21 Sep Daily Report Card 09212020
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Summary: Sit and Observe
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
Bad 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): 3
- C: Value Rejection down to M30 Supply, ADR 0.5 just below, possible Hypo 3
- D: D made LLs and closed as a pinbar leaving single prints in C behind, M5 Bull Engulf at LTF demand just above ADR 0.5 so placed a paper trade 1.90792 SL 1.90555 TP1.91265 although I only think 1R is a more viable profit target.
- E: E started taking out single print in C hitting 1R. Took out single prints fully and hit 1.4R. Closed as M30 Bull Engulf.
- F: Closed within IB, failed auction
- G: Rotated through IB range and ducking over IB high forming a Neutral Day
- Was I right on the direction of the session?
- Which hypo played out and how did I hypothesize it playing out? How did it actually play out? What did the profile and price action show?
- Hypo 3
- Fake out to ADR 0.5 Low and reversal (LTF Demand)
- IB extension, price action confirmation reversal, failed auction
- Profile and PA: single print fade which I will include next time in my hypos, Value Rejection followed by pinbar at ADR 0.5 followed by a single print fade and failed auction, then rotating through IB range ducking over IB high forming a neutral day
- Hypo 3
How accurate was my assessment of market context? Was I aligned with market context?
- I did well here
How did I feel before, during, and after the trade?
- Felt a bit tired and not sharp. Caught myself not paying attention the whole time so decided to not trade and just sit and observe.
- Did take a paper trade based on M5 according to Hypo 3. Not allowed to base trades on M5 but what I could have done was a single print fade and the fact that I wasn’t stalking that opportunity attest to my lack of focus today.
How well did I follow my process?
- I did okay
How well did I manage my physical, emotional and cognitive states?
- Not focused enough as outlined above.
What did I learn today?
- I learned that I can’t be trading if I am not bringing my A‑game. I did well to stay out but at the same time that is an opportunity I missed. Opportunities are scarce for me due to the time of the year and only trading one asset during London. I shouldn’t leave opportunities on the table.
What’s one thing I need to do more often?
- Be well-rested so I can perform when it is time to perform. I indulged too much last weekend and are paying for it now.
What’s one thing I need to do less often?
- Try and trade if I don’t feel up to par. I need to be stalking an opportunity for me to trade it. Otherwise I am just acting out of FOMO.
Under the circumstances, did I perform at my best?
- I did well to acknowledge that I am not performing at my best and stayed out because of it.
For my trade plan(s) on this particular day, go here: