31 Aug How did I trade today? 20210831
Summary: Trust your gut and take a chance
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A small summary of how I did during the session. Things I did well. Things I need to keep working on. Trade Reviews are part of my post-mortem but usually I post those the next day.
My weekly goals:
- Min. 3 times working out at home + mandatory cardio
- Trading rules
- M15/M30 entries and exits at 1st DTTZ, M5 entries and exits at 2nd DTTZ
- Use SL scaling in case the profit target for the setup doesn’t provide 2R for example for FA or VAA setups
- No social media / messenger apps / phone calls allowed during the trading window
Good Pre-market routines
Good Session PECS
BAD Trade selection
Good Trade sizing or SL placement
Good Trade Execution & Mgmt.
Good Risk Adjusted Returns
Yes Clarity — in tune with price
Muppet Meter (1 being best — 5 being worst): 3
- IB traded higher in line with FF. C closed higher but without extending IB.
- D TPO did the same but no extension although formed a M15 Bull Engulf so it is possible there will be an extension.
- And there was. E extended and is testing 16000 right now. Entry off IB break (which I opted out of due to being in E TPO) would sit at almost 1R right now.
- F closed as a Bear Engulf Failing Auction. Although H1 closed as an inverted hammer potentially a base for more upside. The sellin tail in E is confirmed though after a test of 16000
- I took a paper trade off a pullback
- Short 15984.44, SL 16009.69, TP 15933.94 (2R) , 15921.75 (2.5R at IB low)
- I did not want to take an actual trade due to H1 Inverted Hammer that could signal a continuation rather than a reversal plus price had moved quite a bit outside of IB high.
- Price reached 5R 🙂
How well did I manage my physical, emotional and cognitive states?
I did well here. Nothing much to mention.
I struggled a bit at first thinking to go long due to a possible sustained auction. Then when I gathered my thoughts on the extension being during E TPO I wondered if this auction could still be sustained. Nonetheless, due to the timing of the extension I did not want to go in off of a break of IB.
Then when price failed the auction I hesitated due to H1 leaving an Inverted Hammer which could mean a possible continuation. This, and the open sentiment not entirely favoring a mean reversion although during the session price had traversed to mean reversion level and started reacting even after ADR got exhausted during IB. Price had tested the round number of 16000 above and then reversed. And it reversed HARD. I will review this tomorrow in my missed trade review.
What did I learn today?
I learned that I can read price action just fine but I failed to act on it. I am more inclined to let a trade go when in lack of confidence and yes this has helped me on many occasions. However, this has also cost me quite some money being left on the table.
What’s one (or more) thing(s) I need to do more often?
Trust my gut.
What’s one (or more) thing(s) I need to do less often?
Not take trades. Trust myself and just go for it. If it loses it loses and I learn.
Under the circumstances, did I perform at my best?
I did fairly well but not the greatest.
For my trade plan(s) on this particular day, go here: