17 Sep Daily Report Card 09172020
#dailyreportcard #daytrading #tradinglifestyle #daytraderlife #grasshoppersanonymous #tradingforex #tradingcommodities #NEXT
Summary: It ain’t over till it’s over
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
Bad Trade selection
Good Trade sizing or SL placement
Fair Trade Execution & Mgmt.
Good Risk Adjusted Returns
Yes Daily review
Muppet meter (1 being best — 5 being worst): 2
- C: Mean Reversion A till C trading down.
- D: C closing on its low I went in. 1.92508 SL 1.92808 TP 1.91908
- FOMC rate decision yesterday
- Closed for ‑0.4R loss at 1.92632 when I saw M5 3 inside up
- D closed as M30 inside bar (at 50%) and M15 Three Inside Up.
- E: Single Print Fade: Long 1.92831 SL 1.92531 TP 1.93114
- Closed off at 1.92930 one tick from IB edge for 0.3R profit, price continued to take all single prints out.
- E did not close within IB ad as potential Evening Star if the next TPO closes down if it closes up we’d be looking at a RBR
- F: Closed as M30 RBR but no close within IB, with overhead VWAP I am going to stay out.
- G: Closed as indecisive M30 Inside bar below IB
- Was I right on the direction of the session?
- How hypo played out and how did I hypothesize it playing out?
- Hypo 1 – Mean Reversion Short
- 1.3xASR, with profile sentiment
- Preferred: Price action confirmation reversal, IB extension down, sustained auction, value acceptance (would change medium/higher time frame sentiment)
- No value acceptance
- Hypo 2 – Bounce off H4-C‑D 1.92541
- Yesterday’s high is near, VAH
- Preferred: price action confirmation reversal, failed auction
- No failed auction as of yet
- Hypo 1 – Mean Reversion Short
- How did it actually play out? What did the profile and price action show?
- Hypo 1 — Play happened early in IB. I went in on a sub-par late sustained auction entry but had to cut it at ‑0.4R loss.
- Hypo 2 — Price reversal at H4 demand with M30 RBR but no close within IB.
How accurate was my assessment of market context? Was I aligned with market context?
- T1: I went in on a late sustained auction entry but this was also motivated by FOMO. Not being allowed to trade off C TPO kinda annoyed me so when C closed on its low I thought there would be a continuation. I should have followed the process and waited for more confirmation like value acceptance.
- When M5 showed a reversal pattern I cut off the trade down ‑0.4R
- T2: After I cut off T1 I saw TPO structure being built after D closed leaving single print Cs behind. When E started taking out C I jumped in.
- Execution was sloppy. I fumbled with market order on FX synergy so I was slightly late on entry.
- I did well to acknowledge the situation, shift gears, and jump back in against my initial bias.
- WHen price almost hit IB edge missing by 1 tick I closed the trade manually. It then proceeded trading slightly higher but never closed within IB during my window.
- Closed at 0.3R, netting the day a ‑0.1R loss.
How did I feel before, during, and after the trade?
- I felt good initially. When I took the first trade, immediately, I started feeling slightly nervous thinking I had jumped into something that I wasn’t totally clear on.
- Felt better after stalking the 2nd trade envisioning what could happen and then seeing it happen and jumping in.
How well did I follow my process?
- I messed up taking the first trade as outlined above. I did well on my prep and the 2nd trade.
How well did I manage my physical, emotional and cognitive states?
- I did well here. Still eating later.
What did I learn today?
- I learned I can stay objective and shift gears changing bias
- Overlap noise plus GBP Monetary Policy Summary release make for a small storm in a teacup in the direction of profile sentiment.
What’s one thing I need to do more often?
- Stay observant and be open to directions from the profile
What’s one thing I need to do less often?
- Be impulsive on market condition assessment and thus taking trades based on insufficient information. It is better to let a trade go and see it hit potential profit target than to sit with a loser because I didn’t follow my plan or even worse… getting lucky and reinforcing bad behaviour. If it was within my plan and arsenal of trading setups I would have taken the trade. And if not… well that’s a discussion for another day 🙂
Under the circumstances, did I perform at my best?
- Could have been better. Luckily I recouped and got back in.
For my trade plan(s) on this particular day, go here: