Daily Report Card 09212020

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

Sum­ma­ry: Sit and Observe

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

Bad 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): 3

Sum­ma­ry

• GBPNZD
  • C: Val­ue Rejec­tion down to M30 Sup­ply, ADR 0.5 just below, pos­si­ble Hypo 3
  • D: D made LLs and closed as a pin­bar leav­ing sin­gle prints in C behind, M5 Bull Engulf at LTF demand just above ADR 0.5 so placed a paper trade 1.90792 SL 1.90555 TP1.91265 although I only think 1R is a more viable prof­it target. 
  • E: E start­ed tak­ing out sin­gle print in C hit­ting 1R. Took out sin­gle prints ful­ly and hit 1.4R. Closed as M30 Bull Engulf.
  • F: Closed with­in IB, failed auction
  • G: Rotat­ed through IB range and duck­ing over IB high form­ing a Neu­tral Day 

Hypos

• Was I right on the direc­tion of the session?
  • GBPNZD
    • Yes 
• Which hypo played out and how did I hypoth­e­size it play­ing out? How did it actu­al­ly play out? What did the pro­file and price action show?
• GBPNZD
  • Hypo 3
    • Fake out to ADR 0.5 Low and rever­sal (LTF Demand)
    • IB exten­sion, price action con­fir­ma­tion rever­sal, failed auction
    • 100%
    • Pro­file and PA: sin­gle print fade which I will include next time in my hypos, Val­ue Rejec­tion fol­lowed by pin­bar at ADR 0.5 fol­lowed by a sin­gle print fade and failed auc­tion, then rotat­ing through IB range duck­ing over IB high form­ing a neu­tral day

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?

• Felt a bit tired and not sharp. Caught myself not pay­ing atten­tion the whole time so decid­ed to not trade and just sit and observe. 
• Did take a paper trade based on M5 accord­ing to Hypo 3. Not allowed to base trades on M5 but what I could have done was a sin­gle print fade and the fact that I wasn’t stalk­ing that oppor­tu­ni­ty attest to my lack of focus today. 

How well did I fol­low my process?

• I did okay

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

• Not focused enough as out­lined above. 

What did I learn today?

• I learned that I can’t be trad­ing if I am not bring­ing my A‑game. I did well to stay out but at the same time that is an oppor­tu­ni­ty I missed. Oppor­tu­ni­ties are scarce for me due to the time of the year and only trad­ing one asset dur­ing Lon­don. I shouldn’t leave oppor­tu­ni­ties on the table. 

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

• Be well-rest­ed so I can per­form when it is time to per­form. I indulged too much last week­end and are pay­ing for it now. 

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

• Try and trade if I don’t feel up to par. I need to be stalk­ing an oppor­tu­ni­ty for me to trade it. Oth­er­wise I am just act­ing out of FOMO. 

Under the cir­cum­stances, did I per­form at my best?

• I did well to acknowl­edge that I am not per­form­ing at my best and stayed out because of it.

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

Pre­mar­ket Prep GBPNZD 09212020

See more

• Twit­ter
• Insta­gram