02 Jul Daily Report Card 07012020
#dailyreportcard #tradingforex #forex #XAUUSD #GOLD #daytrading #tradinglifestyle #daytraderlife
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
My goal for this week is to get my sizing right. Whatever asset, I need to have the correct contract size representing 1% of my account.
Good Pre-market routines
Good Session PECS
Good Trade selection
Fair Trade sizing
Good Trade Execution & Mgmt.
Good Risk Adjusted Returns
Yes Daily review
Muppet meter (1 being best — 5 being worst): 1
Summary: Follow the process
- GBPNZD opened within value so shifted my focus to Gold
- Gold opened above value and has traded higher taking out H4 supply
- M15 consolidation that ended with a bear engulf within IB\
- M30 consolidation in process
- Still within IB. Looks like not much will happen today.
- I watched paint dry. Nothing going on within my trading window so I’m done for today. Yes guys. Sometimes it’s like this.
- Because of no trades today and wanting to rack of stats I will be trading the NY session as well.
- Opened within value after a H4 Bear Engulf during LN, right below VAL there is H4-C‑D 1772.997 and VWAP
- Price rejected value and hit ADR plus PNYC reversal. When there was a M5 three inside up I went long. Entry Long: 1769.690 SL 1765.465 TP 1778.046
- Got stopped out at 1763.917
- Figured out too late I didn’t cut my sizing when I widened my SL. This then turned into a ‑1.5R loss instead of ‑1R
- Reason for getting stopped out
- Too early into the session to be using M5 based price action
- 2nd attempt long
- M15 bull engulf (weak) with same reasons as attempt 1
- Entry 1765.110 SL 1761.390 TP 1771.059 (3R)
- Got stopped out yet again at 1761.379 for ‑1R loss
- Reason for getting stopped out
- Price likes to pop into a round number (collecting stops) and my SL was one of them. Live and learn.
- 3 times a charm right?! Decided to take one more trade since I had a clearer understanding of what is going on. Plus trading something still relatively new like Gold I am bound to make mistakes.
- M5 bull engulf after we popped the round number of 60. Combined with buying tail in F, confirmation of trade after entry > M15 morning star. Even though we didn’t close into the M15 supply, we did now close with a M30 Bull engulf.
- Currently testing newly formed demand
- Closed off time-based at 1770.590 for 1.9R making up for my mistakes earlier. Now a total loss for the day of ‑0.6R.
Weekly Goal Achievement: Have appropriate sizing
- Did badly on the 1st trade due to repositioning of my SL and forgetting to size down since I had put it wider. Did well on the 2 following trades. There is about 10% leeway on SL.
How accurate was my assessment of market context?
- I did fairly well but jumped the gun a bit on the first trade. Easy solution. Don’t trade off M5 for PNYC. Wait for M15/M30 confirmations. UNLESS there are more confluences like the pop, ADR exhaustion, timing. Did better on the 2nd trade but did not take into account the round number pop. Did very well on the last trade.
How did I feel before, during, and after the trade?
- I felt good before and during the trade. Actually I am more often than not very calm during a trade because I have my process to fall back on.
- Same for after a trade. I know I have my process based on stats that gives me the calmness to stay with a trade and am less and less affected by losses.
How well did I follow my process?
- Did well here
How well did I manage my physical, emotional and cognitive states?
- Did well here even though I stayed and traded the NY session as well. Well, the PNYC part at least which is now past 1am and still writing this DRC. Gotta do what you gotta do.
What did I learn today?
- Algos LOVE round numbers! Try and move around them. When in case of a reversal play, assess what round numbers are around and wait for price action to confirm your bias preferably after a ‘pop’ to also kinda validate the level. Otherwise focus on M15/M20 to guide your decisions. If a possible entry that I am looking at has a SL at a round number and by moving it skews my R/R then it means no trade and reassess.
What’s one thing I need to do more often?
- Keep coming back and get more trades under my belt using this new methodology. I need to build experience and more valid stats. Having said that I am not in a hurry. I know it will come given enough time. But if there is something that I can do to have more exposure to the market (like for example trading NY as well) then that is something that I can control.
What’s one thing I need to do less often?
- Obviously I should not have taken the 1st trade. However, at the time my thought process was fairly right and I took a chance. Having not traded Gold especially during NY makes it a fairly new beast for me. A beast that I need more experience in. So all in all I feel I did well. In hindsight there were a couple of things I could have done better. Hindsight is 20/20 as they say. Just keep coming back.
For my trade plan(s) on this particular day, go here: