11 Aug Daily Report Card 08112020
#dailyreportcard #tradingforex #daytrading #tradinglifestyle #daytraderlife #grasshoppersanonymous #NEXT #beingflatisokay
Summary: Being flat is okay
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
Align with Market Narrative
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: Being flat is okay
- LN open just outside VAL edge proceeded to accept value early,
- C: Due to H4-C‑S 1.98323 in the way I will not be taking a trade long after value acceptance. There is less than 2R target. Also, since this is the first day back in the saddle I want to take things easy. Take nice and clean plays that I feel confident about. Being flat is okay. C closed as a Bear Engulf inside value.
- D: D closed outside of value as H1 Bear Engulf
- E: Around ADR 0.5 on the M5 we had a doji with long buying wick followed by a push up from newly formed demand earlier leaving a buying tail behind and re-enter IB, followed by IB extension up and value rotation,
- F: Return to value, closed as inside bar
- G: Continued down to value edge
- H: closed at value edge high
- I: testing overhead supply again after a move away from VAH
Weekly Goal Achievement: Align with Market Narrative
- I did well here. Price ventured below value to a newly formed lower time frame demand ZOI and the M5 gave a signal long that could have netted almost 6R. Now, there were a couple of things wrong with the setup. LN opened at VAL which is considered to be within value (even though slightly on or outside VAL) and thus responsive activity. Price failed to reject value by visiting newly formed lower time frame demand ZOI and reversed. Based on my thesis at the time it rotated through value and then some but since opening at VAL is considered the same as within this would have not been considered a value rotation after value acceptance. Instead a play could be ADR 0.5 with price action and time of day confirmation during quieter times in the year.
How did I feel before, during, and after the trade?
- No trades taken.
- I felt good. Especially after telling myself it is okay to not trade. I am not here to trade. I am here to align with market narrative and if that alignment gives me a valid enough opportunity to trade I will take the trade. My inner-voice is fairly well-tuned for this. Just need to recenter myself with the way to listen to it. Confusing I know. As long as I understand it’s okay.
How well did I follow my process?
- I did well here
How well did I manage my physical, emotional and cognitive states?
- Fairly well. Taking the burden of having to trade leaves a place for observation and more rational thinking.
What did I learn today?
- Being flat is okay. I don’t have to trade. I don’t have to do well. Just align myself with the process of observation. If a good opportunity comes up I’ll take it. If not, I’ll sit here and take notes.
- Open at Value edge constitutes a responsive day
What’s one thing I need to do more often?
- Be the scientist. Observe. Take notes. Study. Review.
What’s one thing I need to do less often?
Under the circumstances, did I perform at my best?
- I did well here and fought off any urge to be ‘IN the game’.
For my trade plan(s) on this particular day, go here: