Daily Report Card 08122020

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

Sum­ma­ry: Calm and steady

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

Align with Mar­ket Narrative

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: Calm and steady

• GBPNZD
  • LN open above val­ue and range, ADR exhaus­tion aligned with D1-C‑S 1.99731 although already more than 90% done, with AS already exhaust­ing ADR I am think­ing we might see a uni­di­rec­tion­al day today
  • C: C closed as poten­tial M30 RBR or Evening star (tech­ni­cal­ly closed inside IB but no PA con­fir­ma­tion yet) but will need for the next for the next TPO close to con­firm the M30 PA, 
    • M15 is almost a bear engulf but not quite, 
    • all time­frames still above VWAP so strength of bulls still strong, not going against it just yet. 
  • D: M30 RBR com­plet­ed but some struc­ture being built on profile, 
  • E: E clos­ing back into IB but no PA con­fir­ma­tion on the rever­sal (we did almost have a bear engulf)
  • F: F closed as huge bar down (H1 Bear Engulf) away from M30 QHi after it touched below IB com­plet­ing a neu­tral day after the failed auc­tion thus G opened with­in IB
  • G: G made a LL
  • H: opened and closed below IB cre­at­ing an inside bar

Week­ly Goal Achieve­ment: Align with Mar­ket Narrative

• I did well here. Agai­nI did not take a trade but that was also because I was wait­ing for a con­vinc­ing con­fir­ma­tion on M30. I was stalk­ing the M15 for an entry as well and wrote it up for my play­book on mean rever­sion trades.

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

• I felt good before, dur­ing and after. I was calm and col­lect­ed see­ing the nar­ra­tive unfold. Plus not forc­ing myself to take trades I feel good. Anoth­er thing I am sur­prised about is that I am okay with not being in the move as it unfolds. I had a few moments where I felt like being in the move but over­all no real annoy­ance or anything. 

How well did I fol­low my process?

• Did well here

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

• DId well here

What did I learn today?

• I learned that focus­ing on align­ing with mar­ket nar­ra­tive slow­ly gives me back my con­fi­dence. In no-time I will allow myself to take a trade. No rush. I find it a calm­ing exer­cise actually. 

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

• Focus on being the sci­en­tist fig­ur­ing out what the mar­ket is try­ing to show me. BUT, just because it price will con­tin­ue in a direc­tion doesn’t make it a good entry and with the prob­a­bilis­tic nature of mar­kets it might as well go the oth­er way. So entries can only be exe­cut­ed at +2R locations. 

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

• Try­ing to rush. Calm and steady wins the race. Less haste, more speed. 

Under the cir­cum­stances, did I per­form at my best?

• I did fair­ly well

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

Pre­mar­ket Prep GBPNZD 08122020

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