28 Apr Daily Report Card 04282020
My weekly goal
Only take trades when there are at least 3 confluences. Trade location. Market Profile. Price action confirmation.
Combined Score 90
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 Execution & Mgmt.
10 Risk Adjusted Returns
How accurate was my assessment of market context?
At first, I thought Hypo1 was going to play out but I stayed out since the lower time frame showed me a possible change in sentiment. Even though I was right in my assumption I failed to capitalize on it. Reason for this was that I recognized the consolidation but the BO came in the form of a weak bullish engulfing as the strong finisher. This combined with me being not too familiar with Gold yet I decided to stay out only to see the market run. I feel okay about this though since I followed my process.
How well did I follow my process?
I did well here. After seeing the market move I kept observing the market run and took notes. Screenshot for my playbook and learned something new.
How well did I manage my physical, emotional and cognitive states?
I did great here.
What’s one thing you learned today?
Focusing on the process is when I am at my best. No weird trades just to be in the ‘action’.
What’s one thing I need to do more often?
Follow my process of being the scientist trying to understand market narrative within the framework of my trading rules and approach.
What’s one thing I need to do less often?
It’s OK to take slightly more risk based on educated analysis on my 2nd account where I trade other instruments than crude. It’s my tuition to the school of trading.
For my trade plan(s) on this particular day with comments below, go here: