Daily Report Card 06172020 - Bear Market Trader
Daily Report Card, CPT, Consistently Profitable Trader, day trading, swing trading, road to success, road to becoming a CPT,
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Daily Report Card 06172020

Daily Report Card

Daily Report Card 06172020

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: Return to Value

  • Lon­don opened below val­ue just above H4-C‑D 1.94239 (and D1-C‑D 1.94402) and what could be con­sid­ered the bot­tom of the range. I am look­ing for a M15 rever­sal con­fir­ma­tion to per­haps go in long with an ear­ly entry
  • The oth­er side of the trade would be to go short but because of the large under­ly­ing demand this is a more tricky trade and will need a stronger confirmation
  • Fair­ly short buy­ing tail dur­ing B
  • Price being at the bot­tom of the dai­ly range I am more inclined to be bull­ish. How­ev­er, price would need a big con­fir­ma­tion to go in long because of the over­head sup­ply zones. It would mean a slow trade (if any). An ear­ly entry could give 2R TP (return to val­ue) but again… those sup­ply zones are in the way. The same on the short side with demand under­neath. For now, I will just be observ­ing TPOs and price action development. 
  • Pos­si­ble M30 con­sol­i­da­tion going on
  • I had put in a buy stop order at 1.94535 which was the retrace­ment of the strong M15 fin­ish­er after the M15 con­sol­i­da­tion and got hit
    • Entry 1.94535 SL 1.94174 TP 1.95257 (above H4-C‑S 1.94940 but will keep an eye on the trade)
    • Rea­sons for tak­ing the trade: Bot­tom off dai­ly range at D1-C‑D 1.94402 and H4-C‑D 1.94239 cou­pled with M20 con­sol­i­da­tion and M15 bull engulf fol­lowed by anoth­er con­sol­i­da­tion and strong finisher.
  • M30 Strong fin­ish­er from consolidation
  • M30 con­sol­i­da­tion at VWAP & H4 QLo, in the 3rd bar right now coin­cid­ing with time-based stop so will let it do its thing. EVen though F made a HH and G closed with­in IB I stayed with the trade because of the M30 consolidation.
  • Closed off time-based at 1.94672 for 0.34R (if I had posi­tioned cor­rect­ly that would have been slight­ly bet­ter. How­ev­er, because I had ini­tial­ly a wider stop and when I put the stop tighter I had to size up to reflect 1% risk) I stayed with the trade even after we made a HH dur­ing F and G opened with­in IB, I noticed the M30 con­sol­i­da­tion and gave my time-based stop to do its thing. 

How accu­rate was my assess­ment of mar­ket context?

  • I did well here. I was a lit­tle hes­i­tant due to the sup­ply and demand ZOI in the way of a clean trade but took a trade any­way and to get a slight­ly bet­ter entry I used a buy stop order placed slight­ly above M15 con­ter­mi­nous after a break from con­sol­i­da­tion. Being clear-head­ed to put that on even dur­ing the some­what wild price action I thought was pret­ty good of me. 

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

  • Did well before the trade even though I was get­ting a lit­tle anx­ious to put on a trade I stayed focused on price action devel­op­ment and used OODA to switch between time­frames to give myself the room to breathe and reassess. If the posi­tion had moved away from me I would have let it and not tak­en the trade.
  • Dur­ing the trade I felt I did well to mon­i­tor TPO as well as M30 and M15 con­sol­i­da­tions for a bet­ter under­stand­ing of price development. 
  • Feel good that I had the patience to sit through a trade even when it was messy as today.

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?

  • Due to mar­ket bal­anc­ing on the dai­ly there can be a lot of sup­ply ZOI on low­er time­frames. Even not opti­mal they can be trad­ed based off a medi­um time­frame with price action confirmation.
  • When there is a con­sol­i­da­tion going on, mid-can­dle can seem ’very much against’ you but it doesn’t mean any­thing since it hasn’t closed yet.

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

  • Stay patient and focus on price devel­op­ment through OODA

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

  • Doubt myself. Again… this will come with more experience. 

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


Day trader. Tech geek. Sim Racing Enthusiast.

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