Daily Report Card 10142020

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

Sum­ma­ry: Whipsaw!

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
  • Trad­ed down below H4-C‑D 1.93720
  • C: No IB exten­sion yet. M15 weak morn­ing star. M30 closed as inside bar. Did a paper trade off the M15 Morn­ing star since it closed on the hour although weak tim­ing seems right. 1.93604 SL 1.93395 TP 1.94023
  • D: M30 Three Inside Up. Although not the strongest.  Look­ing for a pull­back to c‑line to catch a bet­ter entry if possible.
  • E: Was wait­ing for a slight­ly bet­ter entry and almost hit buy and price jumped hard and almost hit 5R. All in a mat­ter of 1–2 sec­onds. Looked like a stop hunt per­haps. Wait­ing for the TPO close to reassess. Paper trade hit 2R easy as it went to near 5R. 
    • TPO closed above IB with for now a huge sell­ing wick/tail but would need F to close to confirm.
  • F: An entry long now would cut through the M30 for­ma­tion and with the crazy momen­tum burst in E I find it some­what sus­pect for more momen­tum to come in. 
    • Closed as an inside bar above IB. 
  • G: G start­ed tak­ing out some of the sell­ing wick in E but didn’t take them all out. Did form a M30 RBR
  • H: Took out more of the sell­ing wick in a sus­tained auction
  • I: Made HHs

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 (long)
    • Pre­ferred: price action rever­sal on M30, IB exten­sion up (prefer­ably momen­tum), sus­tained auc­tion. No sup­plies on H4, although some LTF sup­plies in the way might see a slowdown.
    • 90%
      • What hap­pened was a 2 sec­ond burst dur­ing E that took it to 5R and we then kept a sus­tained auc­tion and trad­ed high­er. DUr­ing I we even made a HH.

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

• I did well here. I gath­ered that the M15 morn­ing star (clos­ing on the hour) had more valid­i­ty but due to M30 clos­ing as an inside bar and me not hav­ing con­scious­ly com­pe­tent tak­ing a trade off M15 like this. I decid­ed to wait for a M30 Three Inside Up for my entry. I gath­ered with over­head LTF sup­ply and VWAP we could see a pull­back so was eye­ing LTF for a bet­ter entry and found one. When I want­ed to get in I saw price seem­ing­ly errat­i­cal­ly jump around and with­in 2 sec­onds had burst into near 5R. 

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

• I felt good

How well did I fol­low my process?

• I did well here. Even after we didn’t close back into IB as I hypoth­e­sized, I did not go with the move due to find­ing the cir­cum­stanced a bit sus­pect as well as a SL would have been cut­ting through the M30 for­ma­tion so deemed it a bad oppor­tu­ni­ty. The M15 Bear Engulf also indi­cat­ed a fur­ther move back into IB. But that got tak­en out with a bull engulf straight after. 

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

• I did well here. Took the paper trade but failed to get in when I hypoth­e­sized and didn’t feel bad about it. I know that what I am doing and how I am pro­gress­ing I am doing things right. In the end it is always best to lis­ten to your own voice and have a plan then stick to it. 

What did I learn today?

• That even after a burst of momen­tum dur­ing E we can see a continuation. 

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

• Keep track­ing my obser­va­tions and learn­ing and affirm­ing my beliefs or oth­er­wise learn to alter them. 

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

• Wor­ry about any one trade. There will be thou­sands if not mil­lions more in my future 🙂

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 10142020

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