Last Updated on March 15, 2021 by Chin Yi Xuan

If you are checking out my Weekly Trade Review for the first time, scroll to the bottom so you can get a context of this review.

WEEKLY REVIEW – WEEK 2, MARCH 2021 (8/3/2021 – 12/3/2021)

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Stats:

a. Profit Calendar: 

08032021 to 12032021 (March 2021 Week 2) - Profit Calendar
08032021 to 12032021 (March 2021 Week 2) – Profit Calendar

 

b. Weekly Stats (W2, March 2021): 

Weekly Stats (Week 2, March 2021)
Weekly Stats (Week 2, March 2021)

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Weekly Stats (Week 2, March 2021)
Weekly Stats (Week 2, March 2021)

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Weekly Trade Review (Week 2, March 2021)

A. Overview:

A decent trading week with most execution in line with underlying focuses for the week: Focused Pre-Trade Prep, Context Mindfulness, and Stop-if. Being stopped out of my trades become less impactful to my mental state as it was based on good trade context and I already have an expectation to be stopped and ready for re-entry whenever needed. That said, a few more minor execution details as well as mental skills to be improved for the coming week.

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B. What I did well?

  • 1. Focused pre-trade prep with risk pillars and reminders, trade idea if/then and ranking, no-trade zone, and areas of attention.
  • 2. More mindful of overall market condition and context and use them to generate trade ideas.
  • Was also mindful of the shift in market condition especially on Thursday when the market was slow relative to the days prior.
  • 3. Decent stops management.
  • 4. Trade scenarios that would cost me my mental state is much better handled now with a better understanding of my trading style and expectations.

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C. Challenges:

  1. Double position management – a little kelam kabut while managing 2 positions where I have to move 2 TPs and SLs together.
  2. Impulse Trade without proper trade context (9/3 & 11/3).
  3. Fear/revenge thoughts. Fear of losing back my past gains to the present market.
  4. Changes in market condition on Thursday to slower movements and less volatile.

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Weekly Playbook Trades (Week 2, March 2021):

In this section, I will share several trade ideas that made the most sense to me for the trading week. These are my A trades (a.k.a. my Playbook trades), and I look to keep improving on them.

Playbook Trade #1: BPB Long Trade (Trade 2)

Date & Time: 8/3/2021, 10:25am EST

Context: Price breaks above CVA and also pink line/prior swing high – thesis was to execute a BPB long at acceptance (A trade)

Trade Execution: As price test VAH, and buyers started to step in, entered 2 chips.

  • SL: Below 1.0SD
  • TP1: Prior swing high
  • TP2: VAL

Stop-if: Buy OF comes in.

Trade Management:

1st entry: None

2nd entry: Manual close at 2b as sellers starting to come in to hit the bids.

08032021 ES trade screenshot
08032021 ES trade screenshot

Feedback: A little kelam kabut when trying to manage stops when I opened both positions. Accidentally shifted the wrong trade’s TP and stuff.

  • Step 1: Enter trades
  • Step 2: Adjust TP and SL levels.
  • Step 3: Monitor for SL1.

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Playbook Trade #2: BPB Long Trade (Trade 1)

Date & Time: 9/3/2021, 9:43am EST

Context: Price opens above CVA. Thesis was if price were to breaks above the prior swing high and came back to test VAH to form acceptance, then take a BPB long (A trade, but also mindful of possible mid-air pullback).

As price progress, it failed to break above swing high but pullback with heavy sellers absorbed along the way. Was thinking to take a long if VAH held and buy OF kicks in – wasn’t 100% confident with my take on the trade idea on context as an A trade since price hasn’t broken above swing high.

Execution: As price was held above VAH and buy OF came in at 1a, I entered at 1 chip. Solid entry price.

  • SL: Tight below entry low.
  • TP: VAL (adjust accordingly with price action and OF)

Stop-if: strong sellers kicking in

Trade Management: Closed my trade when sell OF kicked in at 1b.

09032021 ES trade screenshot
09032021 ES trade screenshot

Feedback: Solid entry price and response to OF and overall context – also note that I could have entered 1 more chip but was a little hesitant because there is a little deviation from my initial trade idea for A trade. Nevertheless, good job and will add size when I experience this in the future.

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Playbook Trade #3: RPB Long Trade (Trade 3)

Date & Time: 9/3/2021, 10:05am EST

Context: Price breaks into CVA. Thesis was to do a RPB long if price breaks back into CVA.

Execution:

1st entry: Price did an early pullback when overall context presented an overextended directional VWAP – went in for a RPB long to test my trade idea with a tight stop. Also, on the OF at 3a we can see sellers are absorbed on the way down.

  • SL: Tight below entry low.
  • TP: Below POC

Stop-if: strong sellers kicking in

Trade Management: None – got stopped out.

Feedback: Good try – look for re-entry opportunity when rhythm catches up and VAL was held.

2nd Entry: After 1st entry, price pullback to test VAL and at the same time sellers are heavily absorbed as well. Entered at 3b as buy OF kicked in.

  • SL: Tight below Entry low
  • TP: POC

Stop-if: Sell OF came in

Trade management: Stopped myself out when sell OF came in and candle turned red.

3rd entry: An impulsive chase for RPB long trade idea as I was a little out of focus and did not manage to formulate a trade idea.

Execution: Long with 1 chip as buy OF came in at 3c.

  • SL: Tight below Entry low
  • TP: POC

Stop-if: Sell OF came in

Trade Management: Manual close as sell OF kicked in.

Feedback – Good trade idea and context read – be more focused on trade idea formulation.

09032021 ES trade screenshot
09032021 ES trade screenshot

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Playbook Trade #4: RPB Long Trade (Trade 2 & 3)

Date & Time: 10/3/2021, 9:49am EST

Context: Thesis was if price breaks above CVA and prior swing high, look for RPB long on pullback.

Trade Execution & Management:

1st entry: As price pullback to VAL and buy OF stepped in, entered 1 chip with a tight stop below immediate entry.

  • SL: Tight below immediate entry.
  • TP: 2SD.

Stop-if: Strong sell OF comes in.

Trade Management: Stopped myself out as sell OF comes in.

Feedback: Better manual close timing would be at 0958, when sellers started to step in.

2nd entry: Planned re-entry to retest trade idea. (mid-air PB)

  • SL: Tight below immediate entry.
  • TP: 2SD.

Stop-if: Strong sell OF comes in.

Trade Management: Stopped myself out as sell OF comes in.

3rd entry: Re-entry as price tested 1.0 rhy and buyer attempted to step in. (mid-air PB)

  • SL: Tight below immediate entry.
  • TP: 2SD.

Stop-if: Strong sell OF comes in.

Trade Management: None – price shot down and hit my SL.

4th entry: Should have stopped trading RPB long BUT I saw sellers was heavily absorbed towards Delta 0 as price was moving to test VAH. 1.0NT upside rhythm was broken but I want to see if this is a weak hand flushing.

  • SL: Tight below immediate entry.
  • TP: Prior swing high.

Stop-if: Strong sell OF comes in.

Trade Management: Stopped myself out as sell OF comes in.

10032021 ES trade screenshot
10032021 ES trade screenshot

Feedback: Valid trade idea, but already violated max 2 re-entries for one trade idea.

Ques to ask myself next time: “How’d I feel if I lose this trade instead?”

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Playbook Trade #5: RPB Short Trade (Trade 4)

Date & Time: 10/3/2021, 10:36am EST

Context: Price breaks back below CVA2. thesis was if price breaks below POC2 with pullback as acceptance then look for RPB short. That said, there is a risk of taking this trade as price was very near to VWAP, and I’d stopped trading if I lose this trade.

Trade Execution:

Shorted with 1 chip as sellers stepped in at a mid-air pullback.

  • SL: Tight above entry
  • TP: -0.5SD

Stop-if: sell OF > -5000 OF

Management: Closed manually when sellers showed weakness.

10032021 ES trade screenshot
10032021 ES trade screenshot

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Lessons & Key Takeaways from Week 2, March 2021:

1. As a whole, I am happy with my overall execution and mindfulness of trade context to trade idea, along with my risk parameters and stop-if management.

2. That said, there are several instances where my (raw) unconscious competence may take over:

  • – Impulsive trades on 9/3 and 11/3 without proper trade context.
  • – Experiencing moments of fear of losing my past gains to my present trade decisions.

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Week 3, March 2021 Focus:

With my stated experience and challenges above, here’s what I am planning to focus on for the coming trading week:

#1 Mindful of Context:

  • – Value/Mergers
  • – Shifts in rhythm (est/broken)
  • – Overextended directional VWAP (possible pullback deeper)
  • – Choppy @ VAH/L- Shift in OF

#2 Focused Pre-Trade Prep:

  • – Risk pillars & reminders
  • – Trade ideas if/then + ranking
  • – No Trade Zone
  • – Areas of attention (+ highlight with green)
  • +Trade ideas visualization

#3 Stop-if:

– Ideal PB, Mid-air PB, Large Max PB

PLUS: Self-reflection on fear experience. Focus on the present and execute the present.


READ THIS BEFORE YOU GO THROUGH MY REVIEW

Dear readers, this Weekly Trade Review is a new weekly content that I started with the goal to record my takeaways from the market. Unlike my other articles, this review is not meant for everyone, and it is more like my personal journal. Hence, it is NORMAL if you do not get anything that I say in this review because (1) you are not trading, and/or (2) you are not exposed to the way I trade, especially on the everyday social media and Youtube. 

Background:

I began my trading journey in 2018, and has started to learn how to trade the S&P 500 Futures (a.k.a. /ES) exclusively since May 2020. I have been spending nearly a year on a mix of simulation and paper trading, and I am currently in my last phase of paper trading the live market. The reason is simple: to build consistency. If you CANNOT be consistent in paper trading, you CANNOT be consistent putting real money in the market.

My goal in 2021 is to pursue funding for my trading career and (finally) start building a solid income stream from trading. 

READ MORE: Trading vs Investing – what’s the difference?

E-Mini S&P 500 Futures (/ES):

Some stats display in this review are in points instead of currency. Every 1 point movement in the ES is worth $50. 

As an example, say my entry is $3,000.00, my Target Profit is $3,010.00 (10 points) and my Stop Loss is $2,995.00 (5 points).

This means that I am risking 5 points ($250) to make 10 points ($500). 

How I trade:

The details of how I trade are hard to be explained in a few sentences. However, the core idea of how I deal with the market revolves around the Auction Market Theory – which works whether you are trading or investing. You can read about my article on Auction Market Theory HERE

My advice if you want to start trading:

This is worth a dedicated article. But in short, trading is a tough career regardless of what most marketers tell you out there on social media. The stats that you see with my execution is the effort of 30+ hours of work EVERY WEEK – and guess what, I have yet to earn any money from trading.

If you cannot put in the work ethic like a professional sports elite (even before you succeed), then please, skip trading and do something else. Please note that this is not meant to be sarcastic nor demotivating, but most people aren’t meant for trading – there are much better things to do in life than trading that can make you money (easier). 

Abbreviations:

  • BPB: Breakout Pullback
  • RPB: Return to Value Pullback
  • Long: Buy
  • Short: Sell
  • CVA: Cumulative Value Area
  • DVA: Developing Value Area
  • PVA: Prior Value Area
  • POC: Point of Control
  • VAH: Value Area High
  • VAL: Value Area Low
  • VWAP: Volume Weighted Average Price
  • OF: Order Flow
  • Buyers hitting offers/ask: Buyers are buying
  • Sellers hitting bids: Sellers are selling
  • SD: Standard Deviation
  • TP: Target Profit
  • SL: Stop Loss
  • ST: Slow Trend 
  • NT: Normal Trend
  • FT: Fast Trend
  • Rhy/Rhythm: The pace of the price movement
  • Chips: Risks.