Daily Report Card 08052020

05 Aug Daily Report Card 08052020

#dai­lyre­port­card #trad­ing­forex #forex #FX #BLACKGOLD #CRUDE #CRUDEOIL #GBPNZD #XAUUSD #GOLD #day­trad­ing #trad­inglifestyle #day­trader­life #grasshop­per­sanony­mous #NEXT

Sum­ma­ry: Use the anger

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

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): 2

Sum­ma­ry: Use the anger

• GBPNZD
  • LN open below val­ue, A closed with­in accept­ing val­ue ear­ly con­tra­dict­ing a short side play, did bounce off D1 c‑sup, wait­ing for IB to close, best case sce­nario M30 bear engulf / H1 drop base 
  • C: Entry short through sell stop at 1.96786, SL 1.97121, TP 1.95795
    • rea­sons : rejec­tion D1 C‑Sup and val­ue through M30 Bear Engulf, big sell­ing wick in H1, IB exten­sion down,
    • Cons: A clos­ing with­in val­ue, SL cut­ting through M30 body but not H1, low­er time frame demand under­neath thus expect­ing a slow day, near­by new H4 C‑dem, but thought D1 trumps H4
  • D: LLs made, then pro­ceed­ed to take out sin­gle prints in C return­ing to IB, D closed right below IB low leav­ing a small sell­ing tail
  • E: M15 demand tak­en out, M30 clos­ing as Bear Engulf thus form­ing a M30 DBD
  • F: F closed as M30 Bull with­in IB hence failed auc­tion so I closed off the trade at ‑0.7R loss after being up only 0.5R
    • Feel­ing jumpy so will go to the gym

Hypos

1. Short:
   1. Bounc­ing off new­ly formed H4-C‑S 1.97489 coin­cid­ing with cur­rent  ADR 0.5 location
2. Short:
   1. Open below val­ue with­in range, failed val­ue accep­tance bounc­ing of D1-C‑S 1.97293
   2. Hypo 2 played out 
3. Long:
   1. Drop to H4-C‑D 1.96348 or H4-C‑D 1.96146 coin­cid­ing with ADR and 4+ TPO struc­ture for a pos­si­ble reversal

Week­ly Goal Achieve­ment: Have cor­rect SL place­ment and sizing

• Did well here. FX syn­er­gy def­i­nite­ly alle­vi­ates me mess­ing around with sizing.

How accu­rate was my assess­ment of mar­ket con­text? Was I aligned with mar­ket context?

• I did okay but failed to give more weight to under­ly­ing demand
• I was already think­ing about the under­ly­ing demand being cause for a very slow day but thought I could still make 2R on a trade. I was wrong. 

How did I feel before, dur­ing, and after the trade?

• I feel jumpy to say the least hence me going to the gym as soon as I fin­ish up here
• Men­tal­ly I feel bet­ter know­ing I am in the process of untan­gling the spaghet­ti in my head in my way. Tak­ing back control. 

How well did I fol­low my process?

• I did well to not grasshop­per out of the trade after it was ago­niz­ing­ly going slight­ly into prof­it and then back into a draw­down. I fol­lowed exit rules through mon­i­tor­ing MP and price action and feel I made the right deci­sion to cut the trade
• Not hap­py with my SL place­ment since it was cut­ting through M30 body. I will take this as a sign for not tak­ing the trade at all since I have seen sev­er­al times that this hap­pens when the mar­ket is not in a con­di­tion to ‘give’ me the right oppor­tu­ni­ty. Was overea­ger to take the trade a lit­tle. Fail­ing to success. 

How well did I man­age my phys­i­cal, emo­tion­al and cog­ni­tive states?

• I did okay here but feel­ing very jumpy so need a good workout

What did I learn today?

• Fol­low­ing a process to untan­gling the spaghet­ti is bound to have many mis­takes. This is okay. Feel­ing bad about a cer­tain trade, a trade I decid­ed myself on to take, I can live with. It was my deci­sion. Learn from it and on to the next. #NEXT
• Don’t take the trade when the max­i­mum allowed SL cuts through M30 body

What’s one thing I need to do more often?

• Use the anger in a well-chan­nelled man­ner. Don’t go nuts. Under­stand the rules. Fol­low the rules. 

What’s one thing I need to do less often?

• Sec­ond-guess my deci­sions. If the trade doesn’t work out check if for following:
  • Did I have a rea­son­able account for tak­ing the trade?
  • Did I stay com­mit­ted to my trade and fol­lowed the prop­er exit rules to get out of it? 
  • Did I learn what I should have done better?
  • If all yes. Fuck­ing NEXT! 

Under the cir­cum­stances, did I per­form at my best?

• I did okay con­sid­er­ing I am jumpy as hell

For my trade plan(s) on this par­tic­u­lar day, go here:

Pre­mar­ket Prep GBPNZD 08052020