Daily Report Card 09022020

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

Sum­ma­ry: One foot in front of the other

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: 

• GBPNZD
  • Below val­ue, out­side range at 0.8xASR after already marked 1xASR dur­ing HK, togeth­er with D1 C‑Dem could be grounds for a mean reversion
  • C: Closed break­ing out from IB range, not entire­ly clear­ing VWAP, I had put in a buy stop order and that got trig­gered on exten­sion at 1.97586. SL 1.97286 TP 1.98189
  • D: Closed off at ‑0.7R due to D not mak­ing HHs and clos­ing with­in IB plus M30 Bear Engulf
  • E: E closed with­out mak­ing HHs and with­in IB low­er than D
  • F: M30 Bull Engulf, low/medium ini­tia­tive activ­i­ty day, pos­si­ble neu­tral day no 1x IB exten­sion yet, yesterday’s low in the way
  • G: Made HHs 

• DAX
  • Above val­ue, with­in range at VAH, imme­di­ate push high­er dur­ing IB
  • C: IB exten­sion up, ADR exhaustion, 
  • D: HHs with sin­gle prints
  • E: HHs
  • F: Build­ing struc­ture but no rever­sal yet

Hypos

• Was I right on the direc­tion of the session?
  • GBPNZD
    • yes
  • DAX
    • yes
• Which hypo played out (if any)?
  • GBPNZD
    • Hypo 2 — 100%
  • DAX
    • Hypo 1 — 100%
• How did I hypoth­e­size it play­ing out?
  • GBPNZD
    • LN open below val­ue, out­side range, mean rever­sion at D1-C‑D 1.97354 at ADR 0.5, near ADR Exhaus­tion, 1xASR away from VAL
  • DAX
    • Con­tin­u­a­tion to the upside
• How did it actu­al­ly play out? What did the pro­file and price action show?
  • GBPNZD
    • As hypoth­e­sized but ini­tial fake out exten­sion and return to IB, fol­lowed by bull engulf extend­ing up again.
    • Neu­tral day, IB extend­ed to one side
  • DAX
    • Extend­ed to one side leav­ing sin­gle prints behind but not a lot. Nor­mal Day.

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

• I did well here although I could have played the mean rever­sion bet­ter as I will out­line below. 

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

• I felt a bit ner­vous before the trade. Think­ing if I was mak­ing the right call or not but went for it any­way. I do feel I was mak­ing ratio­nal deci­sions based on what I was see­ing but my entry method could have been better.

How well did I fol­low my process?

• Did okay here. Good that I cut the trade off after tak­ing a OBR and no con­tin­u­a­tion on the move with D. 

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

• Did well here. Again, eat­ing lat­er helps with the process. 

What did I learn today?

• OBR needs momen­tum and thus is less suit­ed for a mean rever­sion trade in FX. More suit­ed for sin­gle stocks, equi­ty indices and gold. Asset man­age­ment type products. 
• Mean Rever­sion could also be suit­ed for an ear­ly entry based on low­er time frame price action. I will refrain from this for now though since I am focus­ing on bas­ing my plays on the M30. 

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

• Not be afraid to make mistakes

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

• Wor­ry about the out­come of one sin­gle trade 

Under the cir­cum­stances, did I per­form at my best?

• I thought I did

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

Pre­mar­ket Prep GBPNZD 09022020

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