Daily Report Card 10092020

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

Sum­ma­ry: Inside Value

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

Fair 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: M30 DBD extend­ing down but clos­ing just below edge of VAL at ADR 0.5
  • D: Closed mak­ing LLs. 
  • E: Closed as a poten­tial Morn­ing Star but need next TPO close. Not much of a buy­ing wick/tail so even though M15 closed as a Bull Engulf (on the hour) I am not too con­fi­dent in the reversal. 
  • F: Hence a paper trade long 1.95663 SL 1.95488 TP 1.96014
    • F closed as a weak Three Inside Up. Mon­i­tor­ing for sin­gle print fade and failed auction.
  • G: Closed as an inside bar below VAL I think the play here is short but will let my trade rules play out. 
  • H: Scratched the trade
    • TBH ini­tial­ly I was short-biased due to the M30 DBD but did­n’t like the close at VAL and not extend­ing much below it (even though tak­ing out demand).  This was good prac­tice though. I got­ta say that M30 morn­ing star was weak and did­n’t cross back into val­ue which made me think we might not see a rever­sal here but I did well to stick with the trade and let exit rules play out. I will review pre­vi­ous inside val­ue days as well. I find that my approach plays pret­ty well on these kinds of days. Just need more experience. 

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 Rejec­tion Failure
    • Long, H4-C‑D 1.95532 below VAL, H4 VWAP, ADR 0.5 Low
    • Pre­ferred: IB exten­sion down, price action rever­sal, failed auction
    • Con: tak­ing out of M30 demand pos­si­bil­i­ty for Hypo 2
    • 90%
      • Even though there was a set­up either due to M15 bull engulf on the hour or the sin­gle print fade but it didn’t fol­low-through and price stayed below value.
      • No failed auction

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

• I did well here. Ini­tial­ly I was short-biased as per hypo 2 but when the close didn’t hap­pen extend­ing val­ue fur­ther down I focused on hypo 1. 

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?

• I ini­tial­ly did well but I felt tired. Didn’t sleep too well last night and got wok­en up by con­struc­tion work­ers. Didn’t think it would have an impact as much. 

What did I learn today?

• My approach works pret­ty well on val­ue inside days but need to con­firm through more reviews and back­tests. For now, take notes and for­ward-test as much as I can. 

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

• Have a sci­en­tif­ic approach but I do well in this regard. Track­ing data etc. 

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

• Feel like I have to trade. Focus on get­ting the clar­i­ty. Then act on the clarity. 

Under the cir­cum­stances, did I per­form at my best?

• I did well here

Week­ly Focus Points

• 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.
  • This is my first week track­ing this. Did well today play­ing by entry and exit rules. 
  • Doing the Bart Simp­son exer­cise for this. Fin­ished 2 days. 5 to go. 
• SL place­ment
  • Add spread for shorts, sub­tract for longs
    • I did well here
• Week­ly Goal
  • Min. 3 times hit­ting the gym
    • Went 5 times so far. Will prob­a­bly go tomor­row as well. 

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

Pre­mar­ket Prep GBPNZD 10092020

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