Daily Report Card 09092020

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

Sum­ma­ry: Lack of Clar­i­ty = No 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

• GBPNZD
  • B closed inside bar with longer buy­ing wick, IB closed as a pos­si­ble H1 base but with longer buy­ing wick
  • C: closed as an inside bar with longer buy­ing wick, M15 Bear Engulf into under­ly­ing LTF demand but then closed retrac­ing almost all of the bear engulf, Con­sol­i­da­tion more like­ly, no IB extension 
  • D: Closed with­in con­sol­i­da­tion range thus no IB range
  • E: Closed as a M30 Bull Engulf with­out IB exten­sion. I don’t like VWAP in DT being so close and offer­ing below 1R. A more like­ly sce­nario for a good R/R oppor­tu­ni­ty would be Hypo 3 
  • F: Closed as M30 Bear Engulf with­in IB (no exten­sions) wait­ing for a poten­tial exten­sion down to go with, H4-C‑D 1.94804 right there so will go in with a half posi­tion. ALso since it is fair­ly late in the session. 
  • G: IB exten­sion down after M30 Bull Engulf at VWAP, H1 con­tin­u­ing clos­ing lower, 
    • Half posi­tion short 1.94993, SL 1.95293, TP 1.94081
    • Expect­ing low/medium ini­tia­tive activ­i­ty, look­ing for sus­tained auc­tion in H oth­er­wise might close at noon, in case of a sus­tained auc­tion I might con­sid­er let­ting it ride for anoth­er TPO. 
    • G closed below IB
  • H: Made LLs, 1R reached at 1x IB range
  • I: Closed at 1.94815 when we had formed a M5 inside bar fol­lowed by anoth­er with­in it’s range (con­sol­i­da­tion) right at H4-C‑D 1.94804 mak­ing me think we lost momen­tum down. This also hap­pened after we extend­ed 1xIB range. As I am writ­ing I think I made the right deci­sion but it might just be the over­lap noise 🙂 Even though price reached 1R I took it off at 0.9R so with half a posi­tion I have a lit­tle over 0.4R
    • Sin­gle prints got tak­en out as well (although tech­ni­cal­ly they are not sin­gle prints yet until there is a close at the next TPO) 

 

Hypos

• Was I right on the direc­tion of the session?
  • GBPNZD
    • Yes
• Which hypo played out (if any)?
  • GBPNZD
    • Hypo 1 — 70%
      • I’m only giv­ing it a 70% because I hypoth­e­sized a dif­fer­ent move as out­lined below. 
• How did I hypoth­e­size it play­ing out?
  • GBPNZD
    • Pref­ered: IB exten­sion down with sus­tained auc­tion. Could be grounds for a momen­tum trade due to medi­um and larg­er time frame bear­ish sentiment.
• How did it actu­al­ly play out? What did the pro­file and price action show?
  • GBPNZD
    • Lots of con­fus­ing price action with­in IB and then towards the end of the ses­sion an IB exten­sion down. 

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

• I did well here.
  • 1) I stayed out not lik­ing the weak ‘bull­ish’ signs with­in IB due to loca­tion of open vs VWAP
  • 2) I did well at the end notic­ing IB extend­ed 1x to H4-C-Dem and M5 start­ed mak­ing a con­sol­i­da­tion instead of a DBD I pulled out. 

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

• Did well here

How well did I fol­low my process?

• Did welle here

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

• Did well here. Still eat­ing lat­er in the ses­sion and it is pay­ing off. 

What did I learn today?

• Lack of Clar­i­ty = No Trades

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

• Have no expec­ta­tions. Not of the next trade. Not of my career in trad­ing. Only thing that mat­ters is how am I try­ing to improve to catch the next oppor­tu­ni­ty better. 

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

• I did well today so let­ting this one go today

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 09092020

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