Daily Report Card 07072020

07 Jul Daily Report Card 07072020

#dai­lyre­port­card #trad­ing­forex #forex #FX #XAUUSD #GOLD #day­trad­ing #trad­inglifestyle #day­trader­life

Every trad­ing day I recap my trades, includ­ing more than entries and exits. Why did I take the trade? How did I man­age the trade, my emo­tions and cog­ni­tive func­tion? All the good stuff as well as all the ugly of being a day trad­er. No secrets here. As always, feel free to reach out to me. 

My week­ly goal

My goal for this week is to get my siz­ing right. What­ev­er asset, I need to have the cor­rect con­tract size rep­re­sent­ing 1% of my account.

Good Pre-mar­ket routines

Fair Ses­sion PECS

Good Trade selec­tion

Good Trade siz­ing

Fair Trade Exe­cu­tion & Mgmt.

Good Risk Adjust­ed Returns

Yes Dai­ly review

Mup­pet meter (1 being best — 5 being worst): 2

Sum­ma­ry: Val­ue Acceptance

• GBPNZD open with­in val­ue so switch­ing to Gold
• LN opened above val­ue but has been trad­ing down with wider than usu­al IB
• IB extend­ed down and no push back yet test­ing VAH, we might see val­ue acceptance
• LN opened above val­ue, then returned to val­ue, fol­lowed by accep­tance. The close inside val­ue coin­cides with a close below H4 QHi war­rant­i­ng a swing reversal
• Entry short : 1777.68 SL 1781.316 TP 1770.440 
  • Rea­sons: M30 val­ue accep­tance through bar clos­ing with­in coin­cid­ing with a M30 close below H4 QHi after IB exten­sion down.
• H1 closed right on VAH but closed below H4 QHi. Would have liked to see val­ue accept­ed again. M15 show­ing a con­sol­i­da­tion and M30 inside pin bar or poten­tial DBD forming. 
• Look­ing for price to take out 1774.560, oth­er­wise we’d have that buy­ing tail intact. 
• M30 DBD formed with a close near the bot­tom of TPO so F opened in the bot­tom and pro­ceed­ed tak­ing out the buy­ing tail. This could end up tak­ing out the M30 demand.
• Saw a M5 Bull Engulf and was con­sid­er­ing to take the trade off but I remem­bered only clos­ing on M15 close which hap­pened to coin­cide with a M15 Bull Engulf after a buy­ing tail in F.  Closed at 1777.680 for 0.2R Prof­it. As I am writ­ing this I see price drop­ping low­er again so this could actu­al­ly just have been a con­tin­u­a­tion of the pre­vi­ous M30 DBD fol­lowed by anoth­er DBD. 

After­math

• What hap­pened after you closed off the trade? What lev­el did it go to? What price action was formed?
  • After I closed the trade off price retraced all but the buy­ing tail mak­ing me think I could have tak­en the posi­tion off a lit­tle later.
  • M30 closed ever so slight­ly as a bear engulf form­ing anoth­er M30 DBD.

Week­ly Goal Achieve­ment: Have appro­pri­ate sizing

• I got this right. 

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 tak­ing the trade 
• Fol­lowed by some inse­cu­ri­ty dur­ing the trade due to com­ing off a few loss­es and being rep­ri­mand­ed on cer­tain parts of my trad­er devel­op­ment. How­ev­er, I stuck to my process of watch­ing mar­ket pro­file and price action confirmation.
• I feel bet­ter that I did some­what well but I still feel I could have done bet­ter. How­ev­er, this is prob­a­bly due to my some­what neg­a­tive demeanor I cur­rent­ly have. I fol­lowed my rules. This result is only one out of a much larg­er data sam­ple. On to the next!

How well did I fol­low my process?

• Pre-mar­ket routines
  • Write pre­mar­ket prep? Med­i­tat­ed? Visu­al­ized trades?
    • Yes 
• I fol­lowed my process well. Even though I am not feel­ing my ‘best’ today.

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

• Con­sid­er­ing the cir­cum­stances I feel I did well today. Some­thing I neglect­ed to men­tion yes­ter­day is that I have quit smok­ing last week, togeth­er with start­ing a Keto-based diet I am not feel­ing well to say the least. I didn’t think it would affect me as much but I feel very off and since those are the two main ‘dif­fer­ent’ fac­tors in my life I believe it is relat­ed to my per­for­mance. I will need to mon­i­tor myself a bit more but I think the worst is behind me. 

What did I learn today?

• I learned that I can still fol­low my rules when I am not in the best state of mind. Even though I failed to do so yes­ter­day. I need to focus on my rules and let them guide my deci­sions. This takes away the grasshop­per in me and thus increas­es my chances of a pos­i­tive expectancy. 

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

• Fol­low the rules

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

• Look at M5 time frame. My per­for­mance suf­fers when look­ing at low­er time frames.

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

Pre­mar­ket Prep GBPNZD 07072020

Pre­mar­ket Prep Gold XAUUSD 07072020