Daily Report Card 06242020

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
• GBPNZD
  • 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)
• XAUUSD
  • 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:

Pre­mar­ket Prep Gold XAUUSD 06242020

Pre­mar­ket Prep GBPNZD 06242020