25 Jun Daily Report Card 06252020
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
Fair Trade Execution & Mgmt.
Good Risk Adjusted Returns
Yes Daily review
Muppet meter (1 being best — 5 being worst): 2
Summary: Return to Value
- GBPNZD LN opened below value, testing H4-C‑S 1.93531 NEW, if there’s a break we could see value getting accepted possibly, otherwise a return to value play
- Put a sell stop order just below IB after seeing a rejection of H4-C‑S 1.93531 NEW combined with M30 Bear engulf, IB extension down, possible H1 Evening star and M15 DBD in the making.
- Entry 1.93252 SL 1.93772 TP 1.92250
- I was pointed to my stop being too far so I cut my position in half a small loss and then re-entered the half position at a higher price to average out my entry
- Price very sluggish however M30 demand just got taken out and F making LLs
- Ended up being a buying tail and due to time running out and market not having made a move yet I cut the position off at 1.93368 at ‑0.43R loss
- Grateful I did 🙂 afterwards price shot up 50+ pips testing PVAL
How accurate was my assessment of market context?
- I did okay on my entry but could have done better with my SL. I placed it fairly wide even though I took into consideration avoiding a round number
How did I feel before, during, and after the trade?
- I felt good before the trade clearly seeing the opportunity
- During the trade because of price being so sluggish I monitored MP for clues. Since there was no price action confirmation with a close within IB I stuck with the trade. After observing price reversal on lower time frame combined with running out of time I took the position manually off.
- Feel good having learned more and sticking with the trade making clear decisions.
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 learned that if SL is too wide I can alter my sizing and potentially re-enter half a size at a better location for better average pricing. In the future I could use this as a potential setup entry. Go in half at stop loss order and then the other half after some drawdown. Will collect more data and experience on this.
What’s one thing I need to do more often?
- Be present observing clues
What’s one thing I need to do less often?
- Don’t just consider SL and TP as a given without considering the natural flow the asset traded
For my trade plan(s) on this particular day, go here: