Daily Report Card 11202020

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

Sum­ma­ry: Poor Low with 2nd Chance Entry

P&L: 1) 0.1R 2) 0.9R

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: 

• In case SL place­ment goes through M30 for­ma­tion, look for a bet­ter entry. 

Good Pre-mar­ket routines

Good Ses­sion PECS

Fair 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
  • A moved down to D1-C‑D 1.91298, B closed as an Inside Bar, M15 Bull Engulf with a pos­si­ble base.Due to for­ma­tion at D1 C‑Sup I would gath­er Hypo 1 about to play out but there is some­thing off about the H1 and M30 for­ma­tion and I am look­ing for more con­fir­ma­tion through a com­plete M30 for­ma­tion with then a pos­si­ble LTF entry retest­ing new­ly devel­oped C‑dem. 
  • C: Closed as M30 Three Out­side Up extend­ing over IB.
  • D: Placed a Lim­it Buy 3 pips above new­ly formed c‑dem (risky due to no VAA yet but will mon­i­tor for one)
    • BL: 1.91457, SL 1.91209, TP 1.91957
      • Hopped in man­u­al­ly 1 pip above
    • D made a HH but M30 VWAP in the way closed as a poten­tial base (with­in IB) / M15 con­sol­i­da­tion. H1 closed almost as a Bull Engulf but not quite in my expe­ri­ence more rea­son for a pull­back first before a con­tin­u­a­tion. If any. 
  • E: Closed as M30 Three Out­side Down, failed auc­tion. Closed as scratch (O.1R). 
  • F: Con­tin­ued and extend­ed down form­ing a Neu­tral Day. Didn’t reverse and jump in on the new­ly formed M30 Three Inside Down.
    • Closed below IB form­ing a H1 Bear Engulf
  • G: G formed a poor low. Look­ing for retest of new­ly formed H1 C‑sup before going short. 
    • Short 1.91396 SL 1.91658 TP 1.90886
    • Closed inside IB (no failed auc­tion, since that already occurred ear­li­er). Plus leav­ing behind a poor low decid­ed to let the trade on for a bit. 
  • H: Closed off at 0.9R at time-based cut off.
  • I: Took out poor low

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 – Return to Val­ue (ini­tial­ly wrote down Break Down)
    • Pre­ferred: deep close into D1 demand with sus­tained auc­tion after IB exten­sion down.
    • 100% 
      • I should have spec­i­fied more
      • What hap­pened was a fail­ure to bring prices high­er and break out from M30 VWAP even though a M30 Three Out­side Up was formed and IB got extend­ed up dur­ing C and made HHs in D. 
      • What fol­lowed was a M30 THree Out­side Down @VWAP extend­ing IB down. 

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 okay. When the short trade took a while to make its move I got a lit­tle jumpy. Also I noticed a ledge in F at 1.91470 and start­ed think­ing we might test that at some point. Glad there wasn’t much time left. Although now in hind­sight (hind­sight is 20/20 as they say) the trade would have con­tin­ued down as it took out the poor low dur­ing I and trad­ed fur­ther down hit­tin 1.8R at the time of this writing. 

How well did I fol­low my process?

• I did well here. Could have got­ten a bet­ter entry on the M30 Three Out­side Down @VWAP but hes­i­tat­ed (that would have yield­ed 1.5R, 2.5R on over­lap noise). Rea­son I think is that we are at the bot­tom of the range and going short here is a bit iffy. Noth­ing wrong with that. Exe­cut­ed lat­er on after fur­ther con­fir­ma­tion came in H1 + retest. 

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

• I did well here for the most part. When I got jumpy I reassessed the sit­u­a­tion and calmed myself. 

What did I learn today?

• I have seen Poor Lows before and they usu­al­ly get tak­en out. For some rea­son I felt this one took way longer to get tak­en out. But in hind­sight it wasn’t that long. I know that it is not a giv­en it will get tak­en out. But when mon­i­tor­ing LTF PA and its fail­ure to break out from VWAP I stayed bear­ish aim­ing for that poor low take out. 

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

• Stay objec­tive and go with the flow dude. Surfs up! Ride the waves bruh! 🙂 Sor­ry… 😛 Ha I guess what I am say­ing is that when you go long and it has been proven the mar­ket doesn’t agree and is show­ing an entry for the oppo­site direc­tion. Take it. 

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

• I got a bit “stress­ing” about only hav­ing a few trades this month so far. This shouldn’t mat­ter. I do well when I know when to take a trade. When there is NO trade to take then I shouldn’t be trad­ing. Per­haps then I wouldn’t have tak­en the first trade but I think it was still a valid move com­ing from D1 C‑Dem. No mat­ter I have NO trades the whole month. No align­ment with mar­ket nar­ra­tive = no fuck­ing trades. 

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 11202020

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