Summary: All about the Day Trading Time Zones
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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:
- Min. 3 times hitting the gym + mandatory cardio
- Going to the gym now
- Only trade the main account
- Check
- Be mindful of DTTZs
- Check
- Only price-action based exit rules (or if hit time stop comes earlier)
- Failed
- M15/M30 entries and exits at 1st DTTZ, M5 entries and exits at 2nd DTTZ
- Check
Good Pre-market routines
Good Session PECS
Good Trade selection
Good Trade sizing or SL placement
Bad Trade Execution & Mgmt.
Good Risk Adjusted Returns
Yes Daily review
Muppet meter (1 being best — 5 being worst): 3
Summary
- GBPNZD
- IB: IB almost ranged 60 pips, B closed as an Inside Bar
- C: Placed a Buy Stop at 1.96275, SL 1.96025, TP 1.96775
- Extended IB traversing to ADR 0.5 which is close to 1xASR so took the trade off for a 0.5R profit.
- D: Closed making HH in a sustained move
- E: Closed making HH in a sustained move almost exhausting ADR
- F: Exhausted ADR although hitting H4 VWAP in R nearing D1 c‑sup and LTF supply
- Closed as an Inside Bar making a HH, M15 Evening Star although ADR got exhausted so not too comfortable going short
- G: Confirmed selling tail in F closing as a doji,
- H: Closed as a DBD returning to IB high (not closing within), H4 Bull Engulf with selling tail.
- GOLD
- IB: Consolidation at M30 QHi, H4 c‑sup
- C: Extended below IB touching LTF demand
- D: Closed as an Inside Bar
- E: CLosed as a slight DBD
- F: Closed as an Inside Bar
- G: Closed as DBD
- H: Closed as a Bull Engulf at LTF demand not closing within IB, H4 Bearish Inside Bar
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 1 — Mean Reversion
- Narrative: Large Imbalance at the open, IB range wide but not too wide. Retraced all of H4 bear Engulf and took out supply.
- Preferred: Strong Bullish Price action, IB extension up, sustained auction to VAL
- Con: Possible D1 Phase 3
- 100% correct
How accurate was my assessment of market context? What were the circumstances of the developing narrative? How did they develop according to DTTZ?
I was correct on both Hypo 1 and it looks like right now Hypo 2 is unfolding even though ADR got exhausted. There was a momentum play in C eventually making HHs through F before forming a selling tail and reversing for the 2nd DTTZ.
What was the play of the day?
Mean Reversion trade. An entry off IB break.
Was I right on the outcome? Which Hypo played out and why was it not Hypo 1 (if any)?
Yes I am. Hypo 1 played out the towards the end of the session (or rather 2nd DTZZ) there was a reversal in line with a Return to Value.
Was there an opportunity and did I take it?
Mean Reversion.
DTTZ: 1st DTTZ, C TPO (momentum)
Entry: Buy Stop
Profit Margin (ADR or congestion): There was 2R+ towards the D1 c‑sup although ASR didn’t allow for much about 1R. Trade ended up going to 1.5 and price-based exit rule would have netted 0.9R.
What would a price action exit rule have done?
0.9R
How was SL placement and Sizing?
Good due to the momentum nature of the trade. Although entry could have been slightly tighter.
What would time-based have done?
-0.1R
What could I have done better?
I could have let the trade go and exit based on price action. I didn’t due to ADR 0.5 and running out of ASR.
How did I feel before, during, and after the trade?
Feeling good to have taken the trade. Felt good during the trade. Still feeling good afterwards.
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
- Narrative: D1 RBR with Base around W1 c‑dem, H4 c‑dem within value
- Preferred: Early IB extension down, Bullish price action reversal at VAH/LTF demand, failed auction.
- 50% correct
How accurate was my assessment of market context? What were the circumstances of the developing narrative? How did they develop according to DTTZ?
I was correct in the initial direction and even though finally there was a bull engulf at the end of the trading window, price did not actually bounce higher.
What was the play of the day?
A M30 Swing Reversal with IB extension lower.
Was I right on the outcome? Which Hypo played out and why was it not Hypo 1 (if any)?
Not really hence the 50% on hypo 1.
Was there an opportunity and did I take it?
No I did not take it. If there was one it would have been at 1st DTTZ with C extending below. But According to my trading rules this would not have fit and thus not an opportunity missed.
What would a price action exit rule have done?
N.A.
How was SL placement and Sizing?
N.A.
What would time-based have done?
N.A.
What could I have done better?
N.A.
How did I feel before, during, and after the trade?
N.A.
How well did I manage my physical, emotional and cognitive states?
I did well here and I thought I had made the right decision when I took profit due to the ASR. Didn’t want to be a dick for a tick and was wondering if I should have been on the trade to begin with as it seemed it didn’t have enough ASR left. Price eventually overshot ASR and exhausted ADR before it reversed.
What did I learn today?
That I can take trades without hesitation. Even did so on a buy stop. I like waiting for IB to finish and the reassess.
What’s one thing I need to do more often?
Execute my plan. Worry about details later. This is a marathon. Don’t need to do everything right straight away.
What’s one thing I need to do less often?
Worry about making mistakes
Under the circumstances, did I perform at my best?
I think I did fairly well.
For my trade plan(s) on this particular day, go here: