08 Jul Daily Report Card 07082020
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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
Bad Session PECS
Good Trade selection
Good Trade sizing
Bad Trade Execution & Mgmt.
Good Risk Adjusted Returns
Yes Daily review
Muppet meter (1 being best — 5 being worst): 3
Summary: Return to Value (failed)
- LN opened above value after testing D1-C‑S 1.92077 and rejecting, H1 DBD to H4-C‑D 1.91644 RBR near VAH also coinciding with M30 demand ZOI
- M30 hammer, D close at IB edge, M15 big inside bar almost retracing previous candle, could become a consolidation
- Consolidation at VAH, no acceptance yet
- Entry Long: 1.91675 SL 1.91416 TP 1.92184
- Reasons: M30 Bull Engulf at VAH / D1/W1 QLo / H4-C‑D 1.91644, F closed inside IB
- Stopped out at 1.91416 after we formed a M30 Bear Engulf at ‑1R loss
- I noticed a possible H1 DBD and considered the trade potentially going against me. Which it did in the end.
- Trade 2
- Entry long 1.91575 SL 1.91345 TP 1.92028
- Same reasons since trade idea was still valid and previous trade SL was within the ‘noise’
- Time-based stop at scratch 1.91589
- Continued consolidation even into overlap noise
Weekly Goal Achievement: Have appropriate sizing
- Did well here
How accurate was my assessment of market context?
- I waited patiently until an opportunity presented itself.
How did I feel before, during, and after the trade?
- Trade 1
- Before taking the trade I got some FOMO. I was expecting a 2nd chance entry and even though I was expecting it I chickened out and saw price jumping and I jumped in as well. This gave me a terrible entry and SL placement. If I had waited I would not have had that first loss and just closed with a scratch.
- Trade 2
- Better entry and SL placement but time ran out and scratched it.
How well did I follow my process?
- Not good. But one good thing. I am making a lot of mistakes and thus confirming to myself what I deep down know to be true. I am still very much off but I keep trying.
How well did I manage my physical, emotional and cognitive states?
- As best as I could. Still feel very much off. Hopefully this ‘keto-flu’ passes soon.
What did I learn today?
- I confirmed to myself the intricacies of a return to value play, especially during the summer months.
What’s one thing I need to do more often?
- Keep coming back and failing towards success.
What’s one thing I need to do less often?
- I’m gonna say get emotional but I know it’s temporary and hopefully soon I can go back to being clear-headed. Feeling so slow.
For my trade plan(s) on this particular day, go here: