23 Jul Daily Report Card 07232020
#dailyreportcard #tradingforex #forex #FX #BLACKGOLD #CRUDE #CRUDEOIL #GBPNZD #XAUUSD #GOLD #daytrading #tradinglifestyle #daytraderlife #grasshoppersanonymous #NEXT
Summary: Keep coming back
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: Keep coming back
- LN open above value, price already at 66 ticks height which is close to 1x ASR from VAH, underlying newly formed M30 demand, premarket move away from H4 demand currently trading within H4 supply
- Took out M30 supply but still one left right at ADR 0.5
- With overhead ADR 0.5 and supply we might see a M30 bearish confirmation, if so I have my sell limit order ready to go,
- D closed without making a HH but also no bearish engulf either, instead consolidation
- Due to taking out of larger time frame supply ZOIs before
- Did a long: Entry half 42.195 (on completion of previous M30 bar) SL 41.948 Buy limit order at 42.056 in case of a pullback.
- Order got hit
- Got stopped out hard at 41.948
- Price continued lower in the end closing M30 below M30 QHi so there is possibility for more downside. Although underlying demand is not broken yet so might not happen during LN.
- Trade 2
- (weak) M30 Bull Engulf at H4-C‑D 41.724 and went long for an opportunistic trade long thinking a possible pullback even though MP showed 4 TPO structure there was no buying tail well 1 TPO is hardly a tail…
- Got stopped out 41.486 and underlying demand got taken out so we might still see more downside and this was just a M30 DBD.
Weekly Goal Achievement: Have correct SL placement and sizing
- The manual trade I put on (first half) I had it slightly over half a position size based on my SL, so I had to size down on my buy limit order to compensate. Since this is my 2nd effort on a vegas style trade I give myself some slack but need to tighten this up. As Dee pointed out I usually don’t go into much drawdown on my winners so the fact that I am going into a drawdown should be a warning sign that I might be wrong on the trading idea and act accordingly.
How accurate was my assessment of market context?
- My initial idea was a short off ADR 0.5 after a price action confirmation. In hindsight I am struggling to find a valid entry short (read there was none under current entry rules) based on M30 since the bearish confirmation didn’t come until the 3rd bar extended too far away from optimal entry. On my old approach I would have gone in on an entry on a lower time frame but this more often than not got me into trouble so the best course of action was to not take a trade short at all. Don’t need to catch all of them.
- I went long instead because of the M30 RBR followed by a consolidation and bull engulf combined with larger time frame bullish sentiment. Supplies taken out etc. My initial idea was to wait for a pullback to conterminous before going long but then thought what if there is momentum behind the move. So decided to go with a vegas style trade. Entering on close of the bull engulf and then in case of a pullback average out my entry with another half position getting a better price. At least got to practice this.
How did I feel before, during, and after the trade?
- I felt good before taking the trade since I had seen a consolidation and strong finisher at the top of a swing before and wanted to go in but couldn’t based on entry rules. This time I was eager to try it out. Didn’t work out. #NEXT
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 well here although after taking the loss I went for a quick walk to reassess my mental state. I felt fine so went back to my desk.
What did I learn today?
- I learned that trades don’t always work out. As if I didn’t already know that 🙂 #NEXT
What’s one thing I need to do more often?
- Come back and gain experience. I’m in it for the long haul.
What’s one thing I need to do less often?
- Take any one trade as the end all be all. Not that I did. Just reaffirming for myself. It’s okay to make mistakes as long as you review and learn from them.
Under the circumstances, did I perform at my best?
- I think I did.
For my trade plan(s) on this particular day, go here: