Daily Report Card 09042020

#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
  • Mean Rever­sion con­di­tions apply, no PA con­fir­ma­tion yet. 
  • C: Extend­ed up, closed as a doji with longer sell­ing wick with­in IB, M15 Bear Engulf above VWAP though. 
  • D: Closed with­in IB com­plet­ing M30 Evening star. Sell­ing tail in C. 
  • E: Hypo 1: Mean reversion. 
    • M30 Evening star. Sell­ing Tail in C (at close of D inside val­ue). Failed Auc­tion. At D1-C‑S 1.98136. WIll mon­i­tor OODA for an IB exten­sion down and a sus­tained auction.
    • Short: 1.97981 SL 1.98279 TP 1.97390
    • Closed with­in IB as a slight con­tin­u­a­tion down. Low ini­tia­tive day most like­ly due to under­ly­ing demand. Expect­ing a Neu­tral Day.
  • F: Extend­ed down. Would like to see a close below IB range. F closed below IB range. LEav­ing a few sin­gle prints behind if G doesn’t take them out.
  • G: Closed at 1.97651 for 1.1R prof­it. Being in a draw­down I have tighter cap­i­tal preser­va­tion rules. G closed mak­ing LLs hit­ting M30 LKC in UT and longer buy­ing wick.
  • H: close out at noon would have yield­ed slight­ly less than what I got. H closed as a M30 inside bar with long buy­ing wick and is look­ing like I will take out the sin­gle prints in F
  • I: took out sin­gle prints
• DAX
  • IB 1.1xASR, pos­si­ble respon­sive activity
  • C: slight exten­sion up, no fol­low-through yet, closed as an inside bar with slight­ly longer sell­ing wick
  • D: 
  • E: M30 drop fol­lowed by inside bar (Closed as M15 Bull ENgulf at VWAP) No effort to extend IB range up again. Tak­ing a paper trade to see what happens/ 
  • F: F closed mov­ing high­er extend­ing up from IB again reach­ing 1R
  • G: M30 bear engulf

Hypos

• Was I right on the direc­tion of the session?
  • GBPNZD
    • yes
  • DAX
    • yes
• Which hypo played out (if any)?
  • GBPNZD
    • Hypo 1 — 100%
  • DAX
    • Hypo 1
      • - 90%
• How did I hypoth­e­size it play­ing out?
  • GBPNZD
    • Above val­ue, out­side range at D1-C‑S 1.98136 about 1xASR away
    • Cons H4 QLo, price above H4 VWAP
  • DAX
    • Long mean reversion
• How did it actu­al­ly play out? What did the pro­file and price action show?
  • GBPNZD
    • M30 Evening star. Sell­ing Tail in C (at close of D inside val­ue). Failed Auc­tion. At D1-C‑S 1.98136.
    • Mak­ing LLs hit­ting ADR 0.5 near D1-C‑D 1.97354 prov­ing to be reac­tive and con­se­quent reversal
    • Neu­tral Day
  • DAX
    • Due to 1.1xASR I was expect­ing more respon­sive activ­i­ty which we did get. No con­tin­u­a­tion to the upside move exten­sion. Play hap­pened ear­ly dur­ing IB.
    • Nor­mal Day

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

• Did well here

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

• Did well here

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?

• DAX might be more suit­able to trade ear­li­er in the ses­sion (dur­ing IB)

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

• Be selec­tive in the trades I take

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

• Try and look for clues out­side of exit rules to close off a trade. If there are valid con­di­tions they would be part of my exit rules. If they are not at the moment of trad­ing they can be in the future. No need to change things on the fly. Hav­ing said that, I did play out my exit rules and even wait­ed for a M15 can­dle close before clos­ing my position. 

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 09042020

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Pre­mar­ket Prep DE30 DAX 09042020

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