Daily Report Card 09112020

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Sum­ma­ry: Preps are done for a reason

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

Fair 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: M15 Bull Engulf cre­at­ing new LTF demand at W1 C‑Dem fol­lowed by Bear Engulf tak­ing out the demand. B had closed as a M30 Bear Engulf. C closed as a pos­si­ble base.
  • D: Sus­tained auc­tion down
  • E: Late sus­tained auc­tion entry as per Hypo 3 Short 1.91298 SL 1.91614 TP 1.90705, E closed as pin­bar, could go either way. 
    • M5 Bull Engulf with longer buy­ing wick I took the posi­tion off for scratch (0.2) after being up 0.8R. Not too hap­py with that because I looked at M5. 
    • Pos­si­ble buy­ing wick in E if F clos­es above. Plus a pos­si­ble chance of a sin­gle print fade.
  • F: Closed as doji with­in pin­bar body range sig­nal­ing a consolidation
  • G: Took out M15 sup­ply, start­ed fad­ing D slight­ly, wait­ing for a M30 Bull Engulf close to go long
  • H: Mean rever­sion: long 1.91665 SL 1.91289 TP  1.92416
    • M30 Bull Engulf, H tak­ing fad­ing sin­gle prints in D after 4 TPO struc­ture built.
  • I: Closed off 1.91768 for 0.4R. I am feel­ing tired and I got super jumpy even though I have been work­ing out a lot recent­ly. I think being tired added to the jumpi­ness but I feel good with at least wait­ing for my exit rule to close off the posi­tion even though I think it will go high­er. Nonethe­less. Pock­et­ed some prof­its and learned a lot. 
    • Con­tin­ued tak­ing out sin­gle prints in D reach­ing 1.5R clos­ing with­in IB

Hypos

• Was I right on the direc­tion of the session?
  • GBPNZD
    • Yes 
• Which hypo played out (if any)?
  • GBPNZD
    • Hypo 3 — 50% and 2 — 100%
    • First off was Hypo 3, on a sus­tained auc­tion I went with the con­tin­u­a­tion of the move, when I saw a LTF price rever­sal I quit my short posi­tion for a small prof­it, and then wait­ed for 
    • Hypo 2 after we formed a rever­sal pat­tern I went with a mean rever­sion trade
• How did I hypoth­e­size it play­ing out?
  • GBPNZD
    • Hypo 3 – Con­tin­u­a­tion to yesterday’s move
      • Momen­tum trade, sus­tained auc­tion, ADR exhaustion
    • Hypo 2
      • IB exten­sion down with price action con­firm­ing rever­sal and failed auc­tion form­ing neu­tral day
        • Although no neu­tral day (yet)
• How did it actu­al­ly play out? What did the pro­file and price action show?
  • GBPNZD
    • What I call an exhaust­ed move hit­ting ADR exhaus­tion, price action rever­sal pat­tern, sin­gle print fade, close with­in IB.

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

• I wait­ed slight­ly longer before enter­ing my long posi­tion because I had hoped for a 2nd chance entry to get a bet­ter entry but this didn’t come and when it start­ed tak­ing out the next TPO I entered. 
• Oth­er­wise I did well to go short first and then under­stand price revers­ing and going long when con­fir­ma­tion came through price action and order flow.

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

• Felt good before but then start­ed get­ting real­ly tired. This whole week I have been sleep­ing slight­ly less than nor­mal so that might have caught up with me. 

How well did I fol­low my process?

• Did well for the most part but I did move my SL to under the body of the pre­vi­ous can­dle and messed up my risk and R factor. 

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

• Could have done bet­ter. I felt very jumpy the sec­ond part of the ses­sion and went for a small walk around my place but I should have been lift­ing the weights that are RIGHT BEHIND ME 🙂 next time I’ll try and be more mindful. 

What did I learn today?

• Lifts weights when jumpy
• I can prove to not be mar­ried to my trades and cut off and even reverse. 

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

• Have order flow affirm or negate my bias and go with it if there is a con­flu­ence with con­text and price action.
• Hypos are made before any neg­a­tive feel­ings start tak­ing over. Use the objec­tiv­i­ty of your pre­set plan in accor­dance with prep and week­ly lev­els with read­ing order flow in the moment. 

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

• Doubt my knowl­edge and let the jumpi­ness take over.

Under the cir­cum­stances, did I per­form at my best?

• I did well here

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

Pre­mar­ket Prep GBPNZD 09112020

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