be los­ing momen­tum and poten­tial­ly rolling over but uptrend is still intact and we seems to be rang­ing between DR1 50.597 and 50.80 at the top of the range
        • Let’s see how the mar­ket will react to this range
  • ATR
    • What is the ATR on the daily?
      • Is it increasing/decreasing?
      • 2.3781

Trade Plan

  • I would like to see how the mar­ket will react to the 50.60 and 50.80 range and if we break down I’ll be look­ing for swing setups around 50.50, 50.40, and poten­tial­ly 49.80
  • If we break out i’ll be look­ing for poten­tial swing setups at DR2 51.193 but more like­ly a big­ger swing set­up at Dai­ly 52.30
    • We have about 150 ticks to go to this Dai­ly lev­el which could give us enough space to overex­tend into it

My goals for the day (Dai­ly Report Card)

  • Only take swing rever­sal setups

Read­ing the Tape

  • What is print­ing? Look for PA with high­er TV and S/R levels.
    • I feel a lit­tle tired so take cau­tion in the mar­ket today
    • Dur­ing AS we pulled back to DS1 50.597 lev­el that might have sup­port with the 30M VWAP mean and UKC
    • The 30M VWAP is out of bounds of the UKC
      • Does that mean we are more like­ly to see a move down?
    • T1 loss
    • Cau­tion out of the window
      • I took a trade that is not one of my play­book setups so I’m done trad­ing for today
    • I think I need time away from my screens and just reset myself a bit. I’ll go for a walk and relax a bit. Come back strong tomorrow. 

Trade Man­age­ment

Explain what trade you put on (include price, SL, TP) and what your thoughts are dur­ing the trade

  • T1
    • Why? What do I see?
      • 30 SR TC
      • 30M showed PA hit­ting VWAP mean and UKC plus WR1 50.417 as sup­port so thought this could hold as support
      • In con­junc­tion with a doji on the 5M I went long opti­mistic size. 
      • Entry
        • 50.526
    • SL
      • 50.382
    • TP
      • 50.813
    • Trade Man­age­ment
      • I cov­ered after I saw the next can­dle hit­ting below the pre­ced­ing can­dle but I see now that I should have let my stop take me out. It wouldn’t have tak­en me out since PA jumped high­er on the next candle
      • Cov­ered at 50.461
      • Loss 6.5 ticks
  • T2
    • Why? What do I see?
      • Not PB set­up. Chas­ing the market.
      • Entry
        • 50.646
    • SL
      • TP
        • Trade Man­age­ment
          • Stopped out at 50.518
            • Loss 12.8 ticks

      Trade Review

      • Did you let your trade play out or did you cov­er or stop out soon­er? If so, why?
        • I messed up
          • First trade I didn’t let my SL take me out and it went in my favor after I took myself out
          • Sec­ond trade wasn’t a PB trade and it went against me (which is a good thing) and took out my SL
      • P/L for the day
        • Down 19.3 ticks
        • Down 1.6%

      Dai­ly Report Card

      • Only take Swing Rever­sal plays
        • Over­all Progress
          • I failed today
        • What did I do well?
          • Take my stop
        • What do I need to improve?
          • Catch the warn­ing signs when I’m not feel­ing ‘good’ to stay away from tak­ing trades. 
        • Lessons learned
          • Good thing that I am now tak­ing a break from the screens since I broke my rule. Only play when you are at your best.
        • Grade your­self 1 to 5 (5 being the best)
          • 1


      Any ques­tions or feed­back you might have please feel free to leave a com­ment or con­tact me directly. 


      Day trader. Tech geek. Sim Racing Enthusiast.

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