Daily Report Card 07272020

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Sum­ma­ry: Process. Patience. Persistence. 

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.

Bad Pre-mar­ket routines

Good Ses­sion PECS

Good Trade selec­tion

Good 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: Process. Patience. Persistence.

• WTI
  •  LN open with­in value
  • C: trad­ing with­in val­ue after some consolidation
  • D: D closed as Bear engulf but hasn’t reject­ed value
  • E: closed as bull engulf with­in value
  • F: trad­ing with­in value
  • G: Move to slight­ly out­side VAH (not reject­ing val­ue yet also lay­ing ahead is ADR 0.5)
  • H: no val­ue rejec­tion yet, pos­si­ble inside bar
  • I: still no real rejection
  • J: Val­ue rejec­tion through M30 marubozu break­ing above ADR 0.5
  • K: Closed as shoot­ing star or pos­si­ble RBR
  • L: Pull back to VAH to test and con­se­quent push back form­ing a consolidation
• DE30
  •   LN open with­in value
  • C: trad­ing with­in val­ue form­ing a pos­si­ble shoot­ing star reject­ing val­ue but need D to confirm
  • D: D closed as Bear engulf but hasn’t reject­ed val­ue and it’s a weak con­fir­ma­tion of the shoot­ing star
  • E: closed as bull engulf with­in value
  • F: trad­ing with­in value
  • G: trad­ing with­in value
  • H: no val­ue rejec­tion yet
  • I: No rejection
  • J: No rejection
• GBPNZD
  •  LN open with­in value
  • C: Failed rejec­tion through m30/h1 Bull Engulf, C clos­ing as pos­si­ble shoot­ing star or Base after Rally
  • D: M15 show­ing RBR with a bull engulf that had a nice 2nd chance entry oppor­tu­ni­ty, M30 closed as RBR at UKC
  • E: closed as pos­si­ble inside bar or RBR, M15 indi­cat­ing an inside bar is more likely
  • F: Inside bar com­plete through a push away from over­head sup­ply H4-C‑S 1.92650 and now devel­op­ing H1 inside bar, m15 show­ing con­sol­i­da­tion fol­lowed by bear engulf back to new­ly formed M15 demand and VAH
  • G: M30 bull engulf above VAH indi­cat­ing pos­si­bil­i­ty of H1 RBR form­ing at the close of G
  • H: bull engulf in G fol­lowed by a doji in H above new­ly formed M30 demand
  • I: M30 RBR com­plete, M15 evening star with­in sup­ply, H4 Bull Engulf new H4-C‑D 1.92433 formed
  • J: J closed as M30 Bear Engulf, H1 con­sol­i­da­tion continues

Week­ly Goal Achieve­ment: Have cor­rect SL place­ment and sizing

• Did not take any trades today due to rea­son out­lined below

How accu­rate was my assess­ment of mar­ket context?

• I did well here

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

• No trades tak­en today

How well did I fol­low my process?

• I did not write my pre­mar­ket prep because I didn’t think I was going to trade today. Which I didn’t. 

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

• I thought I was going to be less focused but sur­pris­ing­ly did okay today. The rea­son for not trad­ing today is because I lacked sleep for two days in a row and after­wards I rarely per­form well to say the least. Hence my rule to not trade then. I will sleep ear­ly tonight and be good to go tomorrow. 

What did I learn today?

• I learned that it is okay to take a day off espe­cial­ly when it is per my own rules
• The mar­kets aren’t going any­where. I have this idea of lost time = lost oppor­tu­ni­ties. The mar­kets will be here and I am bet­ter at trad­ing them when I am well-rest­ed. There’s no need to put too much pres­sure on myself. 
• This was also good to test myself to not trade today

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

• Fol­low my rules. They are defined at a moment when things were clear and you found enough rea­son to incor­po­rate them into your plan. Thus… abide by them. Don’t go chang­ing up rules on the fly because it suits you in that moment. Which luck­i­ly I did fol­low my rules today. The mar­kets will be here tomor­row and the next and the next. 

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

• Stray from the process. Remem­ber: Process. Patience. Persistence. 

Under the cir­cum­stances, did I per­form at my best?

• I did very well today 

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

DE30 DAX Week 31 Trad­ing Plan

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WTI Crude Week 31 Trad­ing Plan

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