09 Sep Daily Report Card 09092020
#dailyreportcard #daytrading #tradinglifestyle #daytraderlife #grasshoppersanonymous #tradingforex #tradingcommodities #NEXT
Summary: Lack of Clarity = No Trades
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
- B closed inside bar with longer buying wick, IB closed as a possible H1 base but with longer buying wick
- C: closed as an inside bar with longer buying wick, M15 Bear Engulf into underlying LTF demand but then closed retracing almost all of the bear engulf, Consolidation more likely, no IB extension
- D: Closed within consolidation range thus no IB range
- E: Closed as a M30 Bull Engulf without IB extension. I don’t like VWAP in DT being so close and offering below 1R. A more likely scenario for a good R/R opportunity would be Hypo 3
- F: Closed as M30 Bear Engulf within IB (no extensions) waiting for a potential extension down to go with, H4-C‑D 1.94804 right there so will go in with a half position. ALso since it is fairly late in the session.
- G: IB extension down after M30 Bull Engulf at VWAP, H1 continuing closing lower,
- Half position short 1.94993, SL 1.95293, TP 1.94081
- Expecting low/medium initiative activity, looking for sustained auction in H otherwise might close at noon, in case of a sustained auction I might consider letting it ride for another TPO.
- G closed below IB
- H: Made LLs, 1R reached at 1x IB range
- I: Closed at 1.94815 when we had formed a M5 inside bar followed by another within it’s range (consolidation) right at H4-C‑D 1.94804 making me think we lost momentum down. This also happened after we extended 1xIB range. As I am writing I think I made the right decision but it might just be the overlap noise 🙂 Even though price reached 1R I took it off at 0.9R so with half a position I have a little over 0.4R
- Single prints got taken out as well (although technically they are not single prints yet until there is a close at the next TPO)
- Was I right on the direction of the session?
- Which hypo played out (if any)?
- Hypo 1 — 70%
- I’m only giving it a 70% because I hypothesized a different move as outlined below.
- Hypo 1 — 70%
- How did I hypothesize it playing out?
- Prefered: IB extension down with sustained auction. Could be grounds for a momentum trade due to medium and larger time frame bearish sentiment.
- How did it actually play out? What did the profile and price action show?
- Lots of confusing price action within IB and then towards the end of the session an IB extension down.
How accurate was my assessment of market context? Was I aligned with market context?
- I did well here.
- 1) I stayed out not liking the weak ‘bullish’ signs within IB due to location of open vs VWAP
- 2) I did well at the end noticing IB extended 1x to H4-C-Dem and M5 started making a consolidation instead of a DBD I pulled out.
How did I feel before, during, and after the trade?
- Did well here
How well did I follow my process?
- Did welle here
How well did I manage my physical, emotional and cognitive states?
- Did well here. Still eating later in the session and it is paying off.
What did I learn today?
- Lack of Clarity = No Trades
What’s one thing I need to do more often?
- Have no expectations. Not of the next trade. Not of my career in trading. Only thing that matters is how am I trying to improve to catch the next opportunity better.
What’s one thing I need to do less often?
- I did well today so letting this one go today
Under the circumstances, did I perform at my best?
- Did well here
For my trade plan(s) on this particular day, go here: