16072019 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
- LTF = Lower Time Frame
- TTF = Trading Time Frame
- HTF = Higher Time Frame
- Hypo = HYPOthetical
Health review (for the past week)
- Weekly goal
- Start following my health plan. Starting today.
- Watch screen recording videos every day
- 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. Especially after getting some good news. Slept well last night. I think I might have slept a little too much since I got up groggy and I felt as if I could have gotten up earlier since I was in light sleep towards the end. I will limit my sleep, always, to max 8 hours. Maybe between 7 and half and 8.
- How would you rate it (1–5)? 1/2 = don’t trade 3= quarter position 4= half position 5= full position
- 5
Market Prep
Intraday Technical Analysis
- HHTF
- Return back into KC after we had a HHTF R Overbought situation
- HTF
- Prev. High 60.942
- PVAH 60.611
- PPOC 60.225
- PVAL 59.912
- Prev. Low 59.286
- HTF made a move that looked like the start of a DT but however PA below KC was small and indecisive and we returned back into KC during today’s AS
- TTF
- What has the Asian Session printed?
- Check HTF
- A steady messy TTF UT towards 200MA
- What trade locations among this structure would l like to get involved in that will offer me the best R/R opportunities?
- TTF200MACAR which would be near the HTF50MACAR @ 2.0 SD
- What has the Asian Session printed?
Trade Idea
- Hypo 1Short
- TTF200MABO to HTF50MACAR
- Entry around 59.90
- Targets 59.50, 59.30, extended target 58.70
- Hypo 2 Long
- TTF200MABO
- Entry around 59.90
- Targets 60.10, 60.35
- Hyp 3 Short
- HTF50MACAR — TTF200MACAR
- Entry around 59.70
- Targets 59.50, 59.30, extended target 58.70
My goals for the day (Daily Report Card)
- Define winning
- Only focus on A/A+ setups and work on consistency in taking them. To have a better sample size I will need to go through a few cycles before I can think of the next level. Do this for the next month at least. It would be 3 months by then and I can analyze my trading and reassess if need be.
Reading the Tape
- What is printing?
- Possible HTF 50/200MACAR as part of a HHTF PB to UKC before continuing down, TTF200MABO attempt, LTF R 200MABO attempt
- The remainder of the session developed like a HTF50MBO attempt which could potentially be a fake. I’ve seen this pattern before and now I know in what context to place this TTF pattern.
Daily Report Card
Trade Idea
- Hypo 1Short
- TTF200MABO to HTF50MACAR
- Entry around 59.90
- Targets 59.50, 59.30, extended target 58.70
- Hypo 2 Long
- TTF200MABO
- Entry around 59.90
- Targets 60.10, 60.35
- Hyp 3 Short
- HTF50MACAR — TTF200MACAR
- Entry around 59.70
- Targets 59.50, 59.30, extended target 58.70
| Date: | 7/16/2019 | Weekly Goal | Execute A+ (TTF TC) / A setups (TTF NT) | |||
| Combined Score | 100 | |||||
| Process Report Card (10 each) | Performance Report Card (10 each) | |||||
| 10 | Session PECS | 100% | 10 | Real-time analysis | ||
| 10 | Hypos | 1/1 | 10 | Setups Identified (inc. TEST) | ||
| 10 | Market Prep | 1/1 | 10 | Setups taken | ||
| 10 | Daily review | 0/1 | 10 | Erroneous Entries | ||
| 10 | Progress tow. weekly goal | 0/1 | 10 | Erroneous Exits | ||
| 50 | Total | 50 | ||||
- Weekly Goal
- Only focus on A/A+ setups and work on consistency in taking them. To have a better sample size I will need to go through a few cycles before I can think of the next level. Do this for the next month at least. It would be 3 months by then and I can analyze my trading and reassess if need be.
- Review
| Trade | Entry Errors | Exit Errors | Type Trade | Sizing | Reason to cover | Problem | Proposed solution | |
| 1 | - | - | (experimental) TTF R Overbought | 5 | Scratched | Lost confidence in setup, was second-guessing myself and decided I was just hoping so got out | - | - |
- Lost confidence in setup because HTF narrative was contradicting the short I was in and decided since I was second-guessing myself I had lost my confidence and thus scratched the position. The trade actually little later went in my favor but I decided not to get back in out of FOMO since I had also lost my best entry as well as still being uncertain about the narrative.
- How accurate was my assessment of market context?
- Hypo 1 — 100%
- I did well here.
- Real-time analysis — 90%
- I did well here although not too confident about the pattern I started second-guessing myself a bit so thought to return to be the scientist and just gather data. Which I did. There will be another opportunity for me to slay this beast.
- Hypo 1 — 100%
- How well did I manage my physical, emotional and cognitive states?
- P: Did well here. Slept long enough even though I went to bed later than usual.
- E: Did well here even though I felt like taking a trade on every turn I decided not to.
- CS: Did well here as well.
- What’s one thing you learned today?
- That market narrative patterns happen over and over and I need more cycles to go through them as well as review and replay these to gain more confidence in trading them.
- Positive(s)
- Did well to back off after not having enough clarity on the narrative.
Feedback?
Any questions or feedback you might have please feel free to leave a comment or contact me directly.