Daily Report Card 09222020

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

Sum­ma­ry: Be more mind­ful of HTF ZOIs

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

Bad 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): 2

Sum­ma­ry

• GBPNZD
  • C: Momen­tum based entry: Long 1.92299 SL 1.91998 TP 1.92898 based on Hypo 2, look­ing for sus­tained auction
  • D: Took out sin­gle prints in C return­ing to IB high and M5 con­sol­i­da­tion plus break down (M15 inside bar) so man­u­al­ly took the trade off for ‑0.3. 
    • A con is the poor high that was formed
    • D closed above IB high form­ing an inside bar
  • E: Three Inside Down clos­ing with­in IB, failed auc­tion. Didn’t close right into the new­ly formed bull engulf so think­ing we might have a pull­back for a bet­ter entry for a short. 
  • F: F moved low­er through IB but not ful­ly yet though. Closed return­ing to VAH but no val­ue acceptance. 
  • G: Closed as an inside bar at VAH

Hypos

• 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 2
    • Hypo 2 – Return to Value
    • Failed val­ue accep­tance, price action con­firm­ing reversal
    • 100%
      •   Big rejec­tion of val­ue fol­lowed by a M30 Bull Engulf extend­ing IB up. Fol­lowed by no fol­low-through and failed auc­tion formed with a Three Inside Down.

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?

• I felt a bit jumpy dur­ing the trade I was in so start­ed lift­ing some weights.

How well did I fol­low my process?

• I did okay I’d say. Although my entry on the momen­tum play could have been bet­ter. I did it man­u­al­ly instead of a buy stop order. I think the rea­son for this was that I ini­tial­ly had a bear­ish sen­ti­ment due to H4 c‑sup and a return to pre­vi­ous­ly formed H4 base at 1.91561. When rotat­ing through I expect­ed a fur­ther fol­low-through down on the move just not entire­ly when. I failed to real­ize that it had already rotat­ed to its ori­gin point and I should have dis­missed this. I took notes of this and will pay more atten­tion next time. 
• I thought I did well to not take the trade short on the Three Inside Down due to my SL cut­ting through the can­dle for­ma­tion. It is in my expe­ri­ence that when that hap­pens 9 out of 10 I should not be in the trade. Then I real­ized lat­er that a failed auc­tion is a form of momen­tum trade as well mean­ing either it moves through IB with­in 2 TPOs or it is not going to happen. 

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

• I did well here

What did I learn today?

• Price was extra fast today. In my expe­ri­ence this hap­pens when we are at HTF lev­el and LTF peo­ple get shak­en out. 

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

• Keep learn­ing. Progress, not perfection. 

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

• Doubt my observations. 

Under the cir­cum­stances, did I per­form at my best?

• I did okay

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

Pre­mar­ket Prep GBPNZD 09222020

See more

• Twit­ter
• Insta­gram