
20 Jan 01202019 Weekly Report Card
01202019 Weekly Report Card
This is part of my routine where I look back at the previous week to see how I did. Then I take a glance at what could be waiting for me this week.
Terminology (partially made up by yours truly)
- PA = Price Action
- BO = Break Out
- BD = Break Down
- CAR = Confirm As Resistance
- CAS = Confirm As Support
- UKC = Upper Keltner Channel
- LKC = Lower Keltner Channel
- TV = Tick Volume
- WPP = Weekly Pivot Point
- DPP = Daily Pivot Point
- DR = Daily Resistance (pivot)
- DS = Daily Support (pivot)
- WR = Weekly Resistance (pivot)
- WS = Weekly Support (pivot)
- HL = Higher Low
- HH = Higher High
- LH = Lower High
- LL = Lower Low
- SD = Standard Deviation
- VWAP = Volume Weighted Average Price
- AS = Asian Session
- LS = London Session (EU)
- NY = New York Session (US)
- R/R = Risk to Reward
- M2M = Move to Move
- T2H = Trade to Hold
- DT = DownTrend
- UT = UpTrend
- LTF = Lower Time Frame
- HTF = Higher Time Frame
- Hypo = HYPOthetical
Reviewing health progress
This whole week I’ve had trouble sleeping. Even with going to bed early and waking up early as well as being tired I still seem to struggle to fall asleep and or stay asleep. I need a bit longer record of tracking my sleep to see some patterns here now that I have the Fitbit to help me with this. This lack of sleep obviously interfered with my concentration and led to making mistakes. How can I prevent this? I am trying to understand my sleeping better so that’s one thing. On the other side when I notice that I am lacking in concentration I should be more careful. That is still too vague though so what I’m going to do is limit myself to 2 trades only on such a day. Only take 2 trades and that’s it. I have done this before and I noticed that when I limit myself I actually look for better quality trades. Thinking about it I should go back to implementing the 4 trade rule that I had for any other day.
- Last week’s goals
- Stick to playbook setups
- I deviated from this goal a little bit by getting in too early out of FOMO on Friday. I didn’t wanna miss the trade but the trade opportunity didn’t set up until later.
- I am doing better in my market assessment I feel. And better to set up hypos and trying to trade of those levels. This sets me up to have a different look on the market instead of looking at all levels and see how PA interacts with them. This keeps it simple for me and I believe it will create more valuable opportunities and ultimately make me a CPT
- Trade with conservative sizing
- I did trade conservatively and added to my arsenal ‘thinking in percentages’. I calculated per trade what I wanted to risk and this helped me to stay calm in the trade as well. It made me more distant of the outcome since I had already agreed to lose a set percentage. I am proud that I put on calculated risk and took my stops. Not just in a trade but also my stop for the day. I had lost 2% of my account (Friday) and that was it for me. Even though moments later I see another opportunity arise. Now, this is a topic for another time probably but… on one side I think I did well to be disciplined. On the other side I could have taken the trade and made everything back. The setup looked pretty good. So in dubio here if I actually did the right thing or not. I’m not gonna beat myself up too much about this because discipline first is a good rule for me.
- Even though I am down for the week I feel good about it. I am getting in trading my setups and understanding my edge better. This is a marathon.
- Only go out on Friday and be sure to be home before 2AM
- I did this on Friday but didn’t even think about it last night. I have to give myself a reminder on this. I guess I failed my next point as well.
- Saturday stay home
- Totally didn’t stay at home. In my defense… I just started dating a girl and this was not the usual going out with friends type of thing.
- Go for a ride or do something on the weekend to get away from trading
- I am going to the movies today so that’s something. I do want to go out for rides more especially now that it’s not so damn hot.
- Exercise 2 times
- I worked out once and walked a lot. I do feel like I should be able to squeeze another work out in. Come on at least twice should be doable.
- Stick to playbook setups
Last week’s trading
- How did you do?
- Did you stick to your playbook setups?
- Answered this above
- Did you stick to your position sizing rules?
- Answered this above
- Did you review your playbook setups?
- I did review my playbook setups but I didn’t watch the screen recordings as I usually do. This is an area where I am slacking big time. I think it might stem from a place of self-sabotage knowing that this will help me greatly. What I have been doing is visualizing the setups in my mind.
- Did you review your trades?
- The same way I reviewed my playbook setups. I really need to step things up.
- Did you stick to your playbook setups?
- Rate yourself 1–5 (5 being best)
- 3
What are you goals for the week?
- Review trades and playbook setups (watch screen recordings)
- Analyze trades taken
- Look at my personal stats as a chart and go pattern hunting
- Exercise twice
- Only allowed to take 4 trades a day
Weekly Technical Analysis
- Where would you determine the value and excess areas are?
- We had big time buyers coming in at 52.50 area so I’d say that is a good area to take note of. However we moved quite a bit and not sure if or when this area is going to be of relevance. The main trend seems to be bullish still.
- On the excess side of things we have the 54 level. The way it looks now is that it is probable to have some retracement establishing some support for this new price range before the market would consider newer highs. But let’s wait and see. Possible area where buyers could come in are 53.70 and then 53.20 levels.
- Safe to say both value and excess area have migrated to higher price levels.
Feedback?
Any questions or feedback you might have please feel free to leave a comment or contact me directly.
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