23 Apr Daily Report Card 04232020
My weekly goal
Only take trades when there are at least 3 confluences. Trade location. Market Profile. Price action confirmation.
Combined Score 87
Process Report Card (10 each)
10 Pre-market routines
7 Session PECS
10 Trading the process
0 Daily review
10 Progress toward Weekly goal
Performance Report Card (10 each)
10 Real-time analysis
10 Trade selection
10 Trade Execution & Mgmt.
10 Risk Adjusted Returns
How accurate was my assessment of market context?
Hypo3 played out — 100%. I stuck to my hypos and saw that price didn’t want to break IB range and I just sat here observing.
Hypo3 played out — 100%. When Gold broke out from the previous day high I waited for a pullback to go long that never came. There was no setup in my playbook to go long so I stayed out. Then there was a consolidation and I switched to potentially looking for a Swing Reversal set up if we had a strong finisher out of consolidation. This never came, Instead there was a weak break to the upside and slowly trading up until the US open. So no trades today.
How well did I follow my process?
I feel I did really well today sticking to trying to decipher the market narrative. Which I was accurately able to do. Then wait for the market narrative to align with my setup which didn’t come. All good. There will be more chances.
One thing I didn’t do, because of lack of time due to work, is do my daily review of yesterday’s session. Writing a playbook setup and such. I will do this tomorrow.
How well did I manage my physical, emotional and cognitive states?
I did OK. ALthough I had a slightly too big of a meal and therefore felt a little tired through the latter part of the session. I will stay disciplined in either ‘lighter’ food.
What’s one thing you learned today?
It’s OK to not trade. Trading is not about trading. It is about following your process that has an edge. The rest will follow.
What’s one thing I need to do more often?
Be like a scientist gathering data and making educated decisions based on that data. Just follow my process and this will take care of itself.
What’s one thing I need to do less often?
Eating heavy so that I get a bit of a dip throughout the session. Order from a set list that I will prepare tomorrow. Task made.
For my trade plan(s) on this particular day with comments below, go here: