Daily Report Card 07132020

13 Jul Daily Report Card 07132020

#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

Good Ses­sion PECS

Good Trade selec­tion

Good Trade siz­ing

Good Trade Exe­cu­tion & Mgmt.

Good Risk Adjust­ed Returns

Yes Dai­ly review

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

Sum­ma­ry: Pos­si­ble Dai­ly VWAP Rejection

• GBPNZD LN opened above val­ue (with­in M30 QHi) and pro­ceed­ed to cre­ate a very wide IB range and is still drop­ping away from H4 sup­ply con­ter­mi­nous 1.92486
• Very wide IB down, pos­si­ble return to val­ue (coin­cid­ing with H4-C‑D 1.92060 & 1.91932)
• D did make a 1 TPO LL but then closed inside IB M30 con­sol­i­da­tion above H4-C‑D 1.92065
• The drop fur­ther from con­sol­i­da­tion uncon­vinc­ing­ly closed with­in val­ue so did not go short. This com­bined with under­ly­ing demand giv­ing sub-opti­mal Risk to Reward.
• No trade obtained dur­ing trad­ing win­dow. Thought a pos­si­ble val­ue accep­tance (after the M30 DBD) but the close with­in val­ue was not too con­vinc­ing to me even though we did end up rotat­ing through val­ue. The con­se­quent bar did close well with­in val­ue although with ASR exhaus­tion  and near­by H4-C‑D 1.91925 I decid­ed to not go short. Hence: No trades today. TBH I might be a lit­tle gun shy as well because of last week but try­ing to lis­ten to my ‘inner-voice rea­son­ing’. Larg­er time frame is bear­ish and we are com­ing off a big move down so there might be a con­tin­u­a­tion to the move. 

After­math

• Price tried reject­ing val­ue but closed with­in val­ue as a pos­si­ble M30 DBD or con­sol­i­da­tion. H1 also clos­ing well with­in val­ue and went on to con­tin­ue take out demand and H4 huge Bear Engulf cross­ing down VWAP. It’s look­ing like a uni­di­rec­tion­al day so far.
• If I had an entry based on the 2nd bar with­in val­ue I would have had only 11 ticks profit.

Week­ly Goal Achieve­ment: Have appro­pri­ate sizing

• Not rel­e­vant since I did not take a trade

How accu­rate was my assess­ment of mar­ket context?

• I did well here

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

• Not rel­e­vant since I did not take a trade

How well did I fol­low my process?

• I did well here

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

• Feel­ing bet­ter although I did get a slight headache late into the ses­sion but that might just be from a lack of sleep. I don’t have the cloud hang­ing over my head though or brain fog or what­ev­er they call it. Glad there is a pos­i­tive change in my per­cep­tion ability.
• Because of the state I was in last week I have to con­sid­er the pos­si­bil­i­ty of being ‘gun shy’. So will see the rest of the week if I am miss­ing trades I should nor­mal­ly be taking. 

What did I learn today?

• Trust your own judge­ment. Even if you missed some­thing and your judge­ment was wrong. You’ll know that there is some­thing to work on, name­ly the thing that you missed. In oth­er cas­es I have noticed that when I am not con­vinced of tak­ing a trade it is usu­al­ly because of lack of con­fi­dence in the move or oth­er­wise my sub­con­scious telling me to stay out. OR I am not in the right state of mind and I should be hit­ting the gym. Both rea­son enough to not take the trade.

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

• Gain expe­ri­ence by observ­ing dif­fer­ent sce­nar­ios and tak­ing notes for my playbook

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

• Go against my inner-voice

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

Pre­mar­ket Prep Gold XAUUSD 07132020

Pre­mar­ket Prep GBPNZD 07132020