Week Wrap-Up

This was my first week of my 2017 12-Week Year.  Week 1 (and 2 to some degree) are about routine building and practice.  Overall, I am really happy about how the week has gone.  I havent done as much deliberate practice in the evenings, but I have been trying to recover from a two week cold/flu, so by the time I get to my computer in the evenings to continue with my trading, I have been too exhausted.  Coupled with this is the fact I have a lot of work to do at work due to it being a brand new year, and on Friday and Wednesday I got a little anxious about so I stopped early.  Will keep monitoring this, because it reduces the amount of time I can trade and therefore the effectiveness of each session…

My process for trading in the morning looks like this:

  1. Get on the train and open OneNote and begin the process.
  2. Load NT7 and get the latest data.
  3. Review top down – Weekly/Daily/Hourly.
  4. Look for key zones, structures and targets above and below current price.
  5. Get off train and get to SBUX and setup for trading.
  6. Use the top down analysis to look for trade locations on lower timeframes (LTF).
  7. Setup fire-n-forget trades based on current price action.

Of course the devil is in the details.  What is a key zone? What is a Structure? How are targets defined? What I need to work on is the identification of all of these artifacts, and this is where a lot of my deliberate practice is focused.  This week I made a few good calls apart from trade 1.  When I took trade 1 on Monday, which was selling as price dropped out of a range, I immediately knew this was the wrong play and I should be long.  I will be doing some deliberate practice into these fakeouts.  Ironically my goal is to jump into the fakeout, so shorting it was a little silly.

The issue for me this week with respect to not racking up positive trades is that I have been doing really well picking my levels, but they are too far from price to be useful in the small window I have trading.  I am nervous of getting sucked into the chop of the LTF’s, so I try to choose levels that have greater power, using the medium timeframe zones at least.  This will be something I have to work with.

Focusing on the Good

2017-01-14_14-09-04

This is Crude Oil on Friday.  ALL zones were drawn in before price hit them.  They were drawn in before I began trading.  I had a sell order at A, the black line, and I missed it by a tick or two.  As it slowly sold off, knowing I had missed A, I decided to head to work.  Had I stayed I would have been able to get long at B.  Price looked like it was going to take  a little while, so I gave in to my psychology.  So I need to improve my discipline with staying at my machine for a set window and not giving in to anxieties.

There was a really nice reason to sell the second test of C, with price being stuck between that zone and B.  And heres the kicker…when price fell from C, it hit a location that was a trap zone, so D was a perfect long setup.  And since it was back up to the edge of the range of C for the 3rd time, heading higher was high probability.  I had drawn in E because part of my method looks for the second-zones from the immediate location.  E was deemed to be that zone.  A tradable reaction was expected at E, though I didnt realize it would go that long (hence the desire to have runners at these second-level zones).  Had I been able to take these trades it would have been a fantastic day.

It is being able to pick these zones that is keeping the dream alive.  So overall, I am really glad for this week.  I had many trades I missed by a tick or two (which I will go over in my in-depth review of my journal this weekend), and I had a few trades where I second-guessed myself and let doubt in, then closed the trade before a fill and they worked out well.  I need to work on that too.  Small steps.

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