22 Jul Daily Report Card 07222020
#dailyreportcard #tradingforex #forex #FX #BLACKGOLD #CRUDE #CRUDEOIL #GBPNZD #XAUUSD #GOLD #daytrading #tradinglifestyle #daytraderlife #grasshoppersanonymous
Summary: Bad Jokes Wednesday
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
Good 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): 1
Summary: Vegas Trades
- LN open slightly below value proceeded to go into value and IB ended with a M30 Bear Engulf below VAL rejecting it
- I placed a 2nd chance entry sell limit order at 41.51 in case of a 2nd chance entry due to price coming off medium larger time frame new highs and making supplies along the way down, price entering value and rejecting it,
- No 2nd chance entry and price proceeded moving down
- G closed back into IB with a M30 Morning star only slightly though, waiting for a 2nd chance entry from newly formed morning star
- H1 is showing a con in terms of a DBD but taking the lead off the M30 morning star formed slightly above ADR 0.5 after ASR exhaustion I think it is a good trading idea
- Looking at newly formed M30 C‑Dem off the morning star I decided that my stop would be too wide so I dug deeper into the lower time frames and decided the ‘best’ entry was based off the M5 demand formed. I placed a buy limit sell order there but because I felt a lack of confidence in the setup I decided to put in half a position size. Buy limit order at 41.097
- I was then pointed out that it it better to place order at a round number and SL a little wider so changed the limit order to 41.1 instead and placed the SL below to 40.933, Furthermore, I could split up the position since I was planning to go in half position in first anyway and the trade idea was valid. So I put a buy limit sell order at M30 C‑Dem at 41.20 and then left the previous limit order. This way I am splitting my position to get a better average position. If the M30 C‑Dem proves reactive I’d still have a half position in the game.
- I was fumbling around with the order at 41.20 and since price was reaching it I decided to put it in manually this time. But now I know about this technique and I’ll practice on getting it right the next time.
- Have position in at 41.235
- Price continued lower and did not trigger my buy limit order instead kinda meandered around a bit. After M30 closed down into demand it was evident to have the next bar either close well into the newly formed supply overhead ot otherwise my trade idea would be invalidated.
- The next bar did not finish there and I took the trade off manually at 41.095 at a ‑0.35 R loss
- The market continued slightly down and eventually now with NYMEX open I see it trading higher. Doesn’t matter though since I didn’t obtain a working trade within my trading window.
Weekly Goal Achievement: Have correct SL placement and sizing
- I did okay here. My SL placement could have been slightly better although it wasn’t horrible. I will continue to work on this. Sizing was slightly off due to me fumbling trying to put into practice a new concept taking into consideration multiple factors plus wanting to understand it before I actually do it. Plus…. MT4 is not the easiest to put limit orders in. Not an excuse, just a fact. I’ll get better at this as well since normally I’ll have more time to put in the order instead of how it went down today ‘in the heat of the moment’ 🙂
How accurate was my assessment of market context?
- I did well here
How did I feel before, during, and after the trade?
- I felt good… waited for the right opportunity and then went in. Like a good market stalker 🙂
- During the trade I felt good but also thought the trade wouldn’t work out. STill I let my rules play out and followed instructions and therefore executed well I could say.
- Feeling good after the trade even though I am on a losing streak here or drawdown as we call it. All good though. Summer months are trickier. This combined with learning new concepts in the heat of the moment I feel I can cut myself some slack. Furthermore, I am at the level where I am still making the concepts my own. Making money is something my future self will think about or probably won’t…. It’s a result of your process. Money is not the objective. Just a side-effect. A very pleasant side-effect of following your process.
How well did I follow my process?
- Did well here
How well did I manage my physical, emotional and cognitive states?
- Did well here as well. I felt that buzz of being in flow again for the first time since I tried and failed (horribly)at Keto so that is positive development to say the least. Right now I am feeling a bit of that headache again so will reevaluate my dinner or perhaps it is a lack of water again. I did hydrate but yeah…. Will keep taps on it.
What did I learn today?
- I learned about averaging into a position but still within the limits of a trading idea based on the instrument that I am trading. Vegas Trades style so don’t go willy nilly add to a losing position now ya hear?! 🙂
- Using newly formed SD ZOIs and price action either closing into it or not as a technique to cut positions
What’s one thing I need to do more often?
- Posing in bikinis holding up charts to get more followers. Well at least start doing it 🙂
What’s one thing I need to do less often?
- Take life too seriously 🙂 Might as well have fun when you do what you love to do. Does that make sense?! 😛
Under the circumstances, did I perform at my best?
- I did my friend. I did.
For my trade plan(s) on this particular day, go here: