Daily Report Card 10082020

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

Sum­ma­ry: No Clar­i­ty. No Trades.

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: 

• Only trade off M30/M15 for entries. M30, time-based, or look for exits after 2 hours (4 TPOs). Unless the entry is real­ly late.
• SL place­ment. Add spread for shorts, sub­tract for longs

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 as Bear Engulf with under­ly­ing M30 demand I am hop­ing on a pos­si­ble reac­tion to get a bet­ter entry, pos­si­ble 2nd chance entry. 
  • C: C print­ed two TPOs below IB to then close as a Bull Engulf extend­ing over IB form­ing a Neu­tral Day. Good thing I wait­ed a bit longer. 
  • D: Closed as an inside bar. I gath­er that the remain­der of the ses­sion is going to be respon­sive activ­i­ty. Poor High formed. 
  • E: Closed as consolidation.
  • F: Closed mak­ing LLs and tak­ing out M30 demand
  • G: Made LLs and exhaust­ed ADR clos­ing as a pin­bar. A con­tin­u­a­tion to VAH is more like­ly at this point. 
  • H: Mak­ing LLs reached VAH, H4 Three Inside Down formed. 
  • I: Even though a M15 Bull Engulf formed at VAH, ADR exhaus­tion, H4 C‑Dem, and mon­i­tor for a sin­gle print fade (although not the best due to the struc­ture being kin­da wide)  I am not tak­ing this trade either due to not pro­vid­ing with a good prof­it tar­get and being late in the ses­sion. As well as being against the new­ly formed H4 formation. 

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 – Mean Rever­sion (short)
    • Pre­ferred: PA rever­sal with­in IB, IB exten­sion down (pos­si­ble momen­tum trade), sus­tained auc­tion, ADR exhaus­tion low hit, pos­si­ble val­ue accep­tance after but less like­ly due to H4-C‑D 1.95532 just below VAH. 
    • 70%
      • What hap­pened was weird. B formed a bear engulf. C extend­ed 2 prints below IB and then extend­ed up over IB form­ing a Bull Engulf and a Neu­tral Day. I knew that it wasn’t like­ly for any­thing ‘big’ to hap­pen. At this point I decid­ed to stay out. D cre­at­ed an inside bar, M15 formed a Bear Engulf but not on the hour. What fol­lowed was a M30 RBR.

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

• With the M30 RBR the move had extend­ed too far to jump in on the trade since SL would cut through the for­ma­tion. Plus at this time a rea­son­able prof­it tar­get had dimin­ished. I did well to stay out due to lack of clar­i­ty but then also due to a good oppor­tu­ni­ty not pre­sent­ing itself accord­ing to trad­ing rules.
• I sus­pect­ed it was more like­ly for a H4 Three Inside Down to be formed due to price hav­ing tra­versed too far from over­head sup­ply and M30’s fail­ure to break out from VWAP. All in line with hit­ting the over­head MN C‑Sup.

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

• I felt good

How well did I fol­low my process?

• I did well here

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

• Did well here

What did I learn today?

• I can fol­low the rules

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

• When in doubt. Stay the fuck out. 

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

• Wor­ry about get­ting oppor­tu­ni­ties to trade. I am here to observe and act WHEN an oppor­tu­ni­ty presents itself. Not try­ing to force anything. 

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 10082020

See more

• Twit­ter
• Insta­gram