How did I trade today? 01182021

18 Jan How did I trade today? 01182021

Sum­ma­ry: Being flat is okay

Account (P&L): FLAT

#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: 

• Only take trades accord­ing to a hypo

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: Bear Engulf at D1 C‑sup with­in H4 QHi, H1 Bear­ish Inside Bar
  • C: Not tak­ing a trade based on the Bear Engulf as H4 is show­ing a pos­si­ble con­tin­u­a­tion high­er as I was con­sid­er­ing going on a test of new­ly formed c‑sup. Will wait for more con­fir­ma­tion on direction.
    • Closed extend­ing below IB
    • Lack­ing con­fi­dence as there is a sub­par prof­it tar­get plus new­ly formed W1 demand might show a reac­tion thus I am look­ing for Hypo 3 a Return to Value
  • D: Closed just below IB (weak failed auc­tion) mak­ing LLs as a spin­ning stop with slight­ly longer buy­ing wick, M15 Bull Engulf (on the hour) with a long sell­ing wick thus not the strongest 
  • E: Closed as M30 Morn­ing Star
  • F: Almost moved through to IB high no Neu­tral Day yet, closed as a spin­ning top
  • G: Closed as con­sol­i­da­tion with longer buy­ing wick, H1 Bull Engulf at VWAP in UT
  • H: M15 DBD fol­lowed by bull­ish Inside Bar, M30 consolidation 

Sum­ma­ry

• GOLD
  • IB: Con­tin­ued lower
  • C: Extend­ed below clos­ing as a Drag­on­fly doji (and closed with­in IB)
  • D: Made LLs clos­ing below IB react­ing slight­ly off M30 VWAP
  • E: Closed as Bull­ish inside Bar (weak failed auc­tion), M15 Morn­ing Star
  • F: Closed as con­sol­i­da­tion with longer sell­ing wick
  • G: Closed as slight ral­ly with longer sell­ing wick
  • H: CLosed as spin­ning top

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 — Return to Value
  • Pre­ferred: Strong Bull­ish price action con­firm­ing a rever­sal at VAH, failed auction
  • 100%
  • After exten­sion down there was a Morn­ing Star after the spin­ning top closed as weak failed auc­tion the morn­ing star com­plet­ed a con­fi­dent close with­in IB but there was no exten­sion up over IB form­ing a Neu­tral Day

Hypos — 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 1 — Mean Reversion
  • If we can drop slight­ly low­er (fol­low­ing through on H1 Evening star) before reversing
  • Pre­ferred: Bull­ish price action con­firm­ing push high­er, failed auc­tion with quick follow-through
  • 100%
  • As hypoth­e­sized even­tu­al­ly form­ing a Neu­tral day

How accu­rate was my assess­ment of mar­ket con­text? Was I aligned with mar­ket context?

• I did real­ly well. I felt I was aligned and when I felt like I was push­ing myself to take a trade I noticed a stronger pos­si­bil­i­ty for Hypo 3 due to the W1 sen­ti­ment and stayed out. 

How did I feel before, dur­ing, and after the trade?

• No trades tak­en but I felt good through­out the session.

How well did I fol­low my process?

• Trade selec­tion
  • Due to no TPO struc­ture build up I did not want to get in on the M15 bull engulf (also due to sell­ers still present as shown through sell­ing wick). Even­tu­al­ly it held into M30 but then best SL place­ment and prof­it tar­get had passed.
• Trade Siz­ing & SL placement
  • SL place­ment would have been good based on Hypo 3
• Trade Exe­cu­tion & Mgmt
  • The trade even­tu­al­ly closed time-based at 0.9R after being up 1.4R

How well did I man­age my phys­i­cal, emo­tion­al and cog­ni­tive states?

• I did well for the most part but did get a bit tired through­out the ses­sion. Didn’t sleep too well last night. 

What did I learn today?

• I learned that I can stay objec­tive and not take trades if I don’t feel like. There is prob­a­bly a good rea­son for that so trust my instincts as I have been this long enough that they have some mer­it to them. 

What’s one thing I need to do more often?

• Stay objec­tive. If for what­ev­er rea­son I don’t feel like trad­ing I just don’t trade. The mar­ket will always be there. Oppor­tu­ni­ties will arise. I will take them. And sta­tis­ti­cal­ly do bet­ter than not 🙂

What’s one thing I need to do less often?

• Wor­ry about tak­ing trades but already cov­ered that

Under the cir­cum­stances, did I per­form at my best?

• I did well here

For my trade plan(s) on this par­tic­u­lar day, go here:

Pre­mar­ket Prep GBPNZD 01182021

Pre­mar­ket Prep Gold 01182021

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