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09 Mar How did I trade today? 20210309
Summary: Nice little speedbump
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Every trading day I recap my trades, including more than entries and exits. Why did I take the trade? How did I manage the trade, my emotions and cognitive function? All the good stuff as well as all the ugly of being a day trader. As always, feel free to reach out to me.
My weekly goal:
- Only trade the main fund
Good Pre-market routines
Good Session PECS
Good Trade selection
Good Trade sizing or SL placement
Good Trade Execution & Mgmt.
Good Risk Adjusted Returns
Yes Daily review
Muppet meter (1 being best — 5 being worst): 1
Summary
- GBPNZD
- IB: IB took out LTF demand at VAL, traded and closed lower just above H4 C‑dem, confident close below VAL, closed as H1 Evening Star
- C: Closed as a Hammer extending below but closing within IB, possibility for a reversal as we have H4 c‑dem right below although price did close confidently below VAL rejecting value. Going long is probably risky. Going to let a trade come to me if any. Shorting around these levels is not ideal either due to said demand underneath and no clear profit target.
- D: Closed as a DBD below IB still above H4 c‑dem and LTF demand
- E: closed making LLs taking out LTF demand
- F: Closed as an Inside Bar
- G: Closed as a DBD making LLs
- H: Made 1 TPO LL and closed as an Inside Bar with 4 TPO structure. H4 closed as a big Bear Engulf
- GOLD
- IB: IB traded higher closing on its high below H4 C‑sup
- C: Closed as a Doji
- D: Closed as another DOji, M15 Slight Bear Engulf in a consolidation, although seems like a sustained auction for now.
- E: Closed as another doji with longer selling wick
- F: Closed as another doji but this time with long buying wick
- G: Closed making HH
- H: Closed making HH, H4 confident continuation higher close within supply
Hypos
GBPNZD
- Which hypo played out and how did I hypothesize it playing out? How did it actually play out? What did the profile and price action show?
- Hypo 3 — Value Rejection Down
- Narrative: D1 Bull ENgulf long selling wick still some sellers around these levels
- Preferred: Early confident close below VAL taking out LTF demands, IB extension down coinciding with rejection and sustained auction.
- Con: Larger timeframe bullish sentiment. H4 C‑dem right below VAL.
- 100% correct
- B closed confidently below VAL continued with a base and drop in D with C extending below although closing within IB. The rest of the session was a sustained auction lower.
GOLD
- Which hypo played out and how did I hypothesize it playing out? How did it actually play out? What did the profile and price action show?
- Hypo 2 — Return to Value
- Narrative: H4 run higher, D1/W1 demands
- Preferred: Strong bullish price action followed by IB extension up and sustain auction.
- Con: H4 VWAP in DT
- 90% correct
- Even though there was strong bullish price action during IB, what followed was a speed bump through 4 dojis being created before a continuation higher.
Process
How well did I follow my process?
- How accurate was my assessment of market context? Was I aligned with market narrative through my hypos?
- GBPNZD: I did well here
- Gold: I did well here
- Was I right on the outcome?
- GBPNZD: Yes I was. Although due to underlying demand I did not feel like trading right into it. Plus combined with a larger timeframe bullish sentiment.
- Gold: yes I was but again I did not want to go long as I had not encountered objectively a speed bump like this before, plus it would be trading right into H4 supply with a larger timeframe bearish sentiment.
- Was there an opportunity and did I take it?
- GBPNZD: There was but I did not take it due to aforementioned reasons trading right into demand
- Gold: There was but I did not take it due to aforementioned reasons trading right into supply
- What could I have done better?
- I did well to stay out when things weren’t as clear to me. After yesterday I feel I should also be looking for ‘cleaner’ trades or at least trades I am more confident with. This is not the time to experiment with ‘new found setups’.
- How did I feel before, during, and after the trade?
- No trades taken
How well did I manage my physical, emotional and cognitive states?
- I did well here although I was a bit anxious in the beginning. I kinda felt like ‘making up’ for yesterday but quickly understood that is my idiot side talking. Disregarded it and went to what I do best. Take notes and observe. If anything jumps out for me to take I am sure I will execute.
What did I learn today?
- That I can stay objective even after a loss
What’s one thing I need to do more often?
- Treat the money in the account as trading capital. It is not real. It is simply there for me to have the opportunity to take a trade when it is worth trading. Flat is more than good to have as a position.
What’s one thing I need to do less often?
- Worry about any one trade. It is the long haul that matters.
Under the circumstances, did I perform at my best?
- I did well today
For my trade plan(s) on this particular day, go here: