25 Jan How did I trade today? 01252021
Summary: Being flat is okay
Account (P&L): FLAT
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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 take trades according to a hypo unless multiple conditions are met
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
- IB: Bear Engulf followed by Inside bar
- C: Extended over IB
- D: Made HHs
- E: Made Inside bar with slightly longer buying wick
- F: Shot up closed over VAH
- G: Closed as spinning top with longer selling wick, M15 consolidation with bullish finisher
- H: Closed as a Doji, M15 Bear Engulf, H4 closed as a huge Morning Star formation
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 — Balancing Market / Value Rejection Failure
- Place off nearby LTF SD, ADR levels
- Price moved above VAH and started faltering at H1 QHi but it seems the move is happening after my window closed. ALthough risky due to time of day and H4 sentiment.
How accurate was my assessment of market context? Was I aligned with market context?
- I did well here
How did I feel before, during, and after the trade?
- I did well here. No urge to trade as January is a bit of an odd one.
How well did I follow my process?
- Trade selection
- Trade I eyed came at noon. 4 TPO structure build up, M30 consolidation, M15 Bearish Engulfing (on close). Entry would have been at 1862.940
- Trade Sizing & SL placement
- Would have been right at 1866.151. TP at 1856.607
- Trade Execution & Mgmt
- As I am writing I see price dropping fairly quick (currently at 0.9R). Overlap noise making sure of that. Will track and see if taking a trade in overlap noise might be worth it when I can risk more.
How well did I manage my physical, emotional and cognitive states?
- I did somewhat okay here although feeling slow and am still under the weather…. Another good night sleep will probably do it.
What did I learn today?
- There is no need to trade. There is no loss in being flat. There will be when taking a trade you shouldn’t be in on. When the trade comes. You know. You know when to act and take an opportunity. Everything else is just noise.
What’s one thing I need to do more often?
- Stay patient
What’s one thing I need to do less often?
- I did well today. Nothing to mention.
Under the circumstances, did I perform at my best?
- I did well today
For my trade plan(s) on this particular day, go here: