How did I trade today? 02012021

01 Feb How did I trade today? 02012021

Sum­ma­ry: Open with­in val­ue + larg­er time­frame sentiment

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

Sum­ma­ry

• GOLD
  • IB: Dur­ing IB price moved up over VAH to ADR 0.5 high and con­se­quent­ly moved down to val­ue. Con­sid­ered going in on M5 Bear­ish Inside bar but SL would have been sub­op­ti­mal. B closed as a bull engulf with longer sell­ing wick.
  • C: Closed high­er but still with­in IB (as IB is 0.6xASR)
  • D: Closed as Bear Engulf on top of M30 VWAP in UT with a one TPO exten­sion down
  • E: Closed low­er extend­ing fur­ther below IB before clos­ing with­in at IB low (weak failed auction)
  • F: closed as spin­ning top with long buy­ing wick at IB low (weak failed auction)
  • G: Trad­ed slight­ly high­er but noth­ing much
  • H: Trad­ed 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 — Bal­anc­ing Mar­ket / Val­ue Rejec­tion Failure
  • Nar­ra­tive: LN open with­in val­ue. Play off near­by LTF and ADR levels. 
  • 100%
  • A play off ADR 0.5 High with sub­op­ti­mal SL place­ment dur­ing IB with no fol­low-through. Instead a Bull Engulf fol­lowed slight­ly lat­er on with a Bear Engulf. 

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 felt okay. Not the sharpest as not­ed earlier. 

How well did I fol­low my process?

• Trade selec­tion
  • There was no good oppor­tu­ni­ty. Even bear engulf in D was fair­ly inde­ci­sive plus with a slight reac­tion off M30 VWAP in UT togeth­er with medi­um larg­er time­frame pos­si­ble nar­ra­tive) did not want me to go short. Luck­i­ly lat­er on H4 closed higher.
• Trade Siz­ing & SL placement
  • The ini­tial move would have had a too wide SL even when using the M5. The Bear Engulf would have had the SL cut­ting the wick of A. 
• Trade Exe­cu­tion & Mgmt
  • No trad­ing oppor­tu­ni­ty. Also, due to open with­in val­ue sen­ti­ment a momen­tum entry dur­ing D would have been wrong (plus it was only one TPO extension).

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

• I did well here

What did I learn today?

• With a medi­um / larg­er time frame nar­ra­tive we can see com­bined with open with­in val­ue sen­ti­ment we can see con­tra­dict­ing price action. 

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

• Be the sci­en­tist and con­tin­ue my research on the devel­op­ing nar­ra­tive through OODA loops. 

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

• I did 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:

Pre­mar­ket Prep Gold 02012021

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