Daily Report Card 06032020

03 Jun Daily Report Card 06032020

My week­ly goal

Only take trades when there are at least 4 con­flu­ences. Trade loca­tion. Mar­ket Pro­file. Price action con­fir­ma­tion. Fol­low hard entry and exit rules.

Good Pre-mar­ket routines

Good Ses­sion PECS

Good Trade selection

Good Trade Exe­cu­tion & Mgmt.

Good Risk Adjust­ed Returns

Yes Dai­ly review

Mup­pet meter (1 being best — 5 being worst): 1

Sum­ma­ry: Mean Reversion

• Lon­don open below val­ue, M15 bull engulf, IB exten­sion up on high momen­tum,  AS exhaust­ed, ADR 87%, H4 inside bar in demand
  • Long entry 1.96692 SL 1.96452 TP 1.97098
  • Took prof­its 1.1R at 1.96910

How accu­rate was my assess­ment of mar­ket context?

• Did well here

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

• I felt good before the trade already stalk­ing my poten­tial trade and then act­ing on it
• The trade didn’t last that long and I took 1.1R even though it would have hit 2R. Decid­ed to take the win for my DD
• After­wards, I assessed if I had a bet­ter entry oppor­tu­ni­ty but I was point­ed out that on momen­tum we can’t be too picky

How well did I fol­low my process?

• Did a great job today

How well did I man­age my phys­i­cal, emo­tion­al and cog­ni­tive states?

• Great!

What did I learn today?

• I learned that it is more prob­a­ble for a rever­sal to mean with AS being exhaust­ed and ADR already at 87%. This com­bined with a bull engulf and high momen­tum extend­ing over IB. Mean rever­sion setups usu­al­ly ini­ti­ate on high­er momen­tum. And it is okay to not have the ‘best’ entry (even though my entry was pret­ty spot on) in these situations.

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

•  Trade what is in front of me

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

• I did well today. No critique. 

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

GBPNZD – Week 23 Trad­ing Plan