Daily Report Card 10152020

#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

Fair Trade Exe­cu­tion & Mgmt.

Good Risk Adjust­ed Returns

Yes Dai­ly review

Mup­pet meter (1 being best — 5 being worst): 2

Sum­ma­ry

• GBPNZD
  • B closed as an inside bar
  • C: Extend­ed IB up but a lot of con­ges­tion in the way so too risky to go long. Kin­da like hop­ping on the train too late. Best bet is a reversal. 
    • Closed as M30 RBR extend­ing over IB 
  • D: Closed as inside bar with long buy­ing wick
  • E: Closed as anoth­er RBR although slight­ly still trad­ing below D1-C‑S 1.96399
  • F: Closed as inside bar. Con­sol­i­da­tion. M15 Bear Engulf on the hour. Short Hypo 1: 1.96232 SL 1.96553 TP 1.95590
    • Mon­i­tor­ing for a close with­in IB and con­se­quent swift fol­low-through on extend­ing on the oth­er side.
  • G: Broke down from con­sol­i­da­tion and closed with­in IB. 
  • H: Closed as an inside bar. Closed trade for 0.3R time-based at 1.96116. Plus there was a con­sol­i­da­tion start­ing on M15 with longer buy­ing wick. 
  • I: M30 DBD rotat­ing through IB and form­ing a Neu­tral Day. If I had giv­en it anoth­er TPO it could have net­ted 1.7R or at close about 1.2R. 

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: price action rever­sal. Poten­tial­ly an exten­sion up slight­ly lat­er in the ses­sion fol­lowed by failed auc­tion. Oth­er­wise a rever­sal with­in IB plus exten­sion down. 
    • 90%
      • It was an ear­ly exten­sion up with no fol­low-through. Instead a con­sol­i­da­tion and break down back into a failed auction. 

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

• I did well here. Ini­tial­ly the move up looked strong but with price being at these lev­els it would have been very risky to go with the move. Luck­i­ly I stayed out until a con­sol­i­da­tion was formed on M30 and M15 Bear Engulf. 

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

• I felt good

How well did I fol­low my process?

• I did well for the most part but entry could have been bet­ter. I wait­ed slight­ly too long but that is okay as I am gain­ing expe­ri­ence in tak­ing an LTF based entry with­out a com­plete for­ma­tion on M30. 

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

• I did well here

What did I learn today?

• I learned how to use LTF price action with­in a M30 for­ma­tion for bet­ter entry. 

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

• Keep observ­ing and track­ing. Only trade when com­fort­able with putting on risk. 

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

• Doubt my efforts. 

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 10152020

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