12 Jun Daily Report Card 06122020
My weekly goal
Follow hard entry and exit rules.
Good Pre-market routines
Good Session PECS
Bad Trade selection
Fair Trade Execution & Mgmt.
Good Risk Adjusted Returns
Yes Daily review
Muppet meter (1 being best — 5 being worst): 3
Summary: Mean Reversion
- London opened above value within range and proceeded to drop and test VAL. I took this level (coinciding with W1-C‑D 1.95334 and previous test of H4-C‑D 1.95151 as a possibility to go long
- Entry 1.95447 SL 1.95144 TP 1.96046
- After seeing price go against me and TPO making LL plus M30 DBD I decided to cut down in size and adjust my SL to 1.94894
- When TPO continued to make LLs I decided to cut the whole position at 1.95160 and reassess later
- Total loss ‑0.8R
- Right after I cut the position M5 made a significant bull engulf crossing VWAP
- It is currently testing H1-C‑S 1.95406 NEW
- I decided to not trade today. Even though we formed a H1 Bull Engulf with the M30 Supply overhead causing congestion it is not the cleanest setup. Plus I’d like to quit the week with being in profit.
How accurate was my assessment of market context?
- Not too well. I went long from a low probability location namely VAL after we accepted value. Even though price did eventually move up it would have been real hard to get 2R on the trade hence it wasn’t a good trade to begin with.
How did I feel before, during, and after the trade?
- I was confident going into the trade, perhaps a bit overconfident
- During the trade I saw price action and TPO going against my trade and decided to take the trade off as outlined above.
- After the trade I feel fine. There’s always next week. At least I am leaving the week in the money. WIll come back stronger next week.
How well did I follow my process?
- I could have done better as outlined above. I could have taken notice of the M30 supply hanging overhead and VAL being a low probability location. Probability a bit overconfident because of some good non-trading related news I had earlier.
How well did I manage my physical, emotional and cognitive states?
- I did good here
What did I learn today?
- I learned that several factors have to come together to make it a ‘smoother’ trade. With a lot of congestion in the way it will be a drag to sit through. Furthermore, going in early in the session with M5 to guide me is probably not the best decision. Will need more confirmation on M15/M30.
What’s one thing I need to do more often?
- Stay the course and keep improving
What’s one thing I need to do less often?
- Be a muppet 🙂 Trading is not for the sake of trading. Several factors have to come together to make it work. Even then it is a probabilistic outcome. No guarantees in this game.
For my trade plan(s) on this particular day, go here: