16 Jul Daily Report Card 07162020
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Summary: Mean Reversion Trade
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
Trade according to market narrative ie. Summer-time trading for now
Good Pre-market routines
Good Session PECS
Good Trade selection
Good Trade sizing
Good Trade Execution & Mgmt.
Good Risk Adjusted Returns
Yes Daily review
Muppet meter (1 being best — 5 being worst): 1
Summary: Mean Reversion Trade
- Traded GBPNZD today
- LN opened below value about 70+ pips away from value which is about 1x ASR (74.5) away, IB opened forming a M30 bull engulf right on top of D1-C‑D 1.91305 (coinciding with H4 QLo)
- Price traded slightly higher but did not extend IB up, we then have a retracement back to newly formed M30-C‑D Bull Engulf 1.91360 that was formed during IB
- We then can go down to M15 and look for a potential better trade entry that can potentially give us 3–5R and we find M15-C‑D 1.91333 M15 Bull Engulf
- I manually opened a long trade at 1.91395 with SL 1.91244 TP 1.91552.
- Took the trade off at 0.9R profit which feels good being in a drawdown and all.
- Price continued higher forming a H4 Bull Engulf testing ASR and has done 72.3 out of 74.5 so far
Weekly Goal Achievement: Trade according to market narrative
- I did well here although had steering from Dee and luckily so learned a lot today
How accurate was my assessment of market context?
- Did well here under the guidance of Dee
How did I feel before, during, and after the trade?
- I felt good before the trade although I had to switch my focus a bit due to points given by Dee. I like to first understand the points given before I just blindly go in if I can. Lose a few ticks but that’s okay.
- After the trade I feel very good having learned how so many moving pieces connect to give a higher probability understanding of the market direction. Having seen and lived through it. I’ll still need more practice markets permitting 🙂
How well did I follow my process?
- I did well here
How well did I manage my physical, emotional and cognitive states?
- I did well here although now for the last hour I am having some kind of headache which I think might be due to drinking too little water. I’ve been neglecting that today due to ‘being busy’. There is no excuse so I will have to make it a task to ensure that I drink enough until it’s a habit again.
What did I learn today?
- Low timeframe SD zones are only valid 24 hours
- How to better use ASR/ADR in confluence with price action, SD, and Q points
What’s one thing I need to do more often?
- Let Dee guide me. Did well here.
What’s one thing I need to do less often?
- Try and go fast. Less speed, more haste.
For my trade plan(s) on this particular day, go here: