Daily Report Card 06102020

My week­ly goal

Fol­low hard entry and exit rules.

Good Pre-mar­ket routines

Good Ses­sion PECS

Good Trade selection

Good Trade Exe­cu­tion & Mgmt.

Good Risk Adjust­ed Returns

Yes Dai­ly review

Mup­pet meter (1 being best — 5 being worst): 1

Sum­ma­ry: Mean Reversion

• Lon­don opened with­in val­ue with a M30 bear engulf dur­ing IB, H4/D1 Con­ter­mi­nous demand is around PVAL and could be an inter­est­ing ZOI to watch
• Due to price open­ing with­in val­ue and details out­lined below I decid­ed to opt for a Swing trade. Fur­ther rea­son­ing for this is the D1 Bull Engulf (coin­cid­ing with H4 demand as well) reject­ing demand and con­se­quent retest of the D1-C‑D 1.94705 ear­li­er in the day. SL is placed below H4 Demand and siz­ing has been cor­rect­ly adjusted.
  • Entry 1.94893 SL 1.94367 TP 1.95946
  • Since this is a swing trade I will reassess the posi­tion tomor­row. Max hold time for the short­er swings is 16 hours, 2–3 days for longer swings.
• After­math
  • Price trad­ed down tak­ing out H1/M30 demand but H4 demand is reac­tive and push­ing price back up also notice­able due to the buy­ing thai­land con­se­quent move back into IB. Look­ing for a new­ly formed H1/M30 demand to be formed to con­firm my bias. Regard­less, the trade either hits my SL or TP with a fur­ther reassess­ment tomor­row morn­ing. To be continued. 
  • New­ly formed M30/H1 demand cre­at­ed due to Bull Engulf

How accu­rate was my assess­ment of mar­ket context?

• I did well here

How did I feel before, dur­ing, and after the trade?

• I felt good before the trade since the swing trade I took was basi­cal­ly the trade loca­tion I was look­ing for. How­ev­er, LN hav­ing opened with­in val­ue, it would have tak­en more effort to time an intra­day trade right (if there was an oppor­tu­ni­ty any­ways). I was point­ed out that this would also be a good loca­tion for a swing trade and since I have nev­er tried that I went for it. Also, with non-trad­ing relat­ed work demand­ing more of my time a swing trade was per­fect to fit my schedule. 
• Even though M30/H1 demand was tak­en out, H4/D1 demand proved to be reac­tive and we formed a new M30/H1 demand through a Bull Engulf. 
• Tomor­row morn­ing I’ll update this

How well did I fol­low my process?

• I did well here

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

• I did well

What did I learn today?

• Fol­low your plan. After hav­ing spend time to come up with a plan and exe­cut­ing it nice­ly I should let my exit rules take care of the rest. I will put up a post‑t note on my screen to respect the M15 can­dle close rule. Just like I have a process for trad­ing I need to let the process of myself play out to many new neur­al con­nec­tions on learn­ing a new habit. I will get there.

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

• Grab oppor­tu­ni­ties to learn and grow. I don’t want to be stuck to one cat­e­go­ry only. Hope­ful­ly through fol­low­ing my process and patience in form­ing neur­al con­nec­tions I can get bet­ter at ‘switch­ing gears’ when it comes to trading.

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

• Don’t be rigid think­ing all or noth­ing. Trad­ing is flex­i­ble and with the right approach plus oppor­tu­ni­ty pre­sent­ed I can switch up to fit my schedule.

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

Pre­mar­ket Prep GBPNZD 06102020

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