26 Jun Daily Report Card 06262020
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: Follow the process
- LN opened below value and has a tight IB range, inside bar within M30 demand, possible return to value @ H4/D1-C‑S 1.93079 NEW
- M15 bull engulf during IB followed by doji under VWAP, sell stop placed right below IB range @ 1.92496 in case of a M30 DBD
- M30 DBD confirmed but not IB range extension yet
- Had put in a sell stop below IB @ 1.92496 that just got triggered. Reasons for trade is: open below value, M30 DBD, larger time frame bearish sentiment.
- Made a mistake on positioning due to FX book not being manually set to GBPNZD so immediately added 1/3 size at 1.92460
- E closed just barely within IB, possible M15 RBR but currently trading below IB again
- Currently a pop down that feels very much like a stop run creating a buying tail would be in line with that reversal you were talking about. Going to reassess at TPO G.
- TPO G started. Going to stick with the trade for a little longer due to M30 DBD, G opening below IB range, H1 closing down with shorter buying wick. Big con H4 QLo
- Due to running out of time and M5 bull engulf I scratched the trade at 1.92473. There is always next week.
How accurate was my assessment of market context?
- I did pretty well today trying to stay objective
How did I feel before, during, and after the trade?
- Before the trade I was already stalking the trade and put in a Sell Stop order to catch a potential drop
- During the trade I was losing confidence in the trade due to the sluggishness and lower time frame price action but stayed with the profile. When E closed within IB I monitored price action to confirm a possible reversal but decided to stay with the trade a little longer. I did well here to push my grasshopperness to the back and stay objective.
- Even though it was a scratch I feel I did great here following my process. Following your process doesn’t mean you’ll make money every time. Over the long run yes. Not on each trade. You can do everything right and lose money. You can do everything wrong and make money. Just the nature of the beast. Manage what you can control. You and your process. The market will do whatever the market wants.
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 focussing on your process makes me feel calm and tames that grasshopper in me. With clear guidelines on what to do and what to look for I don’t feel the anxiety to make rash decisions.
What’s one thing I need to do more often?
- Follow the process
What’s one thing I need to do less often?
- Take off trades before a M15 candle closes. Which I didn’t today either. During the trade I was considering taking the trade off at the end of a M15 candle anyway and it just happened to coincide with a M5 bull engulf.
For my trade plan(s) on this particular day, go here: