27 May How did I trade today? 20210527
Summary: End of the month no need to take unneeded risk
#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
- Currently in lockdown
- 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
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
- 1st DTTZ
- A formed a Doji and B tested value edge closing as a a Pinbar with very long selling wick, M15 Bearish Inside Bar.
- C traded higher. D extended above IB accepting value and closing within IB right below H4 C‑sup. A value acceptance play is risky due to the tight value and LTF supply at VAH as well as the newly formed H4 C‑Sup. Looks like a sustained move though.
- E made a slight HH and then closed down. Barely no selling tail. Waiting for more confirmation.
- 2nd DTTZ
- F closed as an Inside bar with longer buying wick, M15 Bull Engulf. I lack the confidence in any direction cue due to acceptance of value but H4 c‑sup right there (which is low in the distribution curve). Don’t like the looks of the PA.
- MN is at the bottom of the range. H1 closed as a possible Base with longer buying wick. Plus not much of a selling tail on the profile. Going to let the trade go and take notes. Plus it’s the end of the month and I am up on the month don’t want to take unneeded risk.
- G and H traded down extending to the other side forming a Neutral Day
- 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 1 — Trend Continuation / Return to Value
- Narrative: possible H4 phase 3, Open sentiment, H4 Bear Engulf and test of new Supply giving H4‑C‑S 1.93707 and close down. LN open taking out H4 demand.
- Preferred: Strong Bearish PA, Possible re-test of value edge, IB extension down, Sustained auction to W1 demand (0.6xASR below), D1 demand (1xASR below).
- Con: trading at H4 QLo
- 80% correct
What happened around the 1st DTTZ? Which Hypo played out (if any)?
Price traded higher and eventually extended above IB hitting H4 Supply in D. E turned around.
What happened around the 2nd DTTZ? Which Hypo played out (if any)?
F and G formed a DBD and H closed extending below IB forming a Neutral Day. I did not like the PA today. This was probably due to Vieghe’s speech coming out later as I TPO just burst up over IB taking out H4 supply.
What was the play of the day?
A Return to Value play with a slight acceptance but failure to accept due to H4 C‑sup.
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?
There was but I did not take it. I did not like what I was seeing as the H4 C‑sup was low within the distribution curve and got tested before and price was still lingering at the same level without making much of a move. I hypothesized a possible break higher and this came later during overlap noise.
What could I have done better?
I think I did well. As the session was going on I didn’t like the way PA was developing and not entirely lining up. I could have been nitpicking here but just did not like the ‘feel’ of it. Lo and behold Vlieghe’s speech came later in overlap noise which made price jump taking out H4 supply. Now, one thing.. 1) I did well to understand that I didn’t like what I was seeing. 2) Regardless I could have taken a trade short as PA was developing 3) I did well to consider the end of the month and wanting to close on a win 4) I SHOULD KEEP TRACK OF THESE FUCKING SPEECHES.
How did I feel before, during, and after the trade?
No trade taken. I feel good.
How well did I manage my physical, emotional and cognitive states?
I did well here. I was feeling a bit bummed that I was not taking a trade. Then I just decided to let it go and observe. More often I am right about my gut than not. Plus being the end of the month did not want to take unneeded risk.
What did I learn today?
I learned that I can be aligned with the market even though it is not entirely behaving the way I am used to.
What’s one thing I need to do more often?
Trust my gut.
What’s one thing I need to do less often?
Stress myself. Just follow the process and take steps moving forward.
Under the circumstances, did I perform at my best?
I did good
For my trade plan(s) on this particular day, go here: