Daily Report Card 10122020

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

Sum­ma­ry: Gain­ing experience

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 deep into val­ue as Bear Engulf. Wait­ing for a poten­tial test of val­ue edge. Put in a lim­it sell order at val­ue edge.
  • C: Closed as inside bar
  • D: Con­sol­i­da­tion. 
  • E: bull­ish fin­ish­er. Due to bull­ish­ness of price action I took the lim­it sell order off. 
  • F: Retest of val­ue edge clos­ing high. 
  • G: M5 Bear Engulf fol­lowed by M15 bear engulf retrac­ing pre­vi­ous fin­ish­er from con­sol­i­da­tion and mak­ing LLs. 
  • H: Made LLs then closed as inside bar with longer buy­ing wick.
  • I: Closed retest­ing 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 1 – Val­ue Acceptance
    • Pre­ferred: if deep with­in val­ue wait for a test of val­ue edge, tak­ing out of LTF demands, val­ue rotation 
    • 90%
      • After the accep­tance of val­ue closed deep into val­ue we had a con­sol­i­da­tion and then retest of val­ue edge as hypoth­e­sized. Then moved low­er but no val­ue rotation. 

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

How well did I fol­low my process?

• I did well here. When in lack of con­fi­dence stay out until you raise your con­fi­dence by some oth­er con­flu­ence. OR just stay out. 

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

• I did well here

What did I learn today?

• I learned a lot. Sat through a val­ue accep­tance that didn’t rotate straight away (not sure if it will either). I did well to gath­er that the can­dle closed deep into val­ue, to then con­sid­er a delayed entry based on test of val­ue edge. Due to price action being bull­ish I decid­ed to take the lim­it order off. In hind­sight I could have had anoth­er entry which I now learned and took note of. Will review the lessons learned. 

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

• When things aren’t clear, be it because of my lack of knowl­edge or oth­er­wise, sim­ply stay out until you get clear. 

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

• I did well here

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 10122020

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