Daily Report Card 08252020

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

Sum­ma­ry: Okay to have lack of clarity

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: Okay to have lack of clarity

• GBPNZD Ini­tial­ly thought: Non-Trend Day, but more like­ly Neu­tral day
  • LN open slight­ly above val­ue, inside range but since it was so slight­ly I could think of it as inside val­ue thus respon­sive activ­i­ty. A closed as val­ue accep­tance (even though I am con­sid­er­ing the open as with­in thus there is no acceptance)
  • C: Inside bar after B closed as Bull Engulf, no IB extension
  • D: Closed as Bull Engulf
  • E: H1 demand tak­en out with 1 TPO exten­sion down from IB, closed as M30 Bear Engulf, respon­sive activity
  • F: Due to respon­sive activ­i­ty no more fur­ther updates 
• DE30 DAX Prob­a­bly a Neu­tral Day as well
  • LN open above val­ue out­side range at ADR 0.5
  • C: Extend­ed IB down and pro­ceed­ed to close with­in IB
  • D: Closed as a slight bear engulf in con­sol­i­da­tion and made no LL
  • E: hit Low of the ses­sion (dur­ing C) and closed with­in IB again.
  • F: Trad­ed with­in IB. Respon­sive activity. 

Hypos

• Was I right on the direc­tion of the session?
  • GBPNZD
    • No, I cleared lat­er that an open this close to VAH is still an open with­in val­ue. Will be mind­ful next time. 
  • DE30 DAX
    • Yes, kin­da. In absence of a move down I can (kin­da) say Hypo 3 was in play even though it did not com­plete with­in the trad­ing win­dow. Only give it 25%. 
• Which hypo played out (if any)?
  • GBPNZD
    • With­in val­ue, respon­sive activity
  • DE30 DAX
    • Hypo 3 — 25% (with­in trad­ing window)
• How did I hypoth­e­size it play­ing out?
  • DE30 DAX
    • Even though an open above val­ue, out­side range I hypoth­e­sized a bounce off VAH
• How did it actu­al­ly play out? What did the pro­file and price action show?
  • IB showed a bull engulf in A which B almost com­plete­ly retraced, we then con­tin­ued a fake out IB exten­sion down but no fol­low-through. Watch­ing paint dry as Dee says. 

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

• I was aligned with mar­ket nar­ra­tive in an atyp­i­cal sense. Since I did not have clar­i­ty on what the nar­ra­tive was I decid­ed to stay out. Know­ing you lack clar­i­ty in the mar­ket is a valu­able piece of infor­ma­tion! Only trade when you have an edge — says every fuck­ing tweet­ing trad­er ever! So here’s mine! 🙂

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

• I am sick but feel good enough to use my brain some­what. So on one side not good that I still sat here. I have the ten­den­cy to want to have to trade. Which is non­sense. The mar­kets will be here tomor­row. On the oth­er side, great… since I did still fol­low my process and came to ratio­nal conclusions. 

How well did I fol­low my process?

• Did well here

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

• Did well here

What did I learn today?

• That I can stay ratio­nal and I have to men­tion it again. Psst….  You! You! Lis­ten up. Work­ing out fuck­ing helps. It’s the SECRET to trad­ing 🙂 I def­i­nite­ly feel less fight or flight. So don’t fight it (see what I did there?!)! Just do it.

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

• Feel­ing okay with not trad­ing. Nobody is going to beat me up (besides ME which is a whole dif­fer­ent top­ic) for not trad­ing. Don’t have to impress any­one but your­self. Impress your­self with doing the right thing for you. Even though I am under the weath­er. I hon­est­ly felt like trad­ing and didn’t have that voice say­ing maybe don’t trade huh?! So take that as you will. 

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

• Care about oth­er people’s opin­ions. Espe­cial­ly in trad­ing. Work off things that mat­ter. Trad­ing loca­tions mat­ter. Intra­day sen­ti­ments mat­ter. Price action mat­ters. My inter­pre­ta­tion of con­flu­ence mat­ters. Stats of play­ing the con­flu­ence out mat­ters. If you or your edge doesn’t work well any­more, the stats will give you an insight into why that might be. 

Under the cir­cum­stances, did I per­form at my best?

• Hell yeah

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

Pre­mar­ket Prep DE30 DAX 08252020

See more

Pre­mar­ket Prep GBPNZD 08252020

See more