Daily Report Card 07212020

21 Jul Daily Report Card 07212020

#dai­lyre­port­card #trad­ing­forex #forex #FX #BLACKGOLD #CRUDE #CRUDEOIL #GBPNZD #XAUUSD #GOLD #day­trad­ing #trad­inglifestyle #day­trader­life #grasshop­per­sanony­mous

Sum­ma­ry: Sum­mer­time Chop

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. As always, feel free to reach out to me. 

My week­ly goal

Have cor­rect SL place­ment and thus posi­tion sized accordingly.

Good Pre-mar­ket routines

Good Ses­sion PECS

Fair Trade selec­tion

Fair Trade siz­ing or SL placement

Good Trade Exe­cu­tion & Mgmt.

Good Risk Adjust­ed Returns

Yes Dai­ly review

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

Sum­ma­ry: Sum­mer­time Chop

• GBPNZD
  • Open above val­ue (tak­ing out H4 sup­ply 1.92483)  just above ADR 0.5 and H4-C‑S 1.93062 and is trad­ing down fast caus­ing a wide IB range attempt­ing to cross down M30 VWAP and return back to H4-C‑D 1.92657
  • M30 Inside bar
  • Went long on the new­ly formed H4-C‑D 1.92657 (over­all larg­er time frames being bull­ish) using a sub­par M5 bull engulf:
  • Entry long 1.92755, SL 1.92469, 1.93312
  • Got stopped out. 
• WTI
  • Open above val­ue just under ADR 0.5 and is in a tight IB range for now
  • Just made a pop for 41.429 which has been the top of the range for some time now
  • M30 con­sol­i­da­tion with a 3rd can­dle clos­ing as bull engulf, con­tin­u­ing into mak­ing HHs dur­ing H.
  • I was eye­ing a pos­si­ble rever­sal if the 3rd can­dle had been a bear engulf instead but the move seems very strong and look­ing like a lot of bears got caught.

After­math

• GBPNZD
  • The pair just con­tin­ued trad­ing down cre­at­ing a DBD plus accep­tance of val­ue and still continuing
• WTI
  • Strong abnor­mal uni­di­rec­tion­al move based on eco­nom­ic news on China’s recovery

Week­ly Goal Achieve­ment: Have cor­rect SL place­ment and sizing

• I think I did well here on the con­se­quent trades that I was con­sid­er­ing and the one I actu­al­ly took. The first one need­ed a bet­ter place­ment. I will ham­mer in the SL place­ment num­bers for shorts and longs. This will be my home­work for tomorrow. 
• Siz­ing was with­in 10% margin

How accu­rate was my assess­ment of mar­ket context?

• I did fair­ly well here. I should have stuck to my ini­tial bear­ish sen­ti­ment on GBPNZD but hey hind­sight is 20/20 as they say. Learned a lot again and it seems my brains are almost entire­ly back to nor­mal so am hap­py about poten­tial­ly being able to get more trades in. Clean trades obvi­ous­ly but since it is hard for me to trade the NY ses­sion I am look­ing for ways to get more trades in since I usu­al­ly take one trade if any per Lon­don ses­sion. Hard to rack up trades to ana­lyze with this rate but then again: Less haste, more speed. 

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

• Good before the trade and dur­ing the trade. No emo­tion­al imbal­ance. Just clear cut okay this will go against me. Noth­ing wrong with a cal­cu­lat­ed risk even though the set­up was sub­par. That’s why I am here. To learn! 
• Feel­ing great after­wards as well. Learn­ing a lot and excit­ed about hav­ing a longer trad­ing win­dow for WTI.

How well did I fol­low my process?

• I did fair­ly well here

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

• I did much bet­ter here

What did I learn today?

• I learned that I can stay calm even when a lot of things are going on and I am look­ing to get mul­ti­ple things right, like entry, SL place­ment, is it worth it…. Like jug­gling… I am sure this will get eas­i­er over time. 
• FX range has got­ten very tight with a lot of noise and entries have got to be spot on. There­fore from today for­ward I will focus on WTI only for the remain­der of the sum­mer. My pre­cious pre­cious crude oil. My first and prob­a­bly my only real love. Sure I dab­ble a bit in oth­er pairs but I always come back to you 🙂 

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

• Not wor­ry about mon­ey. There is a rea­son the sum­mer is called the sum­mer time chop. It requires way more skill to be able to trade in the sum­mer and I am get­ting there. Just have to be patient. 

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

• Less haste, more speed. 

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

Pre­mar­ket Prep WTI 07212020

Pre­mar­ket Prep GBPNZD 07212020