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

• GBPNZD
  • 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

Hypos

1. 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. 
   1. Hypo 1 played out, no momen­tum play though, instead a dread­ful­ly slow incline tak­ing out supply
2. 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
3. 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:

Pre­mar­ket Prep GBPNZD 08062020

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