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.
- 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?
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: