How did I trade today? 20210616

Sum­ma­ry: Trust in yourself

#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. 

Good Pre-mar­ket routines

Good Ses­sion PECS

Fair 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): 3

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Summary London

• DAX
  • 1st DTTZ
    • 0.66xASR wide IBR trad­ing below val­ue, if there is an exten­sion below I will wait for a pos­si­ble failed auc­tion in line with respon­sive activity
    • Dur­ing D TPO M15 closed as a weak­er Bull Engulf with­in IBR and I tried an ear­ly failed auc­tion trade and wait­ed for a tran­si­tion to M30 Bull Engulf fail­ing auction. 
    • WHen I was point­ed out that my chart was slight­ly off I lost con­fi­dence in the trade and took it off for 0.5R. 
    • Even though M30 Bull Engulf closed with­in IB I did not want to risk anoth­er long as it would be trad­ing right into M30/M15 VWAP in DT. Decid­ed to wait for a pull back but now it pulled back too much for me to con­sid­er going long again. 
  • 2nd DTTZ
    • Track­ing a paper trade based off a M5/M15 entry dur­ing G with a weak buy­ing tail in F. M15 Bull­ish Inside Bar that tran­si­tion into a M30 Inside Bar (although not to bull­ish) into a pos­si­ble M30 Three Out­side Up. Oth­er pos­si­ble odds enhancers are equi­ties favor the upside, Pro­file showed a Poor Low and then built struc­ture around that poor low before tak­ing the Poor Low out by one TPO and reverse (which I orig­i­nal­ly dubbed the Poor 3+ High/Low. I’ve seen this before but need more data on this. 

• GOLD
  • 1st DTTZ
    • IB trad­ed with longer buy­ing wick and and IBR is only 0.26xASR. NO IB exten­sion but a slow M30 DBD.
    • No IB exten­sion. Watch­ing paint dry. 

Summary New York

• GOLD
  • 1st DTTZ
    • Price extend­ed in C, made HH in D then closed as a Bear­ish Inside Bar fail­ing auc­tion of which the buy­ing wick already test­ed IB low. 
    • E formed a Three Out­side Down

• WTI Crude
  • 1st DTTZ
    • A accept­ed val­ue although val­ue is very tight and thus. D extend­ed above IB test­ing H4 c‑sup.
    • Retrace­ment to a H4 c‑sup from a Three Inside Down is not the strongest

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DAX — London

• 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 2
  • Val­ue Rejec­tion Down Fail­ure — Failed Auc­tion, probe below val­ue + H4 demand
  • 80% cor­rect

What hap­pened around the 1st DTTZ? Which Hypo played out (if any)?

Price extend­ed below in C then failed auc­tion in D. E how­ev­er inval­i­dat­ed the failed auc­tion by clos­ing as a Bear Engulf below IB. 

What hap­pened around the 2nd DTTZ? Which Hypo played out (if any)?

F closed as an Inside Bar and G formed a Three Out­side Up.

What was the play of the day?

Failed Auc­tion (even though it didn’t hold initially)

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

My indi­ca­tor wasn’t set up right so my hypos reflect­ed that. Still got in on Hypo 2. 

Was there an oppor­tu­ni­ty and did I take it?

I went in long after a Weak­er M15 Bull Engulf, wait­ed for a tran­si­tion to M30 Bull Engulf. Took 0.5R. 

DTTZ: 1st 

Entry: Weak­er M15 Bull Engulf

Prof­it Mar­gin (ADR or con­ges­tion): 5R at IB High, although due to respon­sive activ­i­ty (wide IBR) I would have tapered my expectations.

What would a price action exit rule have done?

-1R. I took 0.5R due to fum­bling with the indi­ca­tor. Oth­er­wise it would have been ‑0.3R

How was SL place­ment and Siz­ing (Was there a need for scaling)?

I did well to scale my SL just below the formation. 

What would time-based have done?

-1R

What could I have done better?

I did well to take the trade.

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

I felt good hav­ing tak­en the trade ear­ly based on an edu­cat­ed guess due respon­sive activ­i­ty and high­er prob­a­bil­i­ty for a failed auction. 

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

I did well here. I felt good and on point dur­ing the Lon­don ses­sion. Start­ed to fade dur­ing NY. 

What did I learn today?

I learned that my read­ing of PA and order flow is good and I should take more chances on my abil­i­ty to read them. Progress, not perfection. 

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

Stay the course. Fol­low my process. 

What’s one (or more) thing(s) I need to do less often?

Hes­i­tate to make mis­takes. Mis­takes are sim­ply a les­son need­ed to be learned. 

Under the cir­cum­stances, did I per­form at my best?

I did well for the most part. Did not want to take a trade in GOld dur­ing NY due to FOMC com­ing out lat­er and the long wicks when fail­ing the auc­tion think­ing there might not be a full move through IB afterwards. 

For my trade plan(s) on this par­tic­u­lar day, go here:

Pre­mar­ket Prep DAX 20210616

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Pre­mar­ket Prep Gold 20210616

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NY Pre­mar­ket Prep Gold 20210616

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NY Pre­mar­ket Prep WTI Crude 20210616

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