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
- 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
- Bouncing off newly formed H4-C‑S 1.97489 coinciding with current ADR 0.5 location
- Open below value within range, failed value acceptance bouncing of D1-C‑S 1.97293
- Hypo 2 played out
- 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: