Daily Report Card 10202020

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

Sum­ma­ry: Keep the course

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
  • Inside bar dur­ing B at M30 VWAP 
  • C: Con­se­quent push high­er but still with­in IB, M15 Bull Engulf in UT 
  • D: Extend­ed over IB after hav­ing formed a M15 RBR (on the hour), tak­ing out H4/D1 supply
    • PT1 1.97114 SL 1.96805 TP 1.97733
    • Closed at 1.2R due to near­by ADR exhaus­tion and round num­ber of 1.975
  • E: Exhaust­ed ADR, if E can stay around these lev­els per­haps we can get a sin­gle print fade dur­ing F if accom­pa­nied with a PA rever­sal as well. 
    • Closed as an M30 Inside bar, M15 Evening Star
  • F:  Short 1.97290 SL 1.97633 TP 1.96626, Sin­gle Print Fade, M15 Evening Star on the hour after test­ing over­head H4 sup­ply and round number
    • Closed tak­ing out more sin­gle prints, no close with IB yet
  • G: took out more sin­gle prints, left 4 sin­gle prints behind
  • H: Took out all sin­gle prints, trade close 0.5R at IB edge 
    • Closed bounc­ing off IB and trad­ing up 

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 3 – Con­tin­u­a­tion Long
    • Less like­ly but if there is momen­tum in a play up we could see HHs
    • Strong Bull­ish PA or per­haps a late sus­tained auc­tion entry
    • 90%
      • This should have been more like­ly due to the H4 Phase 2 and PA above M30 VWAP
      • H4/D1 sup­ply got tak­en out
  • Hypo 1 – Mean Rever­sion (short)
    • Near C‑sup lines and open sentiment
    • Pre­ferred: PA rever­sal with IB exten­sion down, sus­tained auc­tion till VAH / H4-C‑D 1.96101 BASE area (although a return to this area could also mean a con­tin­u­a­tion down so will mon­i­tor for a poten­tial VAA
    • 80% 
      • Instead we extend­ed to the upside and ran into ADR exhaus­tion / H4 c‑sup at round num­ber before pulling back. And I say pulling back since it looks like the gen­er­al move high­er is not done yet. We didn’t have a failed auction.

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

• I did well here to give more pri­or­i­ty to Hypo 3 when I saw PA build­ing in its favor 

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

• I felt okay

How well did I fol­low my process?

• I did well here

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

• I did well here

What did I learn today?

• I gained con­fi­dence in read­ing order­flow and com­bin­ing M30 with M15 PA combination

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

• Keep the course

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

• Wor­ry about future goals. It’s the next step that counts. 

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 10202020

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