05 Oct Daily Report Card 10052020
#daiÂlyreÂportÂcard #dayÂtradÂing #tradÂinglifestyle #dayÂtraderÂlife #tradÂingÂforex #tradÂingÂcomÂmodiÂties #NEXT
SumÂmaÂry: Not tradÂing is just as important
Every tradÂing day I recap my trades, includÂing more than entries and exits. Why did I take the trade? How did I manÂage the trade, my emoÂtions and cogÂniÂtive funcÂtion? All the good stuff as well as all the ugly of being a day tradÂer. As always, feel free to reach out to me.
My weekÂly goal: ForÂmuÂlate hypos in order of likeÂliÂhood and track with actuÂal develÂopÂment on the day
Good Pre-marÂket routines
Good SesÂsion PECS
Good Trade selecÂtion
Good Trade sizÂing or SL placement
Good Trade ExeÂcuÂtion & Mgmt.
Good Risk AdjustÂed Returns
Yes DaiÂly review
MupÂpet meter (1 being best — 5 being worst): 1
SumÂmaÂry
- GBPNZD
- B closed conÂfiÂdentÂly withÂin VA
- C: Made HHs closÂing below D1 c‑sup not comÂpleteÂly rotatÂing through VA yet
- D: Closed as a base not makÂing HHs
- E: Closed back inside IB formÂing a Three Inside Down
- F: Closed as an inside bar just below IB
- G: ConÂsolÂiÂdaÂtion
- H:Consolidation
- I: ConÂsolÂiÂdaÂtion
- J: Bull Engulf
Hypos
- Which hypo played out and how did I hypothÂeÂsize it playÂing out? How did it actuÂalÂly play out? What did the proÂfile and price action show?
- GBPNZD
- Hypo 1
- ValÂue AccepÂtance (long)
- Close withÂin valÂue conÂfiÂdentÂly but leavÂing enough profÂit target
- Cons: LTF supÂply + D1 C‑Sup
- 80%
- There was no susÂtained aucÂtion and LTF supÂply plus D1 c‑sup did prove a big obstacle
- Hypo 2
- Return to ValÂue (short)
- Bounce off D1 c‑sup withÂin valÂue reversÂing down
- PreÂferred: IB extenÂsion down (probÂaÂbly latÂer in the sesÂsion), susÂtained auction.
- 80%
- What hapÂpened was a failed aucÂtion instead. When price had broÂken out from M30 VWAP and then reversed back to this levÂel I did not want to go with the move down due to VWAP being in the way and ValÂue had already been accepted.
- Hypo 1
How accuÂrate was my assessÂment of marÂket conÂtext? Was I aligned with marÂket context?
- I did well here
How did I feel before, durÂing, and after the trade?
- I did well here also because I decidÂed to stay out of the marÂket and simÂply observe
How well did I folÂlow my process?
- I did well here
How well did I manÂage my physÂiÂcal, emoÂtionÂal and cogÂniÂtive states?
- I did well here although didn’t feel the sharpest hence me preÂferÂring to stay out
What did I learn today?
- KnowÂing when NOT to trade is posÂsiÂbly more important
What’s one thing I need to do more often?
- Stay out even when I am in-tune with the marÂket if the marÂket doesn’t allow for a good risk to reward ratio.
What’s one thing I need to do less often?
- I feel I did well today so can’t think of anything
Under the cirÂcumÂstances, did I perÂform at my best?
- Yes, I did.
For my trade plan(s) on this parÂticÂuÂlar day, go here: