03 Feb How did I trade today? 02032021
Summary: I know boring is good but come on! 🙂
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 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: M15 DBD continued during IB although some long buying wicks around at M15 QLo. B closed as a doji with slightly longer selling wick.
- C: Extended below IB but closed within IB (failing auction although no reversal pattern yet) although closed slightly lower
- D: M15 Bull Engulf with selling wick (not on the hour) testing IB high, monitoring for a possible transition into M30. M15 Bearish Inside Bar. M30 closed as a consolidation with long selling wick.
- E: Closed as a Bear Engulf within IB with longer buying wick after making a LL
- F: Closed as an Inside Bar with slightly longer selling wick / H1 DBD with longer buying wick (did not close within demand) / Possible M15 Three Inside Down (first two)
- G: Closed as a M30 Three Inside Up, no extension to the upside (yet) though
- H: Closed as an INside Bar with longer buying wick. Seems like nothing much happened today.
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 — Return to Value
- Preferred: Failure to accept value with bearish price action reversal at VAL. IB extension down with sustained auction taking out LTF demand.
- There was no move higher towards VAL. Instead there was an extension during C hitting H1 demand within H4 demand. Lots of push back and price closed back within IB multiple times without much of a price action confirmation of a failed auction and intend to push price higher. Instead we had some responsive activity. Due to the price trading below the H4 Inside bar I did not document this as Hypo 3 — responsive activity playing out.
How accurate was my assessment of market context? Was I aligned with market context?
- I did well. Based on open sentiment and medium timeframe narrative I hypothesized a move down by return to value. Sadly, there was no push to the move. This was to be expected due to underlying demand and Price moving higher from H4 QLo. Although D1 narrative and open sentiment (and lack fo a value acceptance) I went for a slightly short bias.
How did I feel before, during, and after the trade?
- No trades taken but I felt well
How well did I follow my process?
- Trade selection
- I was eyeing an entry short based on hypo 1 but had liked to see a move higher towards VAL. When this did not come I was conflicted by the contradicting price action (plus there were a lot of buying wicks on M15 indicating buyers hanging around these levels) and hesitated to enter in on any trade. I did well here.
- Trade Sizing & SL placement
- Trade Execution & Mgmt
How well did I manage my physical, emotional and cognitive states?
- I did well here
What did I learn today?
- I learned that I can stay objective and follow my rules.
What’s one thing I need to do more often?
- Follow the price
What’s one thing I need to do less often?
- Worry about my abilities to read narrative, through price action and orderflow.
Under the circumstances, did I perform at my best?
- I did well today
For my trade plan(s) on this particular day, go here: