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Summary: Value Rejection
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
Have correct SL placement.
Good Pre-market routines
Good Session PECS
Good Trade selection
Good Trade sizing or SL placement
Good Trade Execution & Mgmt.
Good Risk Adjusted Returns
Yes Daily review
Muppet meter (1 being best — 5 being worst): 1
Summary: Value Rejection
- Traded GBPNZD today
- Waited for a pullback to newly formed M30 Bull engulf (2nd chance entry) and went long with half a position due to being inside value. Reasons for taking the trade is ADR 0.5 level with M30 Bull engulf confluence
- Entry long 1.91721 SL 1.91516 TP 1.92129
- Got stopped out at 1.91516 ‑0.5R
Aftermath
- After noon price actually moved in my favor but it might as well hadn’t. No way to know.
- It actually didn’t make it in terms of rejecting value
Weekly Goal Achievement: Have correct SL placement
- I placed my stop at 1.91516 which was bound to get tested. Should have placed it below at .43 or even better at .35. This is why I chose to change my goal to tackling this from now on.
How accurate was my assessment of market context?
- I did well to initially stay out of both WTI and GBPNZD but then was pointed towards a possible bounce from ADR 0.5 level and focused on that
How did I feel before, during, and after the trade?
- I felt good before the trade. After understanding what I was looking at I went in long.
- During the trade I felt good knowing that it was a suboptimal trade hence the half sizing and gain experience.
- Afterwards I feel good. Learned more today.
How well did I follow my process?
- I did well here
How well did I manage my physical, emotional and cognitive states?
- My head is a bit cloudy again later in the session. Some brain fog still. Must have really messed up my head last week and now trying to quickly get back to ‘normal’. Probably not a good idea. Took care to drink more water today but might need to watch carbs again to make sure I don’t overeat on them especially later in the day. Will pay attention to this.
What did I learn today?
- Use of ADR and stop placement
What’s one thing I need to do more often?
- Focus on working on my one goal at a time. Even though I try to incorporate all new lessons, I have to prioritize certain things which I then use as my weekly goal. Knowing that all that other stuff I’m learning will eventually make it to the foreground if that makes sense. It’s like learning a new language and even though you pick up more than you consciously ‘know’ there is so much more in the background that eventually will form into a conscious understanding.
What’s one thing I need to do less often?
- Less speed, more haste.
For my trade plan(s) on this particular day, go here: