13 Sep How did I trade today? 20210913
Summary: Trust the narrative and risk parameters
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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:
- Trading rules
- Use SL scaling in case the profit target for the setup doesn’t provide 2R for example for FA or VAA setups
- No early exits, either hit SL or 2R target
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 Clarity — in tune with price
Muppet Meter (1 being best — 5 being worst): 1
- D extended and closed above IB. Then proceeded to fail the auction in E TPO closing as a bear engulf. Due to not having enough profit margin to IB Low I am going to let this one go.
- Value was rotated through and extended to the other side. IB traded higher as well as C. D formed an Inside Bar with longer buying wick although body is bearish.
- Trying a long from within IBR to get a better entry and profit target.
- Long 15723.60, SL 15690.60, TP 15788.10 (2R)
- D closed as an Inside Bar, M15 Bullish Inside bar to inside bar, possible RBR
- M15 RBR formed during E coinciding with a slight extension and thus HH, monitoring for a sustained auction but could be agonizingly slow. Doesn’t bode too well for the trade not having extended more though.
- Price finally extended higher in G TPO and right now took out LTF Supply closing almost at its high. H already made HH.
- 2R profit target reached
How well did I manage my physical, emotional and cognitive states?
I did really well today even though price was excruciatingly slow… I told myself I am up for the month I can take a 1R loss if this decides to reverse. No problem. Then I focused on other things and checked back in from time to time.
Strength from within IBR
This should have actually been Hypo 1 due to the wide IBR but hey.. At least I noted it down and acted on it. During the session I did well to understand the implications of the value acceptance with rotation and not go against it.
What did I learn today?
I learned that I should just wait for my target to be hit. Most of the time I am right on the direction. My execution is pretty good as well so with using the right risk parameters the market should act accordingly and hit my target. In case my stop gets hit I know the trading idea or the execution was wrong.
Even with a wider than usual IBR price can still extend and sustain an auction if the supporting narrative is right.
What’s one (or more) thing(s) I need to do more often?
Trust my instincts.
What’s one (or more) thing(s) I need to do less often?
Worry about the trade working out. After taking the trade I was getting slightly worried but I thought the narrative hadn’t been invalidated yet. Also, I am not allowed to take trade off anyway so I took comfort in that.
Under the circumstances, did I perform at my best?
I did very well.
For my trade plan(s) on this particular day, go here: