Daily Report Card 07292020

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Sum­ma­ry: Inde­pen­dent thinking

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

Bad 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: Inde­pen­dent thinking

• WTI
  • Not trad­ing crude today due to FOMC rate deci­sion com­ing out later
• DE30
  • Trad­ing with­in val­ue towards VAH but ADR 0.5 lies near­by out­side of it
  • C: Inside bar with large buy­ing wick off a bounce at H4-C‑D 12822.24
  • D: IB range exten­sion down after an inside bar rever­sal, went short on range exten­sion down
    • Sell stop order below IB: 12795.81 SL 12840 TP 12664. Rea­sons rejec­tion of H4-C‑S 12857.24, M15 Inside bar rever­sal, fol­lowed by con­sol­i­da­tion, fol­lowed by IB exten­sion down
    • Cons: LN open with­in val­ue, H4-C‑D 12822.24 plus low­er time frame demand.
  • E: Close back into IB range but uncon­vinc­ing­ly in low­er time frame new­ly devel­oped sup­ply, still below M30 VWAP so giv­ing it some more time,
  • F: Failed auc­tion, closed off short at ‑0.7R and went long instead
    • 12821.40, SL 12794.82, TP 12900.11
    • Rea­sons: Failed auc­tion and larg­er time­frame being bullish
  • G: M30 RBR
  • H: Closed off trade at ‑0.1R time-based stop
• GBPNZD
  • Test­ed H4-C‑S 1.94324 dur­ing IB clos­ing as M30 bull engulf tak­ing out sup­ply of the con­sol­i­da­tion, still has low­er time frame sup­ply overhead, 
  • C: slight move high­er after bull engulf dur­ing IB, missed a 2nd chance entry due to exter­nal factors
  • D: break from IB range but no momen­tum plays allowed on FX
  • E: Look­ing like a nice trend day for the pair
  • F: Trend con­tin­u­a­tion to ADR 0.5

Week­ly Goal Achieve­ment: Have cor­rect SL place­ment and sizing

• Did well here

How accu­rate was my assess­ment of mar­ket context?

• Did well here

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

• Good before and during
• After­wards bad due to miscommunication

How well did I fol­low my process?

• Based on the rules that were giv­en to me I did well

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

• I was doing great until I found out my chart­ing on DE30 was incor­rect and thus my analy­sis was incor­rect. I have since rec­ti­fied this.
• Upset due to miscommunication.

What did I learn today?

• Alter­ations to trad­ing plan
  • DE30 DAX and GBPNZD
    • Use nor­mal trad­ing window
    • Use appro­pri­ate strat­e­gy applied to rang­ing or trend­ing mar­ket regard­less of sum­mer time
  • Crude
    • Longer trad­ing win­dow up until NYMEX open with cut off half an hour prior
    • Use appro­pri­ate strat­e­gy applied to rang­ing or trend­ing mar­ket regard­less of sum­mer time
  • Can have 3 active trades, each 1R stop loss, open as I see fit, exit rules time-based, pro­file, or new SD ZOI formations

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

• Do what I think is right. Ask for for­give­ness lat­er (if need be). I was already think­ing this recent­ly but didn’t want to, what I thought could be con­strued as, dis­re­spect or show inabil­i­ty to fol­low rules.

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

• Blame oth­ers for my poor per­for­mance. Change what­ev­er I can and keep going. 

Under the cir­cum­stances, did I per­form at my best?

• I did okay

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

Pre­mar­ket Prep DE30 DAX 07292020

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Pre­mar­ket Prep GBPNZD 07292020

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