Daily Report Card 08202020

#dai­lyre­port­card #day­trad­ing #trad­inglifestyle #day­trader­life #grasshop­per­sanony­mous #trad­ing­forex #trad­ing­com­modi­ties #NEXT

Sum­ma­ry: Trad­ing is not about tak­ing trades

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: For­mu­late hypos in order of like­li­hood and track with actu­al devel­op­ment on the day

Good 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): 1

Sum­ma­ry: Trad­ing is not about tak­ing trades

• GBPNZD Trend Day
  • LN open with­in val­ue at H4-C‑D 1.99504 pro­ceed­ed to reject val­ue dur­ing IB
  • C: IB exten­sion up into M30 sup­ply / D1-C‑S 1.99961 after M30 bull engulf dur­ing IB at H4-C‑D 1.99504 leav­ing sin­gle prints behind
  • D: HHs and test­ing H4-C‑S 2.00550
  • E: ADR/ASR exhaust­ed, look­ing for continuation
  • F: made HHs but form­ing some struc­ture at the top now
  • G: closed as an inside bar. Was wait­ing for a pos­si­ble rever­sal here but no signs of stop­ping yet and trad­ing win­dow closed.
  • H: made a slight HH clos­ing as Bull Engulf in what looks like a consolidation

Hypos

• Was I right on the direc­tion of the session?
  • Yes
• Which hypo played out (if any)?
  • Hypo 2 played out 100%
• How did I hypoth­e­size it play­ing out?
  • H4-C‑D near VAH being reac­tive and caus­ing a val­ue rejection
• How did it actu­al­ly play out? What did the pro­file and price action show?
  • A M30 bull engulf at H4-C‑D dur­ing IB and IB exten­sion momen­tum play leav­ing sin­gle prints behind tak­ing out over­head sup­ply ulti­mate­ly hit­ting 4+R. 

How accu­rate was my assess­ment of mar­ket con­text? Was I aligned with mar­ket context?

• I did well here

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

• Did not take any trades but instead observed and felt good doing so. No FOMO with want­i­ng to be in the trade. Feel com­posed mak­ing ratio­nal decisions.

How well did I fol­low my process?

• I did real­ly well here

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

• I felt great. Eat­ing lat­er in the ses­sion seems to be good. I will exper­i­ment with this a while longer. 

What did I learn today?

• Late sus­tained auc­tion entry — will con­sid­er exper­i­ment­ing with this at a lat­er stage. First focus on the foun­da­tion of the MS approach.

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

• Being okay not trad­ing. Did well today not feel­ing any FOMO. 

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

• Wor­ry or fan­ta­size (same thing) about pos­si­ble out­come of ONE sin­gle trade. It is the long run that matters. 

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:

Pre­mar­ket Prep GBPNZD 08202020

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