Daily Report Card 04232020

My week­ly goal

Only take trades when there are at least 3 con­flu­ences. Trade loca­tion. Mar­ket Pro­file. Price action confirmation. 

Com­bined Score 85

Process Report Card (10 each)       

10 Pre-mar­ket routines 

10 Ses­sion PECS 

10 Trad­ing the process 

0 Dai­ly review 

10 Progress toward Week­ly goal 

40 Total

Per­for­mance Report Card (10 each)

10 Hypos

10 Real-time analysis

5 Trade selection

10 Trade Exe­cu­tion & Mgmt.

10 Risk Adjust­ed Returns

45 Total

How accu­rate was my assess­ment of mar­ket context?

SPX500

None of my hypos played out. I should have paid more empha­sis on the M30 chart show­ing a strong pos­si­bil­i­ty of more buy­ers com­ing in. Took this into my review and will incor­po­rate it into my play­book tomorrow. 

Gold

Hypo2 played out about 80%. We stayed in bal­ance and thus there were no oppor­tu­ni­ties to trade today.

How well did I fol­low my process?

I did well fol­low­ing my process. Although I should have put more empha­sis on the low­er time frames indi­cat­ing more buy­ing com­ing. Nonethe­less, I did great in let­ting the trade play out. Sad­ly it hit my stop loss. Part of the game. 

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

I did great here. 

What’s one thing you learned today?

I am OK with tak­ing a loss. It doesn’t mat­ter when treat­ing one trade as part of a larg­er data set. 

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

Fol­low my rou­tine. Take my stops. 

What’s one thing I need to do less often?

Focus just on high­er time frames. If the low­er time frame tells a dif­fer­ent sto­ry then go with that. 

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