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How did I trade today? 20210423

How did I trade today? 20210423

Sum­ma­ry: Sit­ting on my hands

#fin­twit #order­flow #day­trad­ing #dai­lyre­port­card #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: 

  • Min. 3 times hit­ting the gym + manda­to­ry cardio
    • Not today
  • Only trade the main account
    • No trades taken
  • Be mind­ful of DTTZs
    • Check 
  • Only price-action based exit rules (or if hit time stop comes earlier)
    • Check
  • 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

Good Trade Exe­cu­tion & Mgmt.

Good Risk Adjust­ed Returns

Yes Dai­ly review

Mup­pet meter (1 being best — 5 being worst): 1


Summary
  • GBPNZD
    • IB: Trad­ed up to VAL and B closed as an hammer
    • C: Extend­ed one TPO above before revers­ing and closed low­er although with long selling/buying wicks quite neutral
    • D: Test­ed IB low and closed as a spin­ning top with long buy­ing wick
    • E: Closed as a Morn­ing Star
      • Build­ing struc­ture at IB high, pos­si­bil­i­ty for a fur­ther exten­sion higher
    • F: Made HHs but closed below VAL as an invert­ed ham­mer. Looks like just respon­sive activity
    • G: was wrong as G made HHs clos­ing above IB tak­ing out LTF sup­ply and accept­ing value
    • H: Made HHs clos­ing near its high

  • GOLD
    • IB: Trad­ed down from VAL, B closed as an inside bar
    • C: Closed as a Three Out­side Up
    • D: Con­tin­ued higher
    • E: Con­tin­ued higher
    • F: Extend­ed above IB but did not close above
    • G: closed as a drag­on­fly doji
    • H: Closed mak­ing HHs


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 2 — Val­ue Acceptance
    • Nar­ra­tive: Open sen­ti­ment, D1 demand
    • Pre­ferred: Ear­ly accep­tance and quick follow-through
    • Con: H4 c‑sup right there at VAL
    • 90% cor­rect

How accu­rate was my assess­ment of mar­ket con­text? What were the cir­cum­stances of the devel­op­ing nar­ra­tive? How did they devel­op accord­ing to DTTZ?

Price trad­ed high­er to VAL dur­ing IB and pro­ceed­ed to test valu dur­ing C retreat­ing and test­ing IB low dur­ing D clos­ing as a pin­bar. E formed a Morn­ing star and price con­tin­ued high­er accept­ing val­ue. As of now there was no rota­tion (yet). 

What was the play of the day?

A val­ue accep­tance play although more risky as it hap­pened lat­er on in the ses­sion. Though due to the near prox­im­i­ty to D1 demand and H4 Phase 1 a long bias could have been more weighted. 

Was I right on the out­come? Which Hypo played out and why was it not Hypo 1 (if any)?

Yes although it was in Hypo 2. 

Was there an oppor­tu­ni­ty and did I take it?

The val­ue accep­tance play would have been direct­ly into a new­ly formed H4 sup­ply and thus I don’t think there was a good oppor­tu­ni­ty. Although I have not­ed for my play­book that because of said new­ly formed sup­ply price can bounce back before con­tin­u­ing high­er as it did today.

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?

I did well to stay out as there was no safe trade to take. 

How did I feel before, dur­ing, and after the trade?

No trade taken


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 2 — Bal­anc­ing market
    • Nar­ra­tive: open sentiment
    • Pre­ferred: play off near­by ADR 0.5 and exhaus­tion levels
    • Con: Trend is up so longs are favored
    • 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 dead on as even though price tra­versed below VAL there was no IB exten­sion down. Instead there was a rever­sal at LTF demand coin­cid­ing with H4 VWAP in UT. And what fol­lowed was a con­tin­ued move high­er extend­ing above IB. 

What was the play of the day?

Bal­anc­ing Mar­ket play off of LTF demand below VAL. 

Was I right on the out­come? Which Hypo played out and why was it not Hypo 1 (if any)?

Yes I was even though it was Hypo 2. Due to the con­sol­i­da­tion at val­ue edge pre­mar­ket and a pos­si­ble strong fin­ish­er down I hypoth­e­sized as my hypo 1 a poten­tial rejec­tion down. Which in an uptrend was per­haps less likely. 

Was there an oppor­tu­ni­ty and did I take it?

There was an oppor­tu­ni­ty but I did not take it as I was not stalk­ing a poten­tial play. I was still focused on GBPNZD and then with work out­side of trading. 

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?

I could have tak­en the trade I guess but I was pre­oc­cu­pied. Noth­ing wrong with it. Next time Gad­get. NEXT TIME!

How did I feel before, dur­ing, and after the trade?

No trade taken


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

I did well here. I final­ly feel much bet­ter. I’ve been not sharp at all this last week or so due to lack of sleep. Sure next week I’ll be back to my nor­mal awe­some self 🙂 

What did I learn today?

More of a con­fir­ma­tion that I don’t need to trade. Which I have got­ten much bet­ter at. 

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

For­ward-test ideas. I am going to cre­ate a sub­sec­tion on my web­site for for­ward test­ing ideas. This way I can share it with all of you and keep orga­nized track of what I am doing. 

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

I did well today

Under the cir­cum­stances, did I per­form at my best?

Yes I did

For my trade plan(s) on this par­tic­u­lar day, go here:

T3chAddict
t3chaddict@bearmarkettrader.com

Day trader. Tech geek. Sim racer/Pilot.

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