24 Jun Daily Report Card 06242020
Every trading day I recap my trades, including more than entries and exits. Why did I take the trade? How did I manage the trade, my emotions and cognitive function? All the good stuff as well as all the ugly of being a day trader. 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
Good Trade selection
Good Trade Execution & Mgmt.
Good Risk Adjusted Returns
Yes Daily review
Muppet meter (1 being best — 5 being worst): 1
Summary: Patience Grasshopper. Patience.
- London open above value but IB range wider than normal indicating possible responsive activity. Plus overhead H4 QHi might be reactive so going long is less of an opportunity to me
- Gold is consolidating and even though IB is tight no extension as of yet
- Gold closed inside IB with C after creating a tall selling tail and wick.
- But then proceeded up during D making HHs
- LN opened above value and range just below H4 QHi plus ADR exhausted
- IB printed a bull engulf and consequent push away and post IB we started slowly printing an IB extension up. Due to a larger time frame trend reversal it was expected to have more momentum behind it but instead we saw a sluggish crawl up that would have yielded 2.2R (assuming perfect entry/exit)
- LN opened above value and started IB really indecisive with 2 consecutive doji candles followed by C TPO going up and creating a selling wick and thus tail and closing inside IB. This C TPO did create a Bull Engulf but due to the tall selling wick and close inside IB I decided to shift focus to a potential bearish sentiment. What followed was a strong push up and left without me in it.
- What actually happened?
- IB quite tight range indicating a possible more likelihood of continuation to any extension (I was already considering this during the session)
- M30 bull engulf formed post IB extending up
- If I had entered on IB extension I could have had 2R profit (assuming perfect entry/exit) otherwise a 1.7 which is still good
How accurate was my assessment of market context?
- Well, I am conflicted on this one however leaning towards: I’m okay with how it went today. I could not make clear sense of what I was seeing (maybe due to lack of ability and experience but sobeit). Lack of clarity = no trades for me. Preserving capital is important. However, I am always trying to understand what I could have done better. This will only get better with experience and going through more and more scenarios.
- I did get kinda confused focusing on both assets since I thought I saw scenarios unfolding in both (and my ego thinking yeah I am THAT good!) so I have made clear rules for this as outlined underneath under ‘what did I learn today?’
How did I feel before, during, and after the trade?
- No trades taken
How well did I follow my process?
- I got into the mode of trying to force myself to see what could be a good move however I should trust myself to understand that if it is a good move then I’d recognize it as such. If not, staying out is okay. Don’t have to be in every move. Sitting back and observing is okay too. It’s just that I only took 1 trade this week that wasn’t even a great trade and am eager to trade again. Patience grasshopper. Patience.
How well did I manage my physical, emotional and cognitive states?
- Did well here
What did I learn today?
- I learned that when being allowed to trade 2 assets I should have clear rules on when to shift my focus. Rules going forward is that I will focus on the FX pair unless it opens inside value and only if there is no medium/larger time frame conterminous nearby to bounce off of. Otherwise I will shift my focus to Gold. If both are outside value I will only trade the FX pair. An alternative scenario is if I took 2+R profits during London, I can consider trading NY as well.
What’s one thing I need to do more often?
- Be patient grasshopper. Be patient. Sure things are going well and better than I could have expected but there is still much to learn and much to really make my own. Creating habits takes time and I will get there. Just need to allow myself to take the time and enjoy the process 🙂
What’s one thing I need to do less often?
- Focus on too many things at once. Focus on one thing instead. One asset. One task. One goal. If this then that. Take your time. Do it well. Progress. Not perfection 😉
For my trade plan(s) on this particular day, go here: