Categories
27082019 Tuesday — Trade Plan & Journal - Bear Market Trader
#dailyreportcard #onegoodtrade #daytrading #becomingaCPT Check out my blog for all the details on today's trading incl. trading plan and daily report card. Wanna chat? Just feel like trolling me? Get in touch.
oil, wti, crude oil, crude, day trading, daytrading, trade journal, journaling, trade plan, commodities, playbook, one good trade, becoming a CPT, consistently profitable trader,
2125
post-template-default,single,single-post,postid-2125,single-format-standard,vcwb,bridge,ajax_fade,page_not_loaded,,side_area_uncovered_from_content,qode-theme-ver-9.5
 

27082019 Tuesday — Trade Plan & Journal

Blog Post Cover

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 GoalAlign with mar­ket narrative



Com­bined Score90



Progress towards week­ly goal (20 points)

10Point 1

10Point 2

20Total



Process Report Card (10 each)

6Ses­sion PECS

10Hypos

10Mar­ket Prep

10Dai­ly review

36Total



Per­for­mance Report Card (10 each)
4/410Setups Iden­ti­fied
3/47Setups tak­en
1/47Erro­neous Entries
0/410Erro­neous Exits

34total






  • 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 IdeaPos.Entry ErrorsExit ErrorsType TradeSizeRea­son to coverErrorCom­ments
1110HTF R S‑Line CAS20SOStopped OutFOMOentered before hav­ing con­fir­ma­tion on my setup
1200HTF R S‑Line CAS20TPScalp--
1300HTF R S‑Line CAS20TPScalp--
  • 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. 

T3chAddict
t3chaddict@bearmarkettrader.com

Day trader. Tech geek. Sim racer/Pilot.

No Comments

Post A Comment