Daily Report Card 06162020

16 Jun Daily Report Card 06162020

My week­ly goal

Fol­low hard entry and exit rules.

Good Pre-mar­ket routines

Good Ses­sion PECS

Good Trade selection

Fair Trade Exe­cu­tion & Mgmt.

Good Risk Adjust­ed Returns

Yes Dai­ly review

Mup­pet meter (1 being best — 5 being worst): 2

Sum­ma­ry: Mean Reversion

• Lon­don opened above val­ue but not too extend­ed, with over­head sup­ply from M30 and H4 and sell­ing wick in C I am not eager to go long and will wait for fur­ther price development
• With over­head sup­ply from M30/H1/H4, Sell­ing tail in C and a M15 bear engulf I went short.
  • Entry 1.95734 SL 1.96084 TP 1.95038
  • SL above M30 sup­ply TP 2R at VAH
• D closed with­in IB con­firm­ing a failed auc­tion and more bear­ish sentiment
• Return to M30-C‑S 1.95764 NEW (2nd Chance Entry) and con­se­quent M15 Bear Engulf again
  • Fol­lowed by a M30 Bear Engulf
• Still no break from M30 con­sol­i­da­tion how­ev­er M15 final­ly closed below VWAP
• Took the trade off time-based even though I was con­sid­er­ing to let it run for anoth­er half an hour. How­ev­er with M30 VWAP below it is more prob­a­ble to get reac­tive before break­ing down. So I took the trade off at 0.7R at 1.95495.

How accu­rate was my assess­ment of mar­ket context?

• Fair­ly well, even though I hes­i­tat­ed going in pre IB exten­sion even though I was con­sid­er­ing it. After a nudge from Tim I went in after all. The rea­son I was hes­i­tant is because of mar­ket bal­anc­ing and want­ed some more con­fir­ma­tion. I for­got that it is okay to get in ear­ly if price action is reject­ing a medi­um time frame con­ter­mi­nous. Hence the rea­son for today’s trade.

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

• Did well here

How well did I fol­low my process?

• Did well here

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

• Did well here

What did I learn today?

• I recon­firmed to myself that it is okay to get in ear­ly (had one trade like this before) based on low­er time frame con­firm­ing a rejec­tion of medi­um time frame conterminous. 
• Even though it was an abnor­mal day with HK ses­sion range exceed­ing the aver­age (and thus can­not be accu­rate­ly used for rever­sals) and it is more prob­a­ble for a con­tin­u­a­tion I went in the oppo­site direc­tion due to price action con­firm­ing at a medi­um time frame conterminous. 

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

• Medi­um time­frame con­ter­mi­nous with low­er time­frame price rejec­tion = ear­ly entry = bet­ter R/R

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

• Trust my judge­ment. This will come with more experience. 

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

Pre­mar­ket Prep GBPNZD 06162020