21 Jul Daily Report Card 07212020
#dailyreportcard #tradingforex #forex #FX #BLACKGOLD #CRUDE #CRUDEOIL #GBPNZD #XAUUSD #GOLD #daytrading #tradinglifestyle #daytraderlife #grasshoppersanonymous
Summary: Summertime Chop
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. As always, feel free to reach out to me.
My weekly goal
Have correct SL placement and thus position sized accordingly.
Good Pre-market routines
Good Session PECS
Fair Trade selection
Fair Trade sizing or SL placement
Good Trade Execution & Mgmt.
Good Risk Adjusted Returns
Yes Daily review
Muppet meter (1 being best — 5 being worst): 2
Summary: Summertime Chop
- Open above value (taking out H4 supply 1.92483) just above ADR 0.5 and H4-C‑S 1.93062 and is trading down fast causing a wide IB range attempting to cross down M30 VWAP and return back to H4-C‑D 1.92657
- M30 Inside bar
- Went long on the newly formed H4-C‑D 1.92657 (overall larger time frames being bullish) using a subpar M5 bull engulf:
- Entry long 1.92755, SL 1.92469, 1.93312
- Got stopped out.
- Open above value just under ADR 0.5 and is in a tight IB range for now
- Just made a pop for 41.429 which has been the top of the range for some time now
- M30 consolidation with a 3rd candle closing as bull engulf, continuing into making HHs during H.
- I was eyeing a possible reversal if the 3rd candle had been a bear engulf instead but the move seems very strong and looking like a lot of bears got caught.
- The pair just continued trading down creating a DBD plus acceptance of value and still continuing
- Strong abnormal unidirectional move based on economic news on China’s recovery
Weekly Goal Achievement: Have correct SL placement and sizing
- I think I did well here on the consequent trades that I was considering and the one I actually took. The first one needed a better placement. I will hammer in the SL placement numbers for shorts and longs. This will be my homework for tomorrow.
- Sizing was within 10% margin
How accurate was my assessment of market context?
- I did fairly well here. I should have stuck to my initial bearish sentiment on GBPNZD but hey hindsight is 20/20 as they say. Learned a lot again and it seems my brains are almost entirely back to normal so am happy about potentially being able to get more trades in. Clean trades obviously but since it is hard for me to trade the NY session I am looking for ways to get more trades in since I usually take one trade if any per London session. Hard to rack up trades to analyze with this rate but then again: Less haste, more speed.
How did I feel before, during, and after the trade?
- Good before the trade and during the trade. No emotional imbalance. Just clear cut okay this will go against me. Nothing wrong with a calculated risk even though the setup was subpar. That’s why I am here. To learn!
- Feeling great afterwards as well. Learning a lot and excited about having a longer trading window for WTI.
How well did I follow my process?
- I did fairly well here
How well did I manage my physical, emotional and cognitive states?
- I did much better here
What did I learn today?
- I learned that I can stay calm even when a lot of things are going on and I am looking to get multiple things right, like entry, SL placement, is it worth it…. Like juggling… I am sure this will get easier over time.
- FX range has gotten very tight with a lot of noise and entries have got to be spot on. Therefore from today forward I will focus on WTI only for the remainder of the summer. My precious precious crude oil. My first and probably my only real love. Sure I dabble a bit in other pairs but I always come back to you 🙂
What’s one thing I need to do more often?
- Not worry about money. There is a reason the summer is called the summer time chop. It requires way more skill to be able to trade in the summer and I am getting there. Just have to be patient.
What’s one thing I need to do less often?
- Less haste, more speed.
For my trade plan(s) on this particular day, go here: