21 Aug Daily Report Card 08212020
#dailyreportcard #daytrading #tradinglifestyle #daytraderlife #grasshoppersanonymous #tradingforex #tradingcommodities #NEXT
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: Formulate hypos in order of likelihood and track with actual development on the day
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
- GBPNZD Normal Variation day
- LN open above value outside range at about 1xASR, even though conditions might be conducive for a mean reversion trade there is still some lower timeframe demand that I’d like to see get taken out first.
- C: IB Extension down testing underlying lower time frame demand, small range single prints left behind
- D: Entry Short: 2.02305 SL 2.02611 TP 2.01610, made LLs, 2nd lower time frame demand, closed sustained auction
- E: Made LLs reaching VAH,
- After hitting the 1.5R mark I closed off half position (also first time using FX synergy for that) @ 2.01902. When we hit 2R mark I took the rest off @ 2.01715. For a total of 1.6R.
- F: Short 2.01477, SL 2.01688, TP 2.00941
- Covered at 2.01199 for 1.5R after we hit ADR exhaustion
- Nitpicking here but I could have stayed in the trade even though we hit ADR exhaustion. It will take building more structure before a possible reversal and also we have accepted value so a rotation is more probably at the moment. Trying to climb out of last month’s drawdown so I did well here.
- F closed as a sustained auction
- G: Made LLs sustained auction
- H: Made a slight LL but then closed as inside bar, lowest was
- Was I right on the direction of the session?
- Which hypo played out (if any)?
- 1 — 100%
- 2 — 100%
- How did I hypothesize it playing out?
- H4 QHi right at 1xASR and ADR 0.5 at 1x ADR with price 110 pips above value outside range might be conducive to a mean reversion trade, Friday potential sell off, 2 sessions yesterday unidirectional with no significant retracement, sustained auction down
- How did it actually play out? What did the profile and price action show?
- Exactly how I said. Rest of details are outlined above.
How accurate was my assessment of market context? Was I aligned with market context?
- Yes I was. Assessment was great. Prep in line with the weekly plan. Great reading of price action and order flow. #NEXT
How did I feel before, during, and after the trade?
- I felt great before the trade probably even excited but quickly aligned myself with what is and not what I want it to be. This is sometimes harder to do when what is, IS what I want it to be making you second-guess yourself at times. Looked for extra confirmation by waiting for take out of the lower time frame demand first to get that little extra confirmation. Did great staying objective.
- Feeling okay afterwards. Thought I’d be more excited with the results. Guess that’s a good thing in our line of work. #NEXT
How well did I follow my process?
- I did really great. Closed at 3.1R on the day. I could have let the trade work longer because, again, I was observing all the components that would have warranted staying in longer. Growing even more confident will come with clawing myself out of the drawdown I am in. #NEXT
How well did I manage my physical, emotional and cognitive states?
- Great. Eating later on definitely helps.Gonna keep this up.
What did I learn today?
- I am not the person I showed last month. I am very much in tune with my own physiological make up and I know when something is wrong and when I feel off. Last month was a huge hit to my cognitive function due to a chemical imbalance. Who knows me better than well ME?! 🙂 Enough of that. #NEXT
What’s one thing I need to do more often?
- Stay objective. With myself and how well I am functioning. Knowing when I am functioning well, staying objective in the market is much easier. That and WORK OUT!
What’s one thing I need to do less often?
- Can’t think of anything now. I feel I did well today. Not gonna take apart the things I might have done wrong or could have done better. Just 2 trades out of many in my lifetime so #NEXT!
Under the circumstances, did I perform at my best?
- Have you not been reading?! 🙂
For my trade plan(s) on this particular day, go here: