02082019 Friday — Trade Plan & Journal

02 Aug 02082019 Friday — Trade Plan & Journal

02082019 Fri­day — Trade Plan & Journal

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)
• R/R = Risk to Reward
• M2M = Move to Move
• T2H = Trade to Hold
• DT = DownTrend
• UT = UpTrend
• R = Range
• LTF = Low­er Time Frame
• TTF = Trad­ing Time Frame
• HTF = High­er Time Frame
• HHTF = High­er High Time Frame
• Hypo = HYPOthetical
• AD = Accu­mu­la­tion Distribution

Health review

• Week­ly goal
  • No alco­hol
• How do you feel? Have you recent­ly had a break of dai­ly rou­tine (like a trip)? Did you have 2 (or more) nights of insuf­fi­cient sleep?
  • I feel good. 
• How would you rate it (1–5)? 1/2 = don’t trade 3= quar­ter posi­tion 1st 12 2nd 2, 4= half posi­tion = 1st 25 2nd 5, 5= full posi­tion = 1st 50 2nd 10
  • 5= full posi­tion = 1st 50 2nd 10

Mar­ket Prep

Trade Idea

• Hypo 1 Long
  • HTF D TT
• Hypo 2 Short
  • HTF D TC @ UKC
• Hypo 3 Long
  • HTF D TT @ 2.0 SD

My goals for the day (Dai­ly Report Card)

• Define win­ning
  • Only trade A/A+ trade ideas
  • For­ward test exper­i­men­tal trades

Read­ing the Tape

• What is printing? 
  • 16:05
    • HHTF
      • R Over­sold with LKC CAR
    • HTF
      • HTF D TT / D TC
    • TTF
      • TTF R AD Over­sold pos­si­ble 200MABO or BOF
    • Oppor­tu­ni­ty (if any)
      • HTF D TT / D TC
  • 16:35
    • HHTF
    • HTF
      • Lack of clar­i­ty still could go either way although my hunch says D TT slight­ly more favored than D TC
    • TTF
      • TTF R Over­sold set­ting up for poten­tial 200MABO attempt
    • Oppor­tu­ni­ty (if any)
      • HTF D TT / D TC
  • 17:05
    • HHTF
    • HTF
      • Still @ VWAP UKC area, still think­ing D TT is more plau­si­ble but will need a bit more con­fir­ma­tion before adding size
    • TTF
      • We just test­ed 200MA and PB to below 200MA no TTF R LKCCAS yet so might be BD into exhaust­ed over­sold mode before we have a real try at 200MABO
    • Oppor­tu­ni­ty (if any)
  • 17:35
    • HHTF
    • HTF
      • I’m think­ing this could be a D TC to 2.0 SD CAS before we ini­ti­ate D TT
    • TTF
    • Oppor­tu­ni­ty (if any)
  • 18:05
    • HHTF
      • Nar­ra­tive could be a PB to 1.5 SD CAS
    • HTF
      • HTF D TC @ 50MA area instead of UKC
    • TTF
      • TTF R Bounces poten­tial BD to HTF 2.0 SD as target
    • Oppor­tu­ni­ty (if any)
      • HTF D TC @ 50MA tar­get 2.0 SD CAS
  • 18:35
    • HHTF
      • Knock­ing at the door of LKC
    • HTF
      • HTF D TC @ 50MA?
    • TTF
      • We had a steep very slow ral­ly to TTF R Over­bought posi­tion with poten­tial of con­tin­u­a­tion unless we breach 1.0 SD
    • Oppor­tu­ni­ty (if any)
      • HTF D TC @ 50MA
      • HTF D TT to R tar­get UKC
  • 19:05
    • HHTF
    • HTF
      • Doji at 50MA, pos­si­ble CAR
    • TTF
      • Over­bought posi­tion no move yet
    • Oppor­tu­ni­ty (if any)
  • 19:35
    • HHTF
    • HTF
      • HTF 50MA Area unclear
    • TTF
      • Over­bought posi­tion, no move yet, unclear
    • Oppor­tu­ni­ty (if any)
      • Wait for more confirmation

Dai­ly Report Card

• Week­ly Goal
  • Only trade A/A+ trade ideas
  • For­ward test exper­i­men­tal trades
• Review
  • I did not do my mar­ket prep but still watched the ses­sion today and when I saw the oppor­tu­ni­ty for some exper­i­men­tal trades I took em.
  • The trades were around a trad­ing idea that I saw devel­op­ing and failed to real­ly cap­i­tal­ize on it because I kept expect­ing a move to hap­pen which didn’t come until after US ses­sion open but by then I had closed off my trades
  • For the first part of the ses­sion I let the pat­tern on my trad­ing time­frame deter­mine my bias on the mar­ket which is wrong. Did poor­ly here. Always let mar­ket nar­ra­tive dic­tate direction. 
  • Hav­ing said that, I learned a lot today and will be back next Mon­day. There’s always anoth­er day. 
• How accu­rate was my assess­ment of mar­ket context?
  • Hypo — none
  • Real-time analy­sis
    • 50%
• How well did I man­age my phys­i­cal, emo­tion­al and cog­ni­tive states?
  • P: Did well here.
  • E: Did well here.
  • CS: DId well here.
• What’s one thing you learned today?
  • That I have to stay hum­ble. Just because I can feel get­ting clos­er doesn’t mean I won’t make mis­takes. Keep being the sci­en­tist and not the douche that thinks he knows all. 
• Positive(s)
  • Did well to take some chances
• Negative(s)
  • No mar­ket prep
  • Fail­ing to let mar­ket nar­ra­tive lead instead focused on TTF pattern
    • This is most­ly because I am still cat­e­go­riz­ing my mar­ket approach and this will be incor­po­rat­ed into my playbook