Daily Report Card 11102020

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

Sum­ma­ry: So good to be back! 

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
  • IB closed reject­ing val­ue, H1 break out from 50MA at H1 supply
  • C: Closed as M30 Evening star but long buy­ing wick (poten­tial H1 50MA BO and CAS) so going short is not advised 
  • D: Took out H1 sup­ply hit­ting H4-C‑S 1.94070, yesterday’s high, H1 UKC in range, and H1 QHi, almost hit­ting ADR exhaustion
  • E: Closed as M30 inside bar almost retrac­ing 50%. M15 con­sol­i­da­tion and break down. Even though there is some bear­ish PA I think we might see a con­tin­u­a­tion to the H1 pullback. 
    • E closed mak­ing a very wide area that a sin­gle print fade would also not be in favor even though leav­ing behind a sell­ing tail in D. 
  • F: F took out sin­gle prints in D at IB edge coin­cid­ing with D1-C‑S 1.93536 (base) then reversed and made a HH tak­ing out LTF sup­ply clos­ing near ADR exhaustion.
  • G: Exhaust­ed ADR mak­ing HHs
  • H: Quit­ting ear­ly to hit the gym 

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 high
    • With H4-C‑D 1.92790 with­in val­ue (on top of D1 QLo com­bined with LTF con­sol­i­da­tion and (pos­si­ble) val­ue rejec­tion up
    • Pre­ferred: Sus­tained auc­tion and fol­low-through on IB exten­sion up (momen­tum) 
    • 100% 
      • We had an IB exten­sion up dur­ing D and even though LTF PA showed a pos­si­bil­i­ty for a rever­sal pro­file showed a sus­tained auc­tion through a wide area and sin­gle prints tak­en out test­ing IB edge with con­se­quent rever­sal high­er. Got­ta find a term for this pro­file event 🙂 I’ll make some­thing up: IB retest con­tin­u­a­tion. There! Not sure if I’m the first… Prob­a­bly not 😛

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

• I did well here

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

• I felt tired. Have not been sleep­ing too well late­ly. Got super anx­ious with not being able to trade due to the US elec­tions. It caused a huge gap. Tried to fill it up with study­ing but it’s not the same. Still reflect­ing on it. 

How well did I fol­low my process?

• I did well here. Don’t feel bad about not act­ing on Hypo 2 play­ing out per­fect­ly. BTW… it is now mul­ti­ple times that I put a val­ue rejec­tion as Hypo 2 instead of my ‘gut’ say­ing it should be hypo 1 (but prob­a­bilis­tic out­comes dic­tate the pri­or­i­ty in my hypos). So will draw the con­di­tions for my play­book and hope­ful­ly set myself up slight­ly bet­ter next time by giv­ing it the place it deserves 🙂 So hap­py to be back at doing what I love…. If you read this… I hope you are too. 

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

• I did well here

What did I learn today?

• I don’t have to trade. Did well to, besides feel­ing tired, stay out due to today being the first day back at my desk watch­ing the charts and tak­ing notes. Hav­ing made my plans etc. 

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

• Fol­low my ‘gut feel­ing’ since now I can hon­est­ly say that it is more based on expe­ri­ence than gam­bling…. Today my ‘gut feel­ing’ said a val­ue rejec­tion was more prob­a­ble but it also said that I don’t need to trade. So I didn’t. 

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

• I did every­thing well today. Even though I didn’t take a trade, I am still a day trader.

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 11102020

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