Daily Report Card 06262020

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:

Pre­mar­ket Prep GBPNZD 06262020

Pre­mar­ket Prep Gold XAUUSD 06262020