27082019 Tuesday — Trade Plan & Journal

27 Aug 27082019 Tuesday — Trade Plan & Journal

27082019 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
  • Don’t eat after 5pm
• 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?
  • Slept almost 8 hours last night. My left eye is itch­ing which is a bit annoy­ing but noth­ing bad. 
• 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?
    • HHTF LKCCAS
• HTF
  • Lev­els
    • Prev. High 55.161
    • PVAH 54.711
    • PPOC 53.708
    • PVAL 53.341
    • Prev. Low 52.896
  • What is the mar­ket nar­ra­tive and bias?
    • Pos­si­ble HTF R S‑Line form­ing which would war­rant going long at this lev­el short below
• TTF
  • Does the Asian ses­sion show clues that align with mar­ket narrative?
    • We had a LKCCAS once and are look­ing to make anoth­er one which if formed could show a rever­sal can­dle just below HTF S‑Line and we might be long-biased from then on until proven otherwise.

Trade Idea

• Hypo 1 Long
  • HTF R S‑Line CAS
  • Entry around 53.85
  • Tar­gets 53.95, 54.45
• Hypo 2 Short
  • HTF R S‑Line BD
  • Entry around 53.70
  • Tar­gets 53.50, 53.20
• Hypo 3 Rotational
  • 53.60 — 54.40

My goals for the day (Dai­ly Report Card)

• Define win­ning
  • I only trade in align­ment with mar­ket nar­ra­tive (10 points)
    • Did I stay open to MGI?
    • Did MGI con­firm my mar­ket narrative?
  • I will use appro­pri­ate siz­ing (10 points)
    • Cut siz­ing in half after 2 con­sec­u­tive stops
    • Take a 10 minute break after 3 con­sec­u­tive stops

Read­ing the Tape

• What is printing? 
  • 15:35
    • HTF
      • What is the mar­ket narrative?
        • Pos­si­bly a HTF R S‑Line BD F
    • TTF
      • What should have hap­pened in align­ment with MN?
        • TTF R R‑Line BO would con­firm the MN being cor­rect but we’re not there yet
      • What clues are in align­ment with MN?
        • TTF R Over­sold with push back and AD going on how­ev­er 200 slop­ing down and 50 is align­ing with it as well could be anoth­er move down so stay open for what­ev­er happens
    • Bias
      • Long if we have a TTF R R‑Line BO in line with MN
      • Short if we break HTF 2.0 SD as S
    • Oppor­tu­ni­ty (if any)
      • Do you have clarity?
        • Not too much clar­i­ty at the moment so will not take trades until I have more confirmation
      • What set­up am I going to stalk?
        • Unclear ATM
  • 17:05
    • HTF
      • What is the mar­ket narrative?
        • A lot of fakes going on. Tried to break free from HTF R S‑Line but had a lot of push back so much so that it would appear that we might see a BD how­ev­er no fur­ther con­fir­ma­tion. Thus the nar­ra­tive is unclear and I will stay out of the mar­ket until it clears up.
    • TTF
      • What should have hap­pened in align­ment with MN?
        • HTF R S‑Line CAS
          • Should see PA stay above TTF R‑Line which is still the case how­ev­er there is again much AD going on
        • HTF R S‑Line BD
          • We have not moved below TTF R R‑Line so unless we BD from here I remain long-biased
      • What clues are in align­ment with MN?
        • After we broke out from TTF R R‑Line we pulled back and looks like a poten­tial PB to CAS but since the PB was longer than usu­al it might be a pre­lude to a BD from here
          • Thus lack of clar­i­ty and no trades are allowed
    • Bias
      • Unclear ATM
    • Oppor­tu­ni­ty (if any)
      • Do you have clarity?
        • No
      • What set­up am I going to stalk?
        • None ATM
  • 17:35
    • HTF
      • What is the mar­ket narrative?
        • Still the same
  • 18:05
    • HTF
      • What is the mar­ket narrative?
        • We stayed above S‑Line so long-bias
    • TTF
      • What should have hap­pened in align­ment with MN?
        • We stayed above R‑Line after BO and above the new­ly formed S‑Line, long bias
      • What clues are in align­ment with MN?
        • PA above R and S line
    • Bias
      • Long
    • Oppor­tu­ni­ty (if any)
      • Do you have clarity?
        • I believe we had a fake BD and we are going to move up instead
      • What set­up am I going to stalk?
        • TTF S‑Line CAS @HTF50
  • 18:35
    • HTF
      • What is the mar­ket narrative?
        • HTF R S‑Line CAS to UKC
    • TTF
      • What should have hap­pened in align­ment with MN?
        • PA stayed above TTF S‑Line and we pulled back to CAS so long is warranted
      • What clues are in align­ment with MN?
        • PA stay­ing above S‑Line
    • Bias
      • Long until we break S‑Line
    • Oppor­tu­ni­ty (if any)
      • Do you have clarity?
        • HTF S‑Line CAS with PA stay­ing above TTF S‑Line clear­ly gives a long bias so yeah I have some clarity 
      • What set­up am I going to stalk?
  • 20:05
    • HTF
      • What is the mar­ket narrative?
        • PB to 50MACAS
    • TTF
      • What should have hap­pened in align­ment with MN?
        • BD from S‑Line but imme­di­ate push back at 50 to VWAP
      • What clues are in align­ment with MN?
        • Look above
    • Bias
      • Short under TTF VWAP, but it looks like we might push back over it so long above VWAP
    • Oppor­tu­ni­ty (if any)
      • Do you have clarity?
        • If we stay under TTF VWAP we might be look­ing at a poten­tial set­up to BD from HTF S‑Line, oth­er­wise a con­tin­u­a­tion to HTF UKC
      • What set­up am I going to stalk?
        • Unclear ATM

Dai­ly Report Card

Trade Idea

• Hypo 1 Long
  • HTF R S‑Line CAS
  • Entry around 53.85
  • Tar­gets 53.95, 54.45
• Hypo 2 Short
  • HTF R S‑Line BD
  • Entry around 53.70
  • Tar­gets 53.50, 53.20
• Hypo 3 Rotational
  • 53.60 — 54.40

	Dai­ly Report Card
Date:	8/27/2019
Week­ly Goal	Align with mar­ket narrative
Com­bined Score	90
Progress towards week­ly goal (20 points)
	10	Point 1
	10	Point 2
	20	Total
Process Report Card (10 each)
	6	Ses­sion PECS
	10	Hypos
	10	Mar­ket Prep
	10	Dai­ly review
	36	Total
Per­for­mance Report Card (10 each)
4/4	10	Setups Iden­ti­fied
3/4	7	Setups tak­en
1/4	7	Erro­neous Entries
0/4	10	Erro­neous Exits
	34	total

• Week­ly Goal
  • I only trade in align­ment with mar­ket nar­ra­tive (10 points)
    • Did I stay open to MGI?
      • I did well here. Even though I some­what rec­og­nized the pat­tern I trad­ed off the key levels
    • Did MGI con­firm my mar­ket narrative?
      • Like yes­ter­day we had a lot of fake moves dur­ing the ses­sion. This caught me off guard yes­ter­day but not today. I rec­og­nized the fakes and looked for a key lev­el for PA to bounce off of and trad­ed off this dynam­ic level
  • I will use appro­pri­ate siz­ing (10 points)
    • Use appro­pri­ate siz­ing on trades
      • With a bad day yes­ter­day I trad­ed small­er today to see if I was in align­ment with the mar­ket. If there were more oppor­tu­ni­ties I would have upped my sizing. 
    • Cut siz­ing in half after 2 con­sec­u­tive stops and take a 10 minute break after 3 con­sec­u­tive stops
      • There was no need
• Review

Trade Idea	Pos.	Entry Errors	Exit Errors	Type Trade	Size	Rea­son to cover	Error	Com­ments
1	1	1	0	HTF R S‑Line CAS	20	SO	Stopped Out	FOMO	entered before hav­ing con­fir­ma­tion on my setup
1	2	0	0	HTF R S‑Line CAS	20	TP	Scalp	-	-
1	3	0	0	HTF R S‑Line CAS	20	TP	Scalp	-	-

• How accu­rate was my assess­ment of mar­ket context?
  • Hypo 1 — 100%
    • Did well here even
  • Real-time analy­sis
    • 100%
• How well did I man­age my phys­i­cal, emo­tion­al and cog­ni­tive states?
  • P: Felt a bit tired dur­ing the ses­sion even though I slept enough
  • E: Did well here
  • CS: Because I was feel­ing a bit tired I wasn’t a 100% in con­cen­tra­tion towards the end but did my best. 
• What’s one thing you learned today?
  • Humil­i­ty and patience are key (includ­ed this in my list of mantras as part of meditation)
• Positive(s)
  • Stayed patient and most­ly trad­ed off MGI
  • After mak­ing a mis­take on the first trade I went back to trad­ing off MGI and did well here. 
• Negative(s)
  • First trade (even though the mar­ket went in my favor after get­ting stopped out) was wrong because I got in out of FOMO and should have wait­ed for a bet­ter R/R at my key lev­el. At this time how­ev­er I wasn’t too clear about the pat­tern and there­fore should not have trad­ed anyway. 
  • There was one more set­up I could have tak­en but didn’t. It was towards the end of the ses­sion and I had trou­ble focusing. 

Feed­back?

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