12 Aug Daily Report Card 08122020
#dailyreportcard #tradingforex #daytrading #tradinglifestyle #daytraderlife #grasshoppersanonymous #NEXT
Summary: Calm and steady
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: Calm and steady
- LN open above value and range, ADR exhaustion aligned with D1-C‑S 1.99731 although already more than 90% done, with AS already exhausting ADR I am thinking we might see a unidirectional day today
- C: C closed as potential M30 RBR or Evening star (technically closed inside IB but no PA confirmation yet) but will need for the next for the next TPO close to confirm the M30 PA,
- M15 is almost a bear engulf but not quite,
- all timeframes still above VWAP so strength of bulls still strong, not going against it just yet.
- D: M30 RBR completed but some structure being built on profile,
- E: E closing back into IB but no PA confirmation on the reversal (we did almost have a bear engulf)
- F: F closed as huge bar down (H1 Bear Engulf) away from M30 QHi after it touched below IB completing a neutral day after the failed auction thus G opened within IB
- G: G made a LL
- H: opened and closed below IB creating an inside bar
Weekly Goal Achievement: Align with Market Narrative
- I did well here. AgainI did not take a trade but that was also because I was waiting for a convincing confirmation on M30. I was stalking the M15 for an entry as well and wrote it up for my playbook on mean reversion trades.
How did I feel before, during, and after the trade?
- I felt good before, during and after. I was calm and collected seeing the narrative unfold. Plus not forcing myself to take trades I feel good. Another thing I am surprised about is that I am okay with not being in the move as it unfolds. I had a few moments where I felt like being in the move but overall no real annoyance or anything.
How well did I follow my process?
- Did well here
How well did I manage my physical, emotional and cognitive states?
- DId well here
What did I learn today?
- I learned that focusing on aligning with market narrative slowly gives me back my confidence. In no-time I will allow myself to take a trade. No rush. I find it a calming exercise actually.
What’s one thing I need to do more often?
- Focus on being the scientist figuring out what the market is trying to show me. BUT, just because it price will continue in a direction doesn’t make it a good entry and with the probabilistic nature of markets it might as well go the other way. So entries can only be executed at +2R locations.
What’s one thing I need to do less often?
- Trying to rush. Calm and steady wins the race. Less haste, more speed.
Under the circumstances, did I perform at my best?
- I did fairly well
For my trade plan(s) on this particular day, go here: