25 May How did I trade today? 20210525
Summary: Preoccupied and hesitated on what turned out to be great opportunity
#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
- Trading rules
- M15/M30 entries and exits at 1st DTTZ, M5 entries and exits at 2nd DTTZ
- Only price-action based exit rules (or if hit time stop comes earlier)
- Otherwise a Bart Simpson exercise
Good Pre-market routines
BAD Session PECS
BAD 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): 4
- 1st DTTZ
- IB traded higher to LTF supply (taking out H4 demand) before forming a Bearish Inside Bar although this could be due to the H4 demand that got popped during IB. I need more confirmation of the narrative.
- C formed an Inverted Hammer indicating a possible continuation down
- D extended below IB 1 TPO although LTF/H4 demand right underneath is wide. D closed below IB extending further. Considered putting in a Sell Limit Order at 1.96249 in case there is a pullback before continuation. But not a fan of being mid M30 swing as well as LTF VWAP and KC being flat. Even though I do think this will continue lower so I should have taken the opportunity. Will reflect on this later.
- E formed a Poor Low and then proceeded to take it out together with LTF M30 demand closed making LLs in what looks like a low/medium sustained auction.
- 2nd DTTZ
- F traded and closed lower in a sustained auction. G closed as a Bull Engulf with longer selling wick although due to the Poor Low and H4/D1 narrative there could be a continuation to take out the low.
- Low got taken out
- H closed as a DBD Bear Engulf and I TPO took out H4 demand as hypothesized.
- 1st DTTZ
- 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 3 — Trend Continuation
- Narrative: Open sentiment, return to D1 demand base level,
- Preferred: Strong Bearish PA with IB extension down taking out LTF demand and then H4 demand created at D1 demand base level
- Con: D1 demand base level could provide a bounce to Return to Value
- 100% correct
What happened around the 1st DTTZ? Which Hypo played out (if any)?
PA reversed within IB to then make a DBD formation extending below IB.
What happened around the 2nd DTTZ? Which Hypo played out (if any)?
A little reversal in G but then continued lower.
What was the play of the day?
A Trend Continuation play although an argument can be made that it was a Return to Value play.
Was I right on the outcome? Which Hypo played out and why was it not Hypo 1 (if any)?
I had initially put Hypo 3 as my first one but then switched it out expecting first some bounce from D1 demand base level before continuing lower.
Was there an opportunity and did I take it?
There was an opportunity but I hesitated to take it. I was preoccupied with work and when I sat down I felt rushed to take the trade so decided to let it go. Then when I saw there was an opportunity for a 2nd chance entry I decided against it as well as price was trading mid swing and I would be trading right into M30 QLo. Even though my PA reading was suggesting a continued move lower I failed to capitalize on it. Then I kinda let it all go as there were 3 late-sustained auction entries I could have taken. Why do I mistrust my judgment?…
What could I have done better?
I could have taken the trade. Even when I missed the initial trade (as it was also from within IB) there was an extension below followed by a pullback to newly formed Supply. This was my 2nd chance entry opportunity. If that wasn’t enough… there were 3 late-sustained auction entries but I just decided to let those go too. I feel I might have gotten a bit biased that I wanted to see a bounce from this level first or at least go short from a QHi.
Also, even though I should have been there to take the trade I did well to not force myself as I was not stalking the trade due to being preoccupied outside of trading. This in the long run will help me more than not.
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 okay for the most part but I felt bummed out I missed that initial trade. Then I was thinking/hoping if it goes back to that level I’ll get in but it never did. That doesn’t mean there were no other good levels to enter at…. Ah well…. Progress, not perfection.
What did I learn today?
That I should not be dealing with other stuff when I am supposed to be stalking a trade. From this day forth I will turn off all notifications within my DTTZ trading windows.
What’s one thing I need to do more often?
Read PA like a BOSS. I knew exactly what was going on and I was aligned with the market narrative but I failed to capitalize on it. What use is it if I don’t capitalize on the trade? Next time Gadget. Next time!
What’s one thing I need to do less often?
Be taking work calls, dealing with emails, etc when I am supposed to be stalking trades as per the DTTZ and my hypos.
Under the circumstances, did I perform at my best?
I failed today…. I was well-rested and visualizing what I wanted to see but then got stuck to my bias and not acting to what was right in front of me.
For my trade plan(s) on this particular day, go here: