13082019 Tuesday — Trade Plan & Journal

13082019 Tues­day — 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
  • Eat less rice and noo­dles and more veggies
• 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?
  • Had a good night’s sleep and 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

Intra­day Tech­ni­cal Analysis

• HHTF
  • What is the mar­ket narrative?
    • Crossed 50MA and might have a small PB before continuing
• HTF
  • Lev­els
    • Prev. High 55.035
    • PVAH 54.746
    • PPOC 54.167
    • PVAL 53.934
    • Prev. Low 53.435
  • What is the mar­ket nar­ra­tive and bias?
    • There’s a squeeze just below the UKC with small PA set­ting up for a move how­ev­er the nar­ra­tive is unclear for me to sway towards a bias long or short
• TTF
  • Does the Asian ses­sion show clues that align with mar­ket narrative?
    • TTF R not much going on

Trade Idea (lack of clarity)

• Hypo 1 Long
  • HTF50MACAS
  • Entry around 54.55
  • Tar­gets 54.85, 55.10, 55.45
• Hypo 2 Short
  • HTFUKCCAS
  • Entry around 54.55
  • Tar­gets 54.40, 54.05
• Hypo 3 Rotational 
  • 54.45 — 54.95

My goals for the day (Dai­ly Report Card)

• Define win­ning
  • Only trade trade ideas based on good nar­ra­tive on 1st account
  • Don’t wor­ry about P&L, let the trade work out based on mar­ket narrative
  • Exper­i­men­tal trades on 2 account

Read­ing the Tape

• What is printing? 
  • 16:05
    • HTF
      • What is the mar­ket narrative?
        • Hypo 1 in play, missed the trade because I just sat down and was open­ing my software.
        • HTF50MACAS
    • TTF
      • TTF Ex. D TT @ LKCCAS, push back at UKC unable to BO
    • Bias
      • Unclear atm
    • Oppor­tu­ni­ty (if any)
      • What set­up am I going to stalk?
        • Unclear atm
  • 16:35
    • HTF
      • What is the mar­ket narrative?
        • PA moved up from 50MACAS to 2.0 SD on the upside but is fail­ing to BO
          • This could be a set­up for a NT
    • TTF
      • TTF R above 50MA in effect, look­ing to poten­tial­ly BO to HTFUKCCAR
    • Bias
      • Long
    • Oppor­tu­ni­ty (if any)
      • What set­up am I going to stalk?
        • Unclear atm
        • If HTFUKCCAR then short but we might have a U NT instead so be very care­ful to trade the HTFUKCCAR
  • 17:05
    • HTF
      • What is the mar­ket narrative?
        • Push back at HTFUKC, pos­si­ble load up?
    • TTF
      • TTF R Over­bought and reversed to UKC VWAP area
    • Bias
      • Unclear 
    • Oppor­tu­ni­ty (if any)
      • What set­up am I going to stalk?
        • Unclear
  • 17:35
    • HTF
      • What is the mar­ket narrative?
        • We moved away from HTFUKC but not quite in a CAR fashion
    • TTF
      • After the exhaust­ed move up we final­ly BD from VWAP and am look­ing for a pos­si­ble PB to go short
    • Bias
      • Short 
    • Oppor­tu­ni­ty (if any)
      • What set­up am I going to stalk?
        • TTF R Over­bought @VWAPBD
  • 18:05
    • HTF
      • What is the mar­ket narrative?
        • Move to HTFLKC pos­si­ble BD or CAS
    • TTF
      • Look­ing like a pos­si­ble rever­sal here TTF R LKCCAS
    • Bias
      • Long but not much clar­i­ty on pos­si­ble entry than the one I just missed
    • Oppor­tu­ni­ty (if any)
      • What set­up am I going to stalk?
        • Unclear atm
  • 18:35
    • HTF
      • What is the mar­ket narrative?
        • Pos­si­ble AD going on or still set­up for U NT?
    • TTF
      • TTF R Over­bought to R
    • Bias
      • Rota­tion­al
    • Oppor­tu­ni­ty (if any)
      • What set­up am I going to stalk?
        • Unclear atm
  • 19:05
    • HTF
      • What is the mar­ket narrative?
        • Still the same

Dai­ly Report Card

Trade Idea (lack of clarity)

• Hypo 1 Long
  • HTF50MACAS
  • Entry around 54.55
  • Tar­gets 54.85, 55.10, 55.45
• Hypo 2 Short
  • HTFUKCCAS
  • Entry around 54.55
  • Tar­gets 54.40, 54.05
• Hypo 3 Rotational 
  • 54.45 — 54.95

	Dai­ly Report Card
Date:	8/13/2019
Week­ly Goal	Exe­cute A+ / A setups
Com­bined Score	72
Process Report Card (10 each)
	10	Ses­sion PECS
	10	Hypos
	10	Mar­ket Prep
	10	Dai­ly review
	5	Progress tow. week­ly goal
	45	Total
Per­for­mance Report Card (10 each)
100%	7	Real-time analy­sis
2/2	10	Setups Iden­ti­fied (inc. TEST)
1/2	5	Setups tak­en
0/2	0	Erro­neous Entries
1/2	5	Erro­neous Exits
	27	total

• Week­ly Goal
  • Only A/A+trade ideas based on good nar­ra­tive on 1st account (4 points)
    • There were none
  • Don’t wor­ry about P&L, let the trade work out based on mar­ket nar­ra­tive and have cor­rect sizing(4 points)
    • I did wor­ry about P&L when momen­tum seemed to die off and I took a quick prof­it at a lev­el that we reject­ed few peri­ods before. I will replay this 
  • For­ward test­ing setups on 2nd account that are aligned with trade idea (2 points)
    • The trade I took was an exper­i­men­tal trade so I am still learn­ing about this set­up. I took one trade based on Hypo 1 fol­low­ing mar­ket nar­ra­tive but lost con­vic­tion in it at a TTF tech lev­el and closed the posi­tion in a small prof­it to only see the mar­ket move 40 more ticks in my favor had I stayed in or tak­en anoth­er attempt at it. I logged the trade and will review. On to the next one.
• Review

Trade	Entry Errors	Exit Errors	Type Trade	Size	Rea­son to cover	Prob­lem	Pro­posed solution
-	-	-	-	-	-	-	-	-
1	0	0	HTF50MA CAS	10	Scalp	Hit TTF Tar­get and lost momentum	-	-

• How accu­rate was my assess­ment of mar­ket context?
  • Hypo 1 — 100%
    • Did well here
  • Real-time analy­sis — 70%
    • Instead of going from long bias to unclear I could have seen signs that a down­side move was prob­a­ble — logged this
• 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?
  • I need to step it up to become a real contender 
    • I’ve made addi­tion­al per­son­al rules and them to my template
• Positive(s)
  • Trad­ing can be frus­trat­ing at times (most of the time:)) but I still love it
  • I kept a clear head and looked at a sys­tem­at­ic approach to take a trade and did not chase the market
  • Chang­ing for­mat of template
• Negative(s)
  • Did not trade the 1st set­up well
    • Addressed this in log
  • Missed the 2nd setup
    • Logged, replay video 

Feed­back?

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