21 Apr Daily Report Card 04212020
My weekly goal
Only take trades when there are at least 3 confluences. Trade location. Market Profile. Price action confirmation.
Combined Score 85
Process Report Card (10 each)
10 Pre-market routines
10 Session PECS
10 Trading the process
10 Daily review
10 Progress toward Weekly goal
Performance Report Card (10 each)
10 Real-time analysis
10 Trade selection
10 Trade selection
4 Trade Execution & Mgmt.
4 Risk Adjusted Returns
How accurate was my assessment of market context?
My initial hypos that I made in my weekly trading plan on crude weren’t that great. Gold and SPX500 were better. During the trading session I did better. I kept focus on what is unfolding in terms of price action rather than trying to hold on to my bias.
How well did I follow my process?
I did really well today following my process. I kept focussing on if my hypos were unfolding but staying open to changes like in the case of crude oil. We had a huge drop where I had hypothesized we would see a swing reversal. When there was no confirmation of a setup I stayed out and changed my bias to: unclear to short-biased. However, none of my plays set up so I stayed out of the market. I feel I did well here to only trade when my market approach aligns with my hypothesis even though my developing hypothesis was correct.
With Gold I did well to execute based on my hypothesis but failed to capitalize on the take profit I set. I took my profit at only 1x whereas I could have had 7x or more. Realistically my take profit was at 3x. I am happy I took the trade but unhappy with how I managed it.
My initial hypo from my weekly trading plan played really nicely although I didn’t trade it. Reasons for this was 1) SPX500 smallest contract size is too big for my 2nd account to trade with 2) I am learning and trying to make my own what I have learned from Dee’s courses 3) I was focused on trading Gold and/or crude oil and for now I lack the confidence to trade more than one at a time.
How well did I manage my physical, emotional and cognitive states?
I did really well here. Even though, normally, I would have been shaken out on gold I let the hypothesis run its course. Take my stop or take profit. One factor that I feel was huge on this was not having the 5 minute chart open. Less stressful this way so I will continue to make this a part of my routine.
What’s one thing you learned today?
Follow your process and only if market narrative aligns with your market approach.
What’s one thing I need to do more often?
After taking a trade go and do something else. It’s okay. You see that oftentimes it plays out better than you’ve thought.
What’s one thing I need to do less often?
Focus on one trade. One trade is meaningless. It’s merely one trade out of hundreds. Thousands even. Focus on executing your plan.