Daily Report Card 10262020

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

Sum­ma­ry: Observe, Ori­ent, Decide, Act

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

Fair 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
  • B closed as Bear Engulf at VWAP in DT. Loca­tion at H4 QLo and D1 C‑dem is not the best for a move down. H1 closed indecisive.
  • C: Price trad­ing around M15 VWAP, below M30 VWAP, closed as M30 con­sol­i­da­tion with longer buy­ing wick. Looks like M5 Widen­ing KC. 
  • D: Closed as pin­bar with long buy­ing wick but still below M30 VWAP in DT, H1 Bull Engulf
  • E: Closed extend­ing over IB at VAL leav­ing sin­gle prints behind. There is some LTF sup­ply here
  • F: M15 formed a doji, if there is an evening star for­ma­tion I could poten­tial­ly look for a sin­gle print fade as F would have left a sell­ing tail behind and IB extend­ed 1x. Closed as pin­bar with longer sell­ing wick. M15 weak Evening Star at VAL with near­by H4 C‑Sup
  • G: Start­ed tak­ing out sin­gle pints in F
    • Short 1.95100 SL 1.95400 TP 1.94505
  • H: Took prof­it at IB edge 1.94970. Could have kept it longer mon­i­tor­ing for a FA but due to M30 VWAP in the way I find that risky.
    • Closed down as weak FA

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 – Return to val­ue (short) / Trend continuation
    • H4 C‑Sup with LTF sup­ply in near-prox­im­i­ty to VAL (as well as below M30 VWAP in DT)
    • Pre­ferred: due to mod­er­ate imbal­ance I’d like to see PA con­fir­ma­tion of a con­tin­u­a­tion down fol­lowed by Momen­tum IB exten­sion down. Mon­i­tor for sus­tained auction.
    • 80%
      • Instead there was an actu­al return to VA through IB exten­sion up, PA rever­sal first M15 hold­ing into M30 with sin­gle print fade move. There was no FA though. Instead a weak FA.

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

• I did well here although based on the dis­tri­b­u­tion curve (as well as being a high­er time frame then H4) the D1 C‑dem should have had a high­er pri­or­i­ty and thus Hypo 2 could have been 1 instead. It all worked out in the end but still…. 

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 can be flex­i­ble and switch sen­ti­ment based on PA and nar­ra­tive given

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

• Observe, Ori­ent, Decide, and Act 🙂

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

• Wor­ry about the out­come of one sin­gle trade. I did well here though. 

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 10262020

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