Daily Report Card 10222020

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

Sum­ma­ry: Observe and learn

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.

Fair Pre-mar­ket routines

Bad 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): 3

Sum­ma­ry

• GBPNZD
  • Trad­ed down in line with sell off start­ing at D1 C‑Sup earlier 
  • C: Made a big buy­ing wick
    • Decid­ed not to trade due to being too tired, fin­ish­ing up work, and already have had good trades this week. Take notes instead.
  • D: Closed extend­ing down from IB exhaust­ing ADR
  • E: Entered M30 QLo and made LLs
  • F: M30 inside bar after leav­ing a buy­ing tail behind (needs con­fir­ma­tion first)
    • Paper Trade off M5 Bull Engulf right on H4-C‑D 1.96359 and seem­ing­ly ini­tial­ly estab­lished D1 Phase 2 narrative
    • Long 1.96536 SL 1.96285 TP 1.97036
    • Will mon­i­tor for M15/M30 PA to back up stay­ing in the trade.
  • G: Took out a few sin­gle prints in D and closed as M30 Three Inside Up and M15 RBR
  • H: If H clos­es with­in IB it might be worth hold­ing on to the trade a bit longer
    • Closed as weak failed auc­tion, M15 RBR, H1 Bull Engulf
    • M5 Bear Engulf closed at 0.6R
  • I: Closed as M30 con­sol­i­da­tion. M15 Evening Star at VWAP.

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 – Val­ue Rejec­tion Fail­ure (long)
    • H4 C‑Dem, VWAP, ADR 0.5 & exhaus­tion low
    • Pre­ferred: IB exten­sion down , PA rever­sal, failed auction
      •   It was a weak failed auc­tion that occurred

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

• I felt I could have done my prep bet­ter. Due to being tired as well as busy with work I missed a few things. Could have tak­en bet­ter note of H4 PA and its impli­ca­tions on the move down, as well as with­in the nar­ra­tive of a poten­tial D1 Phase 2 mak­ing Hypo 2 more safer of a trade. 

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

• Very tired

How well did I fol­low my process?

• Even though I felt tired I did well here. I switched to take the pres­sure off myself by sim­ply sit­ting to take notes. When I spot­ted a poten­tial oppor­tu­ni­ty I fol­lowed my process and took a paper trade. 

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

• Under the cir­cum­stances pret­ty good

What did I learn today?

• I don’t need to trade. I can sim­ply observe and learn which is almost as valuable. 

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

• Lis­ten to myself 🙂 

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

• Force myself

Under the cir­cum­stances, did I per­form at my best?

• Under the cir­cum­stances I did pret­ty well

For my trade plan(s) on this par­tic­u­lar day, go here:

Pre­mar­ket Prep GBPNZD 10222020

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