22 Jun Daily Report Card 06222020
Every trading day I recap my trades, including more than just entries and exits. Why did I take the trade, how did I manage the trade as well as my emotions and cognitive function? All the good stuff of being a trader as well as all the ugly. No secrets here. As always, feel free to reach out to me.
My weekly goal
Follow hard entry and exit rules.
Good Pre-market routines
Good Session PECS
Bad Trade selection
Good Trade Execution & Mgmt.
Good Risk Adjusted Returns
Yes Daily review
Muppet meter (1 being best — 5 being worst): 4
Summary: Return to Value (invalid)
- GBPNZD opened within value so will focus on Gold instead
- H4 Evening star although during HK, M30 Supply created with consequent rejection, IB opened trading down (pretty wide) crossing down VWAP
- Currently M15 consolidation just below H4-C‑S 1747.264 after a rejection of W1-C‑S 1752.719 that formed a bull engulf but since larger timeframe is looking bearish combined with lower time frames below VWAP I am staying out
- Entry Short 1748.010 SL 1752.037 TP 1740.004
- Reasons: retest M30-C‑S 1750.860 NEW (after break down VWAP and retest VWAP again) just below W1-C‑S 1752.719, combined with M15 Bear Engulf (@VWAP)
- I was pointed out that because the swing down wasn’t confirmed as such we can state that we are mid swing. We should only trade the extremes of swings for higher probability setups. This combined with MP showing a non-trend day I took the trade off at 1746.330 for 0.34R to also start the week with some money.
How accurate was my assessment of market context?
- Based on reading of price action I feel I did well. However I failed to recognize the price being mid-swing as stated above. Price action is less relevant if trading at technical levels of less significance. Thus I failed in my assessment of market context but I will learn and adapt.
How did I feel before, during, and after the trade?
- I felt good before the trade stalking what I thought was a good opportunity
- During the trade I did well too and when I was explained the circumstances of the trade I remained calm still trying to reassess the situation. When eyeing the M5 bull engulf I was thinking that this could indeed go against me and was pointed out to better take profits to start the week slightly up. So I did.
- After the trade I feel okay. I could have done better but that’s okay. I will learn from this through reviewing.
How well did I follow my process?
- As pointed out above I thought I was doing well but I missed the swing element. I will keep improving learning market mechanics.
How well did I manage my physical, emotional and cognitive states?
What did I learn today?
- I learned that I should always confirm the swings myself. Even though I have aids to point out technical levels it is still best to keep an eye out for them myself.
What’s one thing I need to do more often?
- Keep learning more about market mechanics
What’s one thing I need to do less often?
- Rely too much on indicators. Confirm swings for myself.
For my trade plan(s) on this particular day, go here: