Daily Report Card 10052020

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

Sum­ma­ry: Not trad­ing is just as important

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 con­fi­dent­ly with­in VA
  • C: Made HHs clos­ing below D1 c‑sup not com­plete­ly rotat­ing through VA yet
  • D: Closed as a base not mak­ing HHs
  • E: Closed back inside IB form­ing a Three Inside Down
  • F: Closed as an inside bar just below IB
  • G: Con­sol­i­da­tion
  • H:Consolidation
  • I: Con­sol­i­da­tion
  • J:  Bull Engulf

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 1
    •  Val­ue Accep­tance (long)
    • Close with­in val­ue con­fi­dent­ly but leav­ing enough prof­it target
    • Cons: LTF sup­ply + D1 C‑Sup
    • 80%
      • There was no sus­tained auc­tion and LTF sup­ply plus D1 c‑sup did prove a big obstacle
  • Hypo 2 
    • Return to Val­ue (short)
    • Bounce off D1 c‑sup with­in val­ue revers­ing down
    • Pre­ferred: IB exten­sion down (prob­a­bly lat­er in the ses­sion), sus­tained auction. 
    • 80% 
      • What hap­pened was a failed auc­tion instead. When price had bro­ken out from M30 VWAP and then reversed back to this lev­el I did not want to go with the move down due to VWAP being in the way and Val­ue had already been accepted. 

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 did well here also because I decid­ed to stay out of the mar­ket and sim­ply observe

How well did I fol­low my process?

• I did well here

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

• I did well here although didn’t feel the sharpest hence me pre­fer­ring to stay out

What did I learn today?

• Know­ing when NOT to trade is pos­si­bly more important

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

• Stay out even when I am in-tune with the mar­ket if the mar­ket doesn’t allow for a good risk to reward ratio. 

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

• I feel I did well today so can’t think of anything

Under the cir­cum­stances, did I per­form at my best?

• Yes, I did.

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

Pre­mar­ket Prep GBPNZD 10052020

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