28 Jul Daily Report Card 07282020
#dailyreportcard #tradingforex #forex #FX #BLACKGOLD #CRUDE #CRUDEOIL #GBPNZD #XAUUSD #GOLD #daytrading #tradinglifestyle #daytraderlife #grasshoppersanonymous #NEXT #Process #Patience #Persistence
Summary: Process. Patience. Persistence.
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
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: Process. Patience. Persistence.
- LN open above VAH, M30 Bull Engulf at VAH premarket closing within H4 QHi, possibility of value acceptance, but a move away from value is looking good as well. Best opp: M30 Bear Engulf + Value Acceptance to go short with D1-C‑S B.E. 41.396 nearby
- Closed with M30 bear engulf but no value acceptance hence have to wait for another TPO close in case of a short. Long is still in play if we go the other way. H1 showing consolidation just above H4-CD B.E. 41.280.
- C: barely closed within value, not convincing enough to short, furthermore ADR 0.5 is within value only giving 1R opportunity, H1 consolidation still in play possible return to value play so looking for confirmation a break away from VAH but not looking too promising either with overhead supply
- D: M30 Bull Engulf closing just below H4 QHi (and within IB after it slightly extended down), low probability setup with overhead supply still there and even IB breakout would still have another supply overhead H4 and lower time frames
- E: E made a little buying tail and closed as a consolidation or RBR from previous bull engulf, all in all no clear price action combined with tight SD zones and lack of value acceptance warrant staying out of the market
- F: Still no real value acceptance
- G: hammer created within value
- H: M30 Morning star rejecting value, H4 closing as a slightly indecisive continuation on the downwards move from supply not closing within demand and above H4-C‑D 41.280, H4 QHi and overhead supply as well as no failed auction (yet) warrant staying out going long due to suboptimal R/R
- I: move back to VWAP
- J: more meandering around VAH I am going to stop reporting on this
- Trading within H4 QLo, LN open within value, IB tried rejecting value into overhead lower time frame supply but returned, in the case of a close above H4 QLo a momentum trade could be in play
- Price returned to value
- C: still within value, possible opp: value rejection, M30 close above H4 QLo taking out supply, IB extension, hence my buy stop at 12945, 3R TP at 13058, SL 12907 reasons: bounce off H4-C‑D 12849.79 and nearby W1-C‑D 12919.54
- D: Value rejection through M30 bar / H1 bull engulf outside value but still has overhead supply that needs to be taken out which would coincide a break of IB and taking out of overhead supply, a con is ADR 0.5 but in lieu of multi-day bracketing a break from range could potentially warrant a significant move
- E: a Bear Engulf was formed returning back into value and I am considering taking my buy stop order off since odds of a move in my favor are diminishing plus F reached slightly lower already on the profile
- F: possible value rejection to the downside after E closing as bear engulf, will review later if this would have been a viable opportunity
- G: a move taking out ADR 0.5 and ADR exhaustion, bar closing with slightly longer buying wick
- H: Inside bar below ADR 0.5 after ADR exhaustion
- I: M30 DBD but also formed a ledge at 12807.10
- J: J formed a second ledge at 12775.60 and the selling tail in G might get slowly taken out although it is just as possible that the ledge will get taken out as well due to near-proximity (and ADR 0.5 and ADR exhaustion) to it but then there is still the ledge formed during I
- The ledge during J got taken out and price might be reversing but we still have the ledge from I
- Ledge from I still intact and J closed as an inside bar or potential DBD
- LN open above value, M30 supply taken out during IB nearing H4 QHi and ADR exhaustion, price reached H4 QHi
- M30 inside bar almost retracing the whole of the preceding bar at H4 QHi and ADR exhaustion, H1 inverted hammer potentially a RBR considering ADR exhaustion is in sight during LN. Potential play break out from consolidation going with the trend
- C: M30 consolidation just below H4 QHi and ADR can be considered exhausted, warranting a more bullish sentiment, looking for pullbacks or breakouts
- D: Consolidation still in progress however slightly reached higher and ADR is officially exhausted, H1 RBR @ H4-C‑S 1.93552,
- E: M30 Breakout from consolidation but due to the length of the consolidation I am losing confidence in a potential continuation substantial enough to warrant a good risk reward, this coupled with the H4/H1 supply overhead and running out of time in my trading window (late in the session) I think it would be hard for price to break supply during LN trading window.
- F: closed as a weak inside bar potentially forming a RBR with no selling tail could very well be a RBR
- G: G closed as M30 RBR and created a slight selling tail
- H:M30 Bear Engulf
- I: No follow through on the Bear Engulf which was to be expected due to signs of a unidirectional day, instead M30 consolidation
- J: consolidation continues
Weekly Goal Achievement: Have correct SL placement and sizing
- No trades taken but I did place a buy stop order and had correct sizing and SL placement IMO
How accurate was my assessment of market context?
- I was eyeing a possible value acceptance as a play but due to ADR 0.5 underneath and very tight SD ZOIs around I decided even that would be a suboptimal play as was the return to value play
- Because of MP showing bracketing and an inside value open I waited to see a rejection of value which I thought was coming towards the upside. SO I placed my buy stop order just above IB range which coincided with taking out of overhead supply and consequent free space to let optimal R/R play out. This play didn’t come to fruition sadly. What followed was an opposite play, a M30 Bear Engulf within value and consequent value rejection to the downside. Due to price action formation within value and ADR 0.5 being so close (1.1R) underneath I decided to not take the trade. If I had I would have netted at least 2 but even 3 which was my initial TP target for DE30 anyway due to its apparent monstrous behavior which I have yet to experience but surely will come. I have catalogued it into my playbook since we did come off a lower time frame downtrend and the bear engulf happened at the VWAP LKC intersection which I used to trade off of.
- Due to ADR being exhausted or quite near to getting exhausted during LN I did stay bullish throughout the session. I was looking for a best entry given my entry rules. When IB turned into a consolidation and came with a strong finisher breaking out from IB I hesitated slightly due to a momentum move in a FX pair during summer time not being the best play. I then quickly turned around and placed a buy limit order at the break of consolidation to catch a possible 2nd chance entry. Then due to overhead supply not giving much of a good target combined with consolidation taking longer than I’d have liked I decided to take the limit order off. Price did eventually almost visited that level but not quite and would have missed it anyway. Nothing a ‘spread margin’ off of initial consolidation break would not have fixed. Based on time-based stop I would have netted close to scratch anyway so nothing big lost.
How did I feel before, during, and after the trade?
- No trades taken but I felt slightly nervous during the first hour of trading. I find that I often have that but then focusing on the process keeps me calm and collected. After it was kinda smooth sailing.
How well did I follow my process?
How well did I manage my physical, emotional and cognitive states?
What did I learn today?
- Process. Patience. Persistence.
What’s one thing I need to do more often?
- Keep following rules
What’s one thing I need to do less often?
- Compare myself to others or even a possible future-self. I live in the now and my goals and steps to reach my goals are just that: the next step. Process. Patience. Persistence.
Under the circumstances, did I perform at my best?
- I did great even though I decided to cut trading off early today due to meandering of price on WTI
For my trade plan(s) on this particular day, go here: