Daily Report Card 09032020

03 Sep Daily Report Card 09032020

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

Sum­ma­ry: Be patient

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
  • C: Extend­ed above IB range, pos­si­ble return to val­ue, mon­i­tor­ing for failed auc­tion and PA con­fir­ma­tion to go short. Due to extend­ing up, in this sce­nario, I am expect­ing a Neu­tral Day. If the sce­nario plays out. C closed inside IB as a pos­si­ble base but not strong­ly into under­ly­ing demand and not form­ing a strong inside bar. Do have a new M15 Bear Engulf sup­ply with­in IB. 
  • D: Closed as RBR mak­ing HHs out­side IB. Pos­si­ble grounds for an oppor­tunis­tic trade with a buy lim­it order at 2nd chance entry of the Bull ENgulf D created. 
  • E: Closed mak­ing HHs test­ing VAL but not inside
  • F: Almost full rota­tion, H4-C‑S 1.97506 proved reac­tive, bar still closed with­in value 
• DAX
  • C: doji dur­ing B and 1 TPO exten­sion up clos­ing inside IB but still high­er than doji con­firm­ing as a RBR since LN open. M15 con­sol­i­da­tion with bear engulf fol­lowed by an inside bar (pos­si­ble base).
  • D: closed as inside bar
  • E: Slight break down from consolidation. 

Hypos

• Was I right on the direc­tion of the session?
  • GBPNZD
    • Yes 
  • DAX
    • Yes 
• Which hypo played out (if any)?
  • GBPNZD
    • Hypo 2 — 90%
      • No val­ue accep­tance based on M30, also the real play would have been an oppor­tunis­tic play towards val­ue accep­tance due to the con­stant RBR being printed. 
  • DAX
    • Hypo 1 — 100%
      • Played out dur­ing IB and then no sig­nif­i­cant exten­sion afterwards
• How did it actu­al­ly play out? What did the pro­file and price action show?
  • GBPNZD
    • Tight IB range with con­stant RBR print­ed on M30, H1 clos­ing as slight bull engulf fur­ther con­firm­ing the direc­tion­al bias. Pro­file extend­ing to one side form­ing a Nor­mal Day.
  • DAX
    • After the run up dur­ing IB, price extend­ed 1 TPO dur­ing C and con­tin­ued trad­ing with­in IB after­wards retrac­ing the ini­tial move. 

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?

• I felt okay. Slight­ly excit­ed to catch a trade worth tak­ing but no oppor­tu­ni­ty worth while pre­sent­ed itself. NBo After F did close with­in val­ue it had already bounced off H4 C‑Sup almost rotat­ing ful­ly so did not con­sid­er it a trade worth taking.

How well did I fol­low my process?

• I did well here

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

• Did well here 

What did I learn today?

• Under­stand­ing what is, is impor­tant. There is no pres­sure to trade. 

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

• Be patient

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

• Think­ing I have to trade. Grow con­fi­dent in find­ing the setups first. 

Under the cir­cum­stances, did I per­form at my best?

• Did well here

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

Pre­mar­ket Prep GBPNZD 09032020

Pre­mar­ket Prep DE30 DAX 09032020

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