02 Sep Daily Report Card 09022020
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Summary: One foot in front of the other
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
- Below value, outside range at 0.8xASR after already marked 1xASR during HK, together with D1 C‑Dem could be grounds for a mean reversion
- C: Closed breaking out from IB range, not entirely clearing VWAP, I had put in a buy stop order and that got triggered on extension at 1.97586. SL 1.97286 TP 1.98189
- D: Closed off at ‑0.7R due to D not making HHs and closing within IB plus M30 Bear Engulf
- E: E closed without making HHs and within IB lower than D
- F: M30 Bull Engulf, low/medium initiative activity day, possible neutral day no 1x IB extension yet, yesterday’s low in the way
- G: Made HHs
- Above value, within range at VAH, immediate push higher during IB
- C: IB extension up, ADR exhaustion,
- D: HHs with single prints
- E: HHs
- F: Building structure but no reversal yet
- Was I right on the direction of the session?
- Which hypo played out (if any)?
- Hypo 2 — 100%
- Hypo 1 — 100%
- How did I hypothesize it playing out?
- LN open below value, outside range, mean reversion at D1-C‑D 1.97354 at ADR 0.5, near ADR Exhaustion, 1xASR away from VAL
- Continuation to the upside
- How did it actually play out? What did the profile and price action show?
- As hypothesized but initial fake out extension and return to IB, followed by bull engulf extending up again.
- Neutral day, IB extended to one side
- Extended to one side leaving single prints behind but not a lot. Normal Day.
How accurate was my assessment of market context? Was I aligned with market context?
- I did well here although I could have played the mean reversion better as I will outline below.
How did I feel before, during, and after the trade?
- I felt a bit nervous before the trade. Thinking if I was making the right call or not but went for it anyway. I do feel I was making rational decisions based on what I was seeing but my entry method could have been better.
How well did I follow my process?
- Did okay here. Good that I cut the trade off after taking a OBR and no continuation on the move with D.
How well did I manage my physical, emotional and cognitive states?
- Did well here. Again, eating later helps with the process.
What did I learn today?
- OBR needs momentum and thus is less suited for a mean reversion trade in FX. More suited for single stocks, equity indices and gold. Asset management type products.
- Mean Reversion could also be suited for an early entry based on lower time frame price action. I will refrain from this for now though since I am focusing on basing my plays on the M30.
What’s one thing I need to do more often?
- Not be afraid to make mistakes
What’s one thing I need to do less often?
- Worry about the outcome of one single trade
Under the circumstances, did I perform at my best?
- I thought I did
For my trade plan(s) on this particular day, go here: