Daily Report Card 04282020

My week­ly goal

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

Com­bined Score 90

Process Report Card (10 each)       

10 Pre-mar­ket routines

10 Ses­sion PECS

10 Trad­ing the process

10 Dai­ly review

10 Progress toward Week­ly goal

50 Total

Per­for­mance Report Card (10 each)

0 Hypos

10 Real-time analysis

10 Trade selection

10 Trade Exe­cu­tion & Mgmt.

10 Risk Adjust­ed Returns

40 Total

How accu­rate was my assess­ment of mar­ket context?

Gold

At first, I thought Hypo1 was going to play out but I stayed out since the low­er time frame showed me a pos­si­ble change in sen­ti­ment. Even though I was right in my assump­tion I failed to cap­i­tal­ize on it. Rea­son for this was that I rec­og­nized the con­sol­i­da­tion but the BO came in the form of a weak bull­ish engulf­ing as the strong fin­ish­er. This com­bined with me being not too famil­iar with Gold yet I decid­ed to stay out only to see the mar­ket run. I feel okay about this though since I fol­lowed my process. 

How well did I fol­low my process?

I did well here. After see­ing the mar­ket move I kept observ­ing the mar­ket run and took notes. Screen­shot for my play­book and learned some­thing new. 

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

I did great here. 

What’s one thing you learned today?

Focus­ing on the process is when I am at my best. No weird trades just to be in the ‘action’. 

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

Fol­low my process of being the sci­en­tist try­ing to under­stand mar­ket nar­ra­tive with­in the frame­work of my trad­ing rules and approach. 

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

It’s OK to take slight­ly more risk based on edu­cat­ed analy­sis on my 2nd account where I trade oth­er instru­ments than crude. It’s my tuition to the school of trading. 

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