Daily Report Card 09082020

08 Sep Daily Report Card 09082020

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

Sum­ma­ry: Val­ue Rejection

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: For­mu­late hypos in order of like­li­hood and track with actu­al devel­op­ment on the day

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
  • C: Closed out­side of VAL but no IB exten­sion down plus H4 c‑dem in the way
  • D: Closed as strong inside bar with­in val­ue, failed val­ue rejec­tion, M15 Bull Engulf, but price still needs to clear M30 VWAP right at IB high
  • E: Extend­ed up over IB, cre­at­ed a long sell­ing ail and wick when fail­ing to break out from VWAP and closed back inside val­ue as a poten­tial base (could be because of respon­sive activ­i­ty, no con­fi­dent bear­ish price action
  • F: M30 Bear Engulf clos­ing below IB form­ing a Neu­tral Day (already due to exten­sion down after price extend­ed up) but it’s late into the ses­sion. A big move is get­ting less likely.
  • G: sus­tained auc­tion down hit­ting ADR exhaustion 
  • H: M5 Bull Engulf at ADR exhaus­tion, M15 inside bar but not the strongest, no 4+ TPO struc­ture, price fad­ing G sin­gle prints. Closed as strong inside bar 
• DAX
  • C: M30 closed with­in val­ue but stopped at M30 demand, formed a M15 doji, pos­si­bly form­ing a morn­ing star, M5 Bull Engulf, fol­lowed by some con­sol­i­da­tion, try­ing a paper trade 13025.71, SL 12983.32, TP 13110.48 (2R)
  • D: M30 closed with­in val­ue above M30 demand, low­er time frame bull engulf­in­gs and M15 doji with longer buy­ing wick.
  • E: closed as doji with­in value
  • F: Val­ue rota­tion, look­ing like a Nor­mal Day 

Hypos

• Was I right on the direc­tion of the session?
  • GBPNZD
    • Yes 
  • DAX
    • Yes 
• Which hypo played out (if any)?
  • GBPNZD
  • DAX
• How did I hypoth­e­size it play­ing out?
  • GBPNZD
    • Hypo 2 — 100%
    • Con­fi­dent close out­side of value,price action con­firm­ing a sus­tained auc­tion down, hit­ting ADR exhaus­tion call­ing in the pos­si­bil­i­ty for an abnor­mal day.
  • DAX
    • Hypo 2 — 100%
    • Val­ue acceptance
• How did it actu­al­ly play out? What did the pro­file and price action show?
  • GBPNZD
    • We did see a val­ue rejec­tion after an ini­tial exten­sion up price formed a M30 Bear Engulf and pro­ceed­ed to extend down cre­at­ing a Neu­tral Day (as detailed above).
  • DAX
    • Val­ue accep­tance and even when there was a M30 demand inside (of which I took a paper trade long off of) price took it out and even­tu­al­ly rotat­ed through. 

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

• Did well here

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

• No trades taken. 

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?

• M30 VWAP has proven time after time a for­mi­da­ble lev­el. Even with­in value. 

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

• Fol­low my process

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

• Try­ing to read too much into things

Under the cir­cum­stances, did I per­form at my best?

• Did well here

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

Pre­mar­ket Prep GBPNZD 09082020

Pre­mar­ket Prep DE30 DAX 09082020

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