15 Jan How did I trade today? 01152021
Summary: Be careful what you ask for 🙂
Account (P&L): ‑0.4R
#fintwit #orderflow #daytrading #dailyreportcard #daytrading #tradinglifestyle #daytraderlife #grasshoppersanonymous #tradingforex #tradingcommodities #NEXT
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:
- Don’t take trades where SL placement is suboptimal. Instead, reassess for a better entry if possible. Unless there is a planned momentum trade.
Good Pre-market routines
Good Session PECS
Fair 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): 2
- IB: IB closed higher but then a possible Evening star in B if C closes down. M15 Big Inside Bar. If not we’ll see a RBR. Don’t want to go in premature again with no completed M30 price confirmation.
- C: Closed as M30 Evening Star almost retracing all (but one TPO) IB range. Considered going short on close but due to near proximity I feel more certain in case of a value acceptance (especially coming off yesterday’s fuck up)
- D: I put a sell limit order at 1.90031 in case of a retest of newly formed c‑line
- Closed accepting value
- E: Short 1.89708 SL 1.89954 TP 1.89215
- Saw M5 Bull Engulf transition into a M15 Bullish Inside bar (at test of H4 VWAP in UT) retracing more than 50% and covered the trade at 0.4R
- Decided to take the rest of the day off…Spend time away from the screens. Come back fresh and strong next week.
- Saw the trade transition into a M30 bullish inside bar closing as a failed auction
- F: would have taken out my SL
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 2 — Return to Value (at moment of writing but will check again tomorrow for review)
How accurate was my assessment of market context? Was I aligned with market context?
- I did well but hesitated to capitalize on the opportunity at the open. Perhaps a bit gunshy from yesterday although I felt fine. Wanted to take less risk by letting M30 guide my decision before jumping in on a M15 formation. Then when M30 formation was formed price was already very close to VAH and thus I waited for acceptance to happen first (a real one this time :)) Then when price faltered I got out at a loss of 0.4R.
How did I feel before, during, and after the trade?
- I felt good actually. Stayed objective reading price action and orderflow.
How well did I follow my process?
- Trade selection
- Took one trade based off value acceptance which in hindsight wasn’t the best. It was too close to H4 VWAP in UT and there was bound t o be some reaction off it although with price having tested the level multiple times I decided to let order flow and price action guide decisions.
- Trade Sizing & SL placement
- Good as it was an intended momentum trade
- Trade Execution & Mgmt
- Did well here although I could have waited for a retest of VAH from the inside before going short. By that time I would have seen that the trade was reversing. Ah well…. Next time gadget.
How well did I manage my physical, emotional and cognitive states?
- I did really well here. No emotions. No slump or anything. Just focused on visualizing what I do and do not want to see.
What did I learn today?
- Stay the course. Process is king. Risk management is not just on a position but also in ourselves. Take yourself out of the game if you’re not performing well for whatever reason. Your last 3–4 trades will give you a good clue on that.
What’s one thing I need to do more often?
- Can’t win them all. The words of David Paul come to mind: “Clusters of Bad and Good Luck”. I obviously made mistakes yesterday so I’m not insinuating that I am in a cluster of bad luck right now. But David explains fairly nicely the randomness in the market as well as in ourselves. Here is the link if you haven’t already watched it.
What’s one thing I need to do less often?
- Even though taking a controlled loss today I feel I did a lot right. I will review again tomorrow (as I always do on weekends) and go over if I can spot more mistakes made this week. Although I have to remember to be nice to myself as we are not perfect machines operating with high precision. We can only aspire to be but there will always be a margin of error due to human (in)capabilities.
Under the circumstances, did I perform at my best?
- I did well
For my trade plan(s) on this particular day, go here: