10 Jun How did I trade today? 20210610
SumÂmaÂry: GetÂting over my nightowl tendencies
#finÂtwit #orderÂflow #dayÂtradÂing #daiÂlyreÂportÂcard #tradÂinglifestyle #dayÂtraderÂlife #grasshopÂperÂsanonyÂmous #tradÂingÂforex #tradÂingÂcomÂmodiÂties #NEXT
Every tradÂing day I recap my trades, includÂing more than entries and exits. Why did I take the trade? How did I manÂage the trade, my emoÂtions and cogÂniÂtive funcÂtion? All the good stuff as well as all the ugly of being a day tradÂer. As always, feel free to reach out to me.
My weekÂly goals:
- Min. 3 times workÂing out at home + mandaÂtoÂry cardio
- TradÂing rules
- Focus on takÂing ONE trade a day. If I missed the first DTTZ then a trade needs to be takÂen on the 2nd DTTZ unless there is a high/medium iniÂtiaÂtive activÂiÂty day.
- Only price-action based exit rules (or if hit time stop comes earlier)
- M15/M30 entries and exits at 1st DTTZ, M5 entries and exits at 2nd DTTZ
- Buffer trades (profÂit tarÂget >1R) are allowed and encouraged
- Use SL scalÂing in case the profÂit tarÂget for the setÂup doesn’t proÂvide 2R for examÂple for FA or VAA setups
- No social media / mesÂsenÂger apps / phone calls allowed durÂing the tradÂing window
Good Pre-marÂket routines
Fair SesÂsion PECS
Bad Trade selecÂtion
BadTrade sizÂing or SL placement
Fair Trade ExeÂcuÂtion & Mgmt.
Good Risk AdjustÂed Returns
Yes DaiÂly review
MupÂpet meter (1 being best — 5 being worst): 3
Summary
- GBPNZD
- 1st DTTZ
- IB popped LTF/H4 demand and M15 formed a Bull engulf although due to popÂping of H4 demand this could posÂsiÂbly just be a reacÂtion and the senÂtiÂment is still bearÂish although price is tradÂing at a D1 C‑dem / H4 50MA in UT. ADR exhausÂtion still 23% away. PreferÂably this should have been closÂer to IB.
- B closed slight above Asia low and thus above yesterday’s low as well as D1 demand.
- WaitÂed for a retest of IB low and went in short at 1.96187, SL 1.96339, 1.95778
- MisÂmanÂaged the posiÂtion sizÂing and had to adjust for it.
- Price finalÂly went against the trade failÂing the aucÂtion and I closed the trade off at a ‑0.4R loss.
- 2nd DTTZ
- Then I went long for a failed aucÂtion play which did not work out either. AnothÂer ‑0.4R loss due to yet again misÂmanÂagÂing the trade sizÂing and SL placement.
- 1st DTTZ
- GOLD
- 1st DTTZ
- IB tradÂed 1.94xASR indiÂcatÂing potenÂtial responÂsive activÂiÂty. Price acceptÂed valÂue and rotatÂed through. I am lookÂing for a potenÂtial failed aucÂtion. D tradÂed highÂer to IB high. Would need a close in E to extend above and close withÂin IB.
- E closed as a near Bear Engulf but actuÂalÂly is more of a consolidation.
- I went short anyÂone as it coinÂcidÂed with a M15 Three Inside Down and posÂsiÂble H1 Base after an Inside Bar
- Short 1890.300, SL 1893.300, TP 1885.736 (1.5R)
- WantÂed to resize and acciÂdenÂtalÂly closed off the trade at ‑0.6R.
- 1st DTTZ
GBPNZD
- Which hypo played out and how did I hypothÂeÂsize it playÂing out? How did it actuÂalÂly play out? What did the proÂfile and price action show?
- Hypo 2 — Trend Continuation
- NarÂraÂtive: H4 closÂing down, posÂsiÂble H4 phase 3 / 4,
- PreÂferred: Strong BearÂish PA, IB extenÂsion down (momenÂtum) and susÂtained aucÂtion takÂing out LTF/H4 demand (and thus takÂing out yesterday’s low, preferÂably durÂing IB),
- Con: tradÂing into D1 demand
- 100% corÂrect
- Hypo 4 — Mean ReverÂsion although I should have called it a failed auction
- NarÂraÂtive: D1 Demand, test of yesterday’s low
- PreÂferred: Move down fulÂfillÂing mean reverÂsion criÂteÂria, strong bullÂish PA IB extenÂsion up to valÂue edge
- Con: posÂsiÂble bearÂish mediÂum timeÂframe narrative
- 70% corÂrect
What hapÂpened around the 1st DTTZ? Which Hypo played out (if any)?
Price extendÂed below IB durÂing C and then folÂlowed through in D.
What hapÂpened around the 2nd DTTZ? Which Hypo played out (if any)?
E closed as an Inside Bar and F comÂpletÂed a Three Inside Up.
What was the play of the day?
Trend ConÂtinÂuÂaÂtion to Failed Auction
Was I right on the outÂcome? Which Hypo played out and why was it not Hypo 1 (if any)?
Yes I was although due to the open senÂtiÂment I had favored a Return to ValÂue before a conÂtinÂuÂaÂtion. In hindÂsight a return to valÂue would be against the H4 Three OutÂside down which is usuÂalÂly not a good sign for a conÂtinÂued move down after a pullback.
Was there an opporÂtuÂniÂty and did I take it?
Yes there was an opporÂtuÂniÂty and yes I did take it. First one was a trend conÂtinÂuÂaÂtion that didn’t pan out and failed the aucÂtion. The failed aucÂtion also did not pan out. Total ‑0.8R.
T1
DTTZ: 1st
Entry: Late-susÂtained aucÂtion entry at test of IB edge
ProfÂit MarÂgin (ADR or conÂgesÂtion): expectÂing a conÂtinÂuÂaÂtion to a posÂsiÂble H4 Phase 4 would have proÂvidÂed 2R
T2
DTTZ: 2nd
Entry test of IB low after a failed auction
ProfÂit marÂgin: 1.5 R at IB high
What would a price action exit rule have done?
-1R although through misÂmanÂageÂment and manÂuÂalÂly takÂing off the trade I took a ‑0.4R loss.
How was SL placeÂment and SizÂing (Was there a need for scaling)?
This was good after I scaled down the SL placement.
What would time-based have done?
SL would have hit ‑1R
What could I have done better?
I did well to take the trade and stick with it to try and let it do it’s thing. SadÂly the marÂket did not want to take it any furÂther and failed the aucÂtion against my trade.
How did I feel before, durÂing, and after the trade?
I felt good being in a trade. Two even. After the first trade I took a long along the line of the failed aucÂtion. This did not work out either. SumÂmer-time tradÂing can do that.
GOLD
- Which hypo played out and how did I hypothÂeÂsize it playÂing out? How did it actuÂalÂly play out? What did the proÂfile and price action show?
- None
What hapÂpened around the 1st DTTZ? Which Hypo played out (if any)?
There was a huge IBR and no extenÂsion in my tradÂing winÂdow. Although there was a conÂsolÂiÂdaÂtion and with PNYC there could be a reverÂsal and that’s what I took.
What was the play of the day?
NothÂing at PNYC
Was I right on the outÂcome? Which Hypo played out and why was it not Hypo 1 (if any)?
Not withÂin my tradÂing winÂdow will see tomorrow.
Was there an opporÂtuÂniÂty and did I take it?
There was no opporÂtuÂniÂty but took one anyÂway tryÂing a short. But I acciÂdenÂtalÂly closed off the trade at ‑0.6R. But the trade would have probÂaÂbly stopped out.
What could I have done better?
I could have waitÂed for a betÂter setÂup which withÂin my tradÂing winÂdow would have meant no trade.
How did I feel before, durÂing, and after the trade?
I felt okay actually.
How well did I manÂage my physÂiÂcal, emoÂtionÂal and cogÂniÂtive states?
I felt quite uneasy earÂliÂer durÂing LonÂdon but then startÂed feelÂing betÂter. Felt okay durÂing NY.
What did I learn today?
That I am getÂting more comÂfortÂable takÂing trades. Now I just need to get betÂter alignÂment with marÂket narrative.
What’s one (or more) thing(s) I need to do more often?
Take trades. Make mistakes.
What’s one (or more) thing(s) I need to do less often?
WorÂry about lossÂes. It is what it is. FolÂlow the process.
Under the cirÂcumÂstances, did I perÂform at my best?
I did okay…. HapÂpy I took some trades.
For my trade plan(s) on this parÂticÂuÂlar day, go here: