Daily Report Card 10212020

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

Sum­ma­ry: Focus on execution

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.

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
  • VAA dur­ing B, VA tight with over­head sup­plies. IB about ¾ of ASR could expect some ini­tia­tive activity. 
  • C: IB exten­sion up straight away on what looks like momen­tum but need a sus­tained auc­tion that gives a good entry before even con­sid­er­ing going long.
    • Rotat­ed through VA, closed higher
  • D: M5 con­sol­i­da­tion at MN C‑Sup cre­at­ed a lit­tle sup­ply. Turned into M15 Bear Engulf but M30 look­ing still very Bull­ish. Took paper trade off M15 bear engulf
    • Short 1.97115 SL 1.1.97368 TP 1.96608
    • Closed mak­ing a M15 Bull Engulf fol­low­ing the Bear Engulf and M30 closed high­er (not mak­ing HHs) leav­ing not the strongest sell­ing tail in C.
      • Con­sid­ered tak­ing the trade off but decid­ed against
  • E:  Closed as Bear Engulf as Failed Auction
  • F:  CLosed deep­er into IB but bounced off VAL. Mon­i­tor­ing for quick move through IB. M15 DBD.
  • G: Closed down at M30 VWAP, closed trade at 1.9R

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 2 — VAA
    • Although val­ue is too tight and oppos­ing c‑lines make for a riski­er trade. Although the D1 phase 2 might still be in play.
    • 100%
      • After the VAA we saw anoth­er rejec­tion of over­head sup­ply and pro­ceed­ed to reverse 

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

• I did well here although I had mixed feel­ings about the length of IB and devel­op­ing PA

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

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

• I did well here

What did I learn today?

• I learned using M15 to obtain a bet­ter entry

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

• Keep act­ing the sci­en­tist gath­er­ing data 

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

• Wor­ry about out­come. Just focus on exe­cu­tion and let­ting stats take over. 

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 10212020

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