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How did I trade today? 20210429

How did I trade today? 20210429

Sum­ma­ry: Progress. Not perfection. 

#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
    • Check 
  • Only trade the main account
    • Check 
  • 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

Fair 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: B closed as a Bull Engulf at VAL above W1 demand
    • C: Extend­ed above IB test­ing ADR 0.5 high 
    • D: React­ed off ADR 0.5 High clos­ing as a Bear Engulf
    • E: Closed as a big bull engulf mak­ing HHs
    • F: Closed as an slight­ly big­ger Bear Engulf
      • M5 Bear ENgulf at ADR 0.5 high
    • G: Closed lower
    • H: Closed as a DBD

  • GOLD
    • IB: A closed as a Bull Engulf, B as a Drag­on­fly Doji
    • C:  closed as a Marubozu can­dle below IB
      • Don’t want to trade right into H1 demand on exten­sion down in an uptrend as I deem this a bit riski­er. Although placed a Sell Lim­it Order at 1778.50.
    • D: Closed as a spin­ning top with longer buy­ing wick, pos­si­ble base
      • Sell Lim­it Order didn’t get trig­gered so took it off
    • E: Closed as a DBD not mak­ing LLs
    • F: Closed in a sus­tained auc­tion mak­ing LLs
    • G: Closed mak­ing LLs clos­ing with­in LTF demand at ADR 0.5 Low
    • H: Closed as a Bull­ish Inside Bar
    • I: Closed as a Three Inside Up


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 — Bal­anc­ing Market
    • Nar­ra­tive: Open sentiment
    • Pre­ferred: play off near­by LTF SD and ADR levels
    • Con: Pos­si­ble con­tin­u­a­tion to H4 move higher
    • 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?

As hypoth­e­sized with price show­ing LTF rever­sals at LTF SD and ADR levels.

What was the play of the day?

Bal­anc­ing Market

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

Yes I was

Was there an oppor­tu­ni­ty and did I take it?

Yes there were but no I did not. I decid­ed to take it easy today as it is also almost the end of the month. Plus being able to for­ward-test the bal­anc­ing mar­ket play­book set­up. Fur­ther­more, there was a clear­er set­up on Gold that I was stalk­ing and focused more on that. 

What could I have done better?

I did well to stay out. 

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

No trades 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 1 — Mean Reversion
    • Nar­ra­tive: H4 C‑sup, open sen­ti­ment, D1 QHi
    • Pre­ferred: Strong Bear­ish price action with IB exten­sion down or oth­er­wise a failed auc­tion test­ing IB exten­sion high. 
    • Con: Larg­er time­frame bull­ish sentiment
    • 100% cor­rect
  • Hypo 2 — Return to Value
    • Nar­ra­tive: Price retraces to val­ue edge or LTF demand that is above VAH and reverses
    • Preferred:Strong Bear­ish rever­sal after an exten­sion down, if neu­tral day this could come even quick­er oth­er­wise look for pos­si­ble buy­ing tail and/or TPO struc­ture around val­ue edge. 
    • Con: H4 Bear Engulf
    • 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?

I didn’t feel com­fort­able trad­ing right into LTF demand so I had placed a Sell Lim­it Order slight­ly above xxx8.5. Price missed it by a pip or so and con­tin­ued down in a low/medium ini­tia­tive activ­i­ty sus­tained auc­tion down. That is until 2nd DTTZ formed a Bull­ish Inside Bar and price reversed accord­ing to Hypo 2 in over­lap noise. There was no buy­ing tail or TPO structure.

What was the play of the day?

A Mean Rever­sion play. Although C closed below IB with a Marubozu can­dle there was a huge lack of ini­tia­tive in the direc­tion. I was put off by this a bit. 

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

Yes I was

Was there an oppor­tu­ni­ty and did I take it?

Yes there were two oppor­tu­ni­ties although the 2nd one I would not have tak­en as it would have been trad­ing win­dow close. 

What could I have done better?

I did well to not chase the mar­ket when my order didn’t get trig­gered so I did well here. 

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

Didn’t feel bad my trade didn’t get triggered. 


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

Again, I felt a bit tired towards the mid­dle of the ses­sion there. I did not have a big meal although it was spicy which I nor­mal­ly don’t eat. I won­der if that was it. 

What did I learn today?

I learned that I am most­ly right on the direc­tion but am hes­i­tat­ing to pull the trig­ger more than I’d like to admit. I feel I am doing well by stay­ing out when in lack of con­fi­dence but at the same time I feel I should be tak­ing more trades a month. It is bet­ter to stay out when lack­ing con­fi­dence so I am think­ing this is just part of the phase I am in right now.  I will fur­ther eval­u­ate this in my month­ly report.

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

Try and stay objec­tive about my progress. 

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

Put myself down if I am not per­form­ing well. Although I didn’t real­ly do that today but I just got back from the gym and pos­si­bly even more tired now so easy to feel negative.

Under the cir­cum­stances, did I per­form at my best?

I think I did well 

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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