26 Jan How did I trade today? 01262021
Summary: Failed Auction
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: Value acceptance during A (‘weird’ PA), B Closed as an Inside Bar
- C: Traded down, no extension (yet)
- D: Closed trading lower within IB
- E: Closed as Inside Bar with longer selling wick
- F: CLosed extending below
- G: M30 Bullish Inside Bar leaving behind a poor low, M15 Bull Engulf closing within IB
- H: Move higher within IB
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 — Value Acceptance
- Preferred: Early acceptance with quick follow-through.
- Con: Price trading at H4 QHi
- Yes value was accepted but we then proceeded to trade lower extending down transitioning into a failed auction. Only now in overlap noise time we can see a possible follow-through to the value acceptance. Maybe.
How accurate was my assessment of market context? Was I aligned with market context?
- I did well to not go in on the value acceptance. There is something I don’t like about a candle that starts somewhere in the ‘middle’ of the preceding candle and closes higher. I have seen this before and never had luck with it. Often times it also kept me in a trade if it was formed against my initial direction and more than not I was correct.
How did I feel before, during, and after the trade?
- I felt fine. No trades.
How well did I follow my process?
- Trade selection
- I could have entered on a M15 Bull Engulf closing within IB (M5 was already faltering and reversing) but I was preoccupied with work outside of trading. At time-based cut off it would have yielded 0.5R tops.
- Trade Sizing & SL placement
- It would have been great just below the low in F
- Trade Execution & Mgmt
- Time-based cut off would have taken care of minor profits in this trade.
How well did I manage my physical, emotional and cognitive states?
- I did well here
What did I learn today?
- When a trade is obvious I know when to take action. When not I simply stay out. If I am not confident about what I am seeing unfolding I rather not risk being in the trade even in the off chance the trade might work out And thus develop bad habits. I trade based off my stats.
What’s one thing I need to do more often?
- Stay observant. Be dumb. Follow price. As Tom Canfield says.
What’s one thing I need to do less often?
- I did considerably well today
Under the circumstances, did I perform at my best?
- I did well today
For my trade plan(s) on this particular day, go here: