06 Aug Daily Report Card 08062020
#dailyreportcard #tradingforex #forex #FX #BLACKGOLD #CRUDE #CRUDEOIL #GBPNZD #XAUUSD #GOLD #daytrading #tradinglifestyle #daytraderlife #grasshoppersanonymous #NEXT
Summary: Collecting Data
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: Collecting Data
- LN open above value 1xASR away trading between ADR 0.5 and ADR exhaustion but current session is only 334, taken out H4 existing supply perhaps on BoE news which would be contradicting,
- C: C printed 1 TPO above IB and proceeded back within closing as a M30 bull engulf but quite unconvincing
- D: Buy stop order (size 0.5) placed at 1.98500, SL 1.98138, TP 1.99633
- Reasons: M30 consolidation and bull engulf plus IB extension up, larger time frame bullish sentiment, H4 and H1 supply taken out
- Cons: M30 overhead supply, ADR
- D closed inside IB but price action contradicting with a H1 Bull Engulf, staying with the trade a while longer
- E: Added another 0.5 after H1 Bull Engulf close, lower time frame making new demand ZOIs looking like a very slow initiative day
- E closed inside IB and M15 Bear engulf so took the trade off at ‑0.5R
- And went short full size at 1.98257 SL 1.98557 TP 1.97614
- Reasons selling tail in D, failed auction, M15 bear engulf,
- F: F closed below E but still no convincing move to say the least. No IB extension down yet.
- G: G closed inside IB but as a M30 Bull Engulf
- H:Got stopped out for full ‑1R loss after taking out supply, H1 closing as huge bull engulf breaking the consolidation
- I: Made HH but then closed within IB
- If open above value and range, I’d like to see a bullish price action confirmation at VAH & H4-C‑D 1.97445. Possible early entry warranted (perhaps based on lower time frame) could be considered. Otherwise a possible momentum trade trading off IB extension up. ADR exhaustion does coincide with M30 supply so that could make for a good profit target. Preferably a sustained auction through TPO leaving single prints behind exhaustion ADR to form a unidirectional day. A medium initiative day would have TPOs not closing within IB but price action confirming a slow and steady incline.
- Hypo 1 played out, no momentum play though, instead a dreadfully slow incline taking out supply
- If auction is not sustained we could see either single prints faded or a close within IB confirming a failed auction. Based on if price action confirms and price hasn’t extended IB to the downside, there might be an opportunity for an early entry before value acceptance
- Another option could be (early) value acceptance through a confident M30 (or M15 on the hour or half hour) close within value for a possible value rotation, VAL coinciding with ADR 0.5 and exhaustion
Weekly Goal Achievement: Have correct SL placement and sizing
- I did well on sizing an SL I think
How accurate was my assessment of market context? Was I aligned with market context?
- At first I was thinking because of the price location at ADR exhaustion we could see a mean reversion, but when no bearish price action printed and we took out overhead supply I shifted to being bullish. Price continued printing bullish patterns even though TPOs were closing inside IB. Thus I stuck with the trade until I spotted the first M15 Bear Engulf. I covered the trade and went short since this was my initial idea. Perhaps not the best to go straight into the opposite direction but did it anyway. Sadly this got stopped out. #NEXT
How did I feel before, during, and after the trade?
- I felt good before the trade and good during the trade for the most part. It was until I decided to go directly into the other direction that I started feeling jumpy again.
- Now that the trade is off that jumpiness left with it.
How well did I follow my process?
- I did well to initially think about shorting the market but when price action contradicted my sentiment I went with it until I was proven otherwise.
- The 2nd trade I could have done better and only lost ‑0.3 after G printed a bull engulf. Here is when not wanting to be wrong crept in I think. Even though I was thinking about TPO not extending to the downside so should have known. Then again there was not much time left for the ‘usual’ cut off time anyway so thought to let my SL take me out.
How well did I manage my physical, emotional and cognitive states?
- I did okay apart from the jumpiness towards the end there in the second trade
What did I learn today?
- No matter how slightly an Engulfing is… in the grand scheme of things it is still more likely to go with the direction of the engulfing. I will pay more attention and place more weight on this next time.
What’s one thing I need to do more often?
- Make more mistakes. No shortage there 🙂
What’s one thing I need to do less often?
- Doubt my abilities
Under the circumstances, did I perform at my best?
- I did okay here… sure I have 3 trades I can take so I might as well experiment a bit but as long as the setups are good. The execution I will work on later.
- This then reminds me to change my weekly goals to taking the right setups and focus less on having correct sizing and SL placement. Although I have FX synergy helping me out with the first.
For my trade plan(s) on this particular day, go here: