05 Oct Daily Report Card 10052020
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Summary: Not trading is just as important
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 confidently within VA
- C: Made HHs closing below D1 c‑sup not completely rotating through VA yet
- D: Closed as a base not making HHs
- E: Closed back inside IB forming a Three Inside Down
- F: Closed as an inside bar just below IB
- G: Consolidation
- I: Consolidation
- J: Bull Engulf
- 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 1
- Value Acceptance (long)
- Close within value confidently but leaving enough profit target
- Cons: LTF supply + D1 C‑Sup
- There was no sustained auction and LTF supply plus D1 c‑sup did prove a big obstacle
- Hypo 2
- Return to Value (short)
- Bounce off D1 c‑sup within value reversing down
- Preferred: IB extension down (probably later in the session), sustained auction.
- What happened was a failed auction instead. When price had broken out from M30 VWAP and then reversed back to this level I did not want to go with the move down due to VWAP being in the way and Value had already been accepted.
- Hypo 1
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?
- I did well here also because I decided to stay out of the market and simply observe
How well did I follow my process?
- I did well here
How well did I manage my physical, emotional and cognitive states?
- I did well here although didn’t feel the sharpest hence me preferring to stay out
What did I learn today?
- Knowing when NOT to trade is possibly more important
What’s one thing I need to do more often?
- Stay out even when I am in-tune with the market if the market doesn’t allow for a good risk to reward ratio.
What’s one thing I need to do less often?
- I feel I did well today so can’t think of anything
Under the circumstances, did I perform at my best?
- Yes, I did.
For my trade plan(s) on this particular day, go here: