10 Jun Daily Report Card 06102020
My weekly goal
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 opened within value with a M30 bear engulf during IB, H4/D1 Conterminous demand is around PVAL and could be an interesting ZOI to watch
- Due to price opening within value and details outlined below I decided to opt for a Swing trade. Further reasoning for this is the D1 Bull Engulf (coinciding with H4 demand as well) rejecting demand and consequent retest of the D1-C‑D 1.94705 earlier in the day. SL is placed below H4 Demand and sizing has been correctly adjusted.
- Entry 1.94893 SL 1.94367 TP 1.95946
- Since this is a swing trade I will reassess the position tomorrow. Max hold time for the shorter swings is 16 hours, 2–3 days for longer swings.
- Price traded down taking out H1/M30 demand but H4 demand is reactive and pushing price back up also noticeable due to the buying thailand consequent move back into IB. Looking for a newly formed H1/M30 demand to be formed to confirm my bias. Regardless, the trade either hits my SL or TP with a further reassessment tomorrow morning. To be continued.
- Newly formed M30/H1 demand created due to Bull Engulf
How accurate was my assessment of market context?
- I did well here
How did I feel before, during, and after the trade?
- I felt good before the trade since the swing trade I took was basically the trade location I was looking for. However, LN having opened within value, it would have taken more effort to time an intraday trade right (if there was an opportunity anyways). I was pointed out that this would also be a good location for a swing trade and since I have never tried that I went for it. Also, with non-trading related work demanding more of my time a swing trade was perfect to fit my schedule.
- Even though M30/H1 demand was taken out, H4/D1 demand proved to be reactive and we formed a new M30/H1 demand through a Bull Engulf.
- Tomorrow morning I’ll update this
How well did I follow my process?
- I did well here
How well did I manage my physical, emotional and cognitive states?
- I did well
What did I learn today?
- Follow your plan. After having spend time to come up with a plan and executing it nicely I should let my exit rules take care of the rest. I will put up a post‑t note on my screen to respect the M15 candle close rule. Just like I have a process for trading I need to let the process of myself play out to many new neural connections on learning a new habit. I will get there.
What’s one thing I need to do more often?
- Grab opportunities to learn and grow. I don’t want to be stuck to one category only. Hopefully through following my process and patience in forming neural connections I can get better at ‘switching gears’ when it comes to trading.
What’s one thing I need to do less often?
- Don’t be rigid thinking all or nothing. Trading is flexible and with the right approach plus opportunity presented I can switch up to fit my schedule.
For my trade plan(s) on this particular day, go here: