Summary: Progress. Not perfection.
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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
- Check
- Only trade the main account
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- 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: