Daily Report Card 07222020

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Sum­ma­ry: Bad Jokes Wednesday

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

Good 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): 1

Sum­ma­ry: Vegas Trades

• WTI
  • LN open slight­ly below val­ue pro­ceed­ed to go into val­ue and IB end­ed with a M30 Bear Engulf below VAL reject­ing it
  • I placed a 2nd chance entry sell lim­it order at 41.51 in case of a 2nd chance entry due to price com­ing off medi­um larg­er time frame new highs and mak­ing sup­plies along the way down, price enter­ing val­ue and reject­ing it,
  • No 2nd chance entry and price pro­ceed­ed mov­ing down
  • G closed back into IB with a M30 Morn­ing star only slight­ly though, wait­ing for a 2nd chance entry from new­ly formed morn­ing star
  • H1 is show­ing a con in terms of a DBD but tak­ing the lead off the M30 morn­ing star formed slight­ly above ADR 0.5 after ASR exhaus­tion I think it is a good trad­ing idea
  • Look­ing at new­ly formed M30 C‑Dem off the morn­ing star I decid­ed that my stop would be too wide so I dug deep­er into the low­er time frames and decid­ed the ‘best’ entry was based off the M5 demand formed. I placed a buy lim­it sell order there but because I felt a lack of con­fi­dence in the set­up I decid­ed to put in half a posi­tion size. Buy lim­it order at 41.097
  • I was then point­ed out that it it bet­ter to place order at a round num­ber and SL a lit­tle wider so changed the lim­it order to 41.1 instead and placed the SL below to 40.933, Fur­ther­more, I could split up the posi­tion since I was plan­ning to go in half posi­tion in first any­way and the trade idea was valid. So I put a buy lim­it sell order at M30 C‑Dem at 41.20 and then left the pre­vi­ous lim­it order. This way I am split­ting my posi­tion to get a bet­ter aver­age posi­tion. If the M30 C‑Dem proves reac­tive I’d still have a half posi­tion in the game. 
  • I was fum­bling around with the order at 41.20 and since price was reach­ing it I decid­ed to put it in man­u­al­ly this time. But now I know about this tech­nique and I’ll prac­tice on get­ting it right the next time. 
  • Have posi­tion in at 41.235
  • Price con­tin­ued low­er and did not trig­ger my buy lim­it order instead kin­da mean­dered around a bit. After M30 closed down into demand it was evi­dent to have the next bar either close well into the new­ly formed sup­ply over­head ot oth­er­wise my trade idea would be invalidated. 
  • The next bar did not fin­ish there and I took the trade off man­u­al­ly at 41.095 at a ‑0.35 R loss

After­math

• WTI
  • The mar­ket con­tin­ued slight­ly down and even­tu­al­ly now with NYMEX open I see it trad­ing high­er. Doesn’t mat­ter though since I didn’t obtain a work­ing trade with­in my trad­ing window.

Week­ly Goal Achieve­ment: Have cor­rect SL place­ment and sizing

• I did okay here. My SL place­ment could have been slight­ly bet­ter although it wasn’t hor­ri­ble. I will con­tin­ue to work on this. Siz­ing was slight­ly off due to me fum­bling try­ing to put into prac­tice a new con­cept tak­ing into con­sid­er­a­tion mul­ti­ple fac­tors plus want­i­ng to under­stand it before I actu­al­ly do it. Plus…. MT4 is not the eas­i­est to put lim­it orders in. Not an excuse, just a fact. I’ll get bet­ter at this as well since nor­mal­ly I’ll have more time to put in the order instead of how it went down today ‘in the heat of the moment’ 🙂

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…  wait­ed for the right oppor­tu­ni­ty and then went in. Like a good mar­ket stalker 🙂 
• Dur­ing the trade I felt good but also thought the trade wouldn’t work out. STill I let my rules play out and fol­lowed instruc­tions and there­fore exe­cut­ed well I could say. 
• Feel­ing good after the trade even though I am on a los­ing streak here or draw­down as we call it. All good though. Sum­mer months are trick­i­er. This com­bined with learn­ing new con­cepts in the heat of the moment I feel I can cut myself some slack. Fur­ther­more, I am at the lev­el where I am still mak­ing the con­cepts my own. Mak­ing mon­ey is some­thing my future self will think about or prob­a­bly won’t…. It’s a result of your process. Mon­ey is not the objec­tive. Just a side-effect. A very pleas­ant side-effect of fol­low­ing your process. 

How well did I fol­low my process?

• Did well here

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

• Did well here as well. I felt that buzz of being in flow again for the first time since I tried and failed (horribly)at Keto so that is pos­i­tive devel­op­ment to say the least. Right now I am feel­ing a bit of that headache again so will reeval­u­ate my din­ner or per­haps it is a lack of water again. I did hydrate but yeah…. Will keep taps on it. 

What did I learn today?

• I learned about aver­ag­ing into a posi­tion but still with­in the lim­its of a trad­ing idea based on the instru­ment that I am trad­ing. Vegas Trades style so don’t go willy nil­ly add to a los­ing posi­tion now ya hear?! 🙂 
• Using new­ly formed SD ZOIs and price action either clos­ing into it or not as a tech­nique to cut positions

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

• Pos­ing in biki­nis hold­ing up charts to get more fol­low­ers. Well at least start doing it 🙂

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

• Take life too seri­ous­ly 🙂 Might as well have fun when you do what you love to do. Does that make sense?! 😛

Under the cir­cum­stances, did I per­form at my best?

• I did my friend. I did. 

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

Pre­mar­ket Prep WTI 07222020

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