Daily Report Card 09162020

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

Sum­ma­ry: Melt­ing Old with New Approach

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: Val­ue Accep­tance in B, fol­lowed by M15 Bear Engulf dur­ing C. Closed as Bear Engulf form­ing a Neu­tral Day, 
  • D: Closed almost com­plete­ly retrac­ing C (con­sol­i­da­tion), H1 Con­sol­i­da­tion although closed with­in longer buy­ing wick, M15 clos­ing with­in sup­ply (no break of VWAP yet), pos­si­ble Hypo 4 in process
  • E: Con­sol­i­da­tion con­tin­ues 5 bars in, one left to go. ALthough closed as a pos­si­ble Base. Think­ing the open was very close to VAL so that would explain the respon­sive activ­i­ty we are see­ing now. 
  • F: M15 sup­ply tak­en out, M30 VWAP still in the way with supply. 
    • Took a paper trade 1.91621 SL 1.91320 TP 1.92224
      • IB extend­ing over the ini­tial 2 ticks
    • F made HHs, took out M30 sup­ply still 9 min­utes left though, rotat­ed through val­ue reach­ing M30 QHi, Closed at VAH, no good prof­it tar­get from here (H4-C‑S 1.91940) so won’t take any real trades but instead mon­i­tor. Also IB extend­ed up 2 ticks before extend­ing down 2 ticks cre­at­ing a neu­tral day so not sure on what to expect on a day like this. 
  • G: Made HHs clos­ing above H4-C‑S 1.91939 reach­ing 1.2R on the paper trade
  • H: Took out LTF sup­ply and mak­ing HHs, 2R reached, going on 2.2R

Hypos

• Was I right on the direc­tion of the session?
  • GBPNZD
    • Yes 
• Which hypo played out (if any)?
  • GBPNZD
    • Hypo 4 — 95%
• How did I hypoth­e­size it play­ing out?
  • GBPNZD
    • Pre­ferred: Con­sol­i­da­tion and strong bull­ish fin­ish­er, val­ue accep­tance and rota­tion, sus­tained auc­tion tak­ing out LTF sup­plies, clos­ing with­in over­head H4 supply
• How did it actu­al­ly play out? What did the pro­file and price action show?
  • GBPNZD
    • Exact­ly as hypoth­e­sized but there was no strong M30 Bull Engulf oth­er­wise I would have entered. H4 Bull ENgulf closed with­in over­head supply. 

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

• Very accu­rate. Even though it was the 4th Hypo that played out and there was no strong fin­ish­er that I had ‘hoped’ for. Under cur­rent trad­ing rules I am not allowed to enter although I could have used the late sus­tained auc­tion entry. But with the way F closed and over­head sup­ply I did not see a good prof­it tar­get wor­thy of tak­ing the risk. So instead I decid­ed to observe and take notes. Being flat is okay. No FOMO here. 

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

• No trades tak­en. I felt okay with not trad­ing based on my observations.

 

How well did I fol­low my process?

• Did well here

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

• Did well here redi­rect­ing the lit­tle FOMO I have to my trad­ing rules in com­bi­na­tion with a lot of con­ges­tion and no clear 2+R prof­it target.

What did I learn today?

• I don’t have to trade. Instead I took notes of a poten­tial play with­in a nar­ra­tive I dubbed the H4 VWAP BO (attempt). Late­ly, I have been doing well com­bin­ing my old and new approach. 

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

• Observe. A lack of clear cut set­up with a good prof­it tar­get is a clear cut rea­son to stay out. Learn from expe­ri­ence but save these ‘exper­i­men­tal trades’ for when I have an upslop­ing equi­ty curve for more than 4 months and bet­ter stats on outcome. 

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

• Wor­ry about miss­ing some­thing. Which I did well today btw. Just still had the lit­tle voice telling me to jump in. 

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 09162020

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