Daily Report Card 06112020

11 Jun Daily Report Card 06112020

My week­ly goal

Fol­low hard entry and exit rules.

Good Pre-mar­ket routines

Bad 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 slight­ly with­in val­ue but pro­ceed­ed to reject dur­ing IB, how­ev­er there is M30 and H4 sup­ply over­head so it would need a lot of momen­tum to break that. For now, I am more lean­ing towards a pos­si­ble failed auc­tion unless price action can con­firm strong bull­ish sentiment. 
• Missed an ear­ly entry due to being in a phone call. The missed trade was test­ing of H4 con­ter­mi­nous with M5 con­sol­i­da­tion and rejec­tion through bear engulf and sell­ing tail. 
• Next oppor­tu­ni­ty isn’t a good one either: M30 bear engulf clos­ing with­in val­ue, thus val­ue accept­ing, but val­ue is too tight. It would not give an opti­mal 2R oppor­tu­ni­ty. Also lots of demand under­neath. Bet­ter oppor­tu­ni­ty would be a rejec­tion of VAH and go long. 
  • M5 inside pin bar but would need a 3rd can­dle to con­firm a pos­si­ble rejec­tion of VAH or con­sol­i­da­tion with a strong fin­ish­er to go long in line with Dai­ly pos­si­ble form­ing a RBR. 
• Noticed that I feel par­tic­u­lar­ly inde­ci­sive today so I am going to lift some weights and come back lat­er. I took prof­it ear­li­er this morn­ing from yesterday’s swing trade so already pock­et­ed some. Will reassess lat­er if I can spot an opportunity.
• No trad­ing for me today. Come back strong tomorrow. 
• After­math
  • Mar­ket trad­ed most­ly with­in IB and slight­ly tried touch­ing out­side of IB with very lit­tle TPO extension

How accu­rate was my assess­ment of mar­ket context?

• I did not have the best men­tal frame­work to assess the mar­ket but it was good enough to under­stand I shouldn’t be par­tic­i­pat­ing in the mar­kets today. 

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

• No trades tak­en. Just closed the swing trade from yes­ter­day this morn­ing for 0.7R

How well did I fol­low my process?

• Good

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

• Cog­ni­tive state wasn’t good as out­lined above

What did I learn today?

• No need to trade if not in the right state of mind. When I start sec­ond-guess­ing a trade I want to put on there is some­thing wrong. Glad I caught it ear­ly but still kin­da need­ed a nudge from Dee to feel okay with not trad­ing today. She told me to go lift some weights so that’s what I did. Leg-day today! 

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

• Be con­scious of being in the right state of mind 

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

• Try and trade when not in the right state of mind

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

Pre­mar­ket Prep GBPNZD 06112020