06 Oct Daily Report Card 10062020
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Summary: Building experience through living through events
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
Good Trade Execution & Mgmt.
Good Risk Adjusted Returns
Yes Daily review
Muppet meter (1 being best — 5 being worst): 3
- B closed as Bear Engulf at H4 QHi, ADR 0.5 being 0.5xASR away, and H4-C‑S 1.96171 nearby
- C: I decided to track a potential momentum trade to see what this would do at 1.95549, SL 1.95850, 1.94947. The reason for this was that even though we are at a QHi, there is a lot of congestion underneath and there was no clear path to a 2R profit target. Plus not forcing to trade during C since that is when I am at my worst in terms of entries. However we seem to have a momentum trade down so I will be monitoring for a sustained auction, demands getting taken out and perhaps a value acceptance.
- C closed making LLs hitting H4-C‑D 1.95357
- D: H4-C‑D 1.95357 being reactive and pushing price back to IB edge and closed within IB as a possible consolidation to C leaving a buying tail behind. Due to the lack of clarity under these circumstances and congestion in the way (plus having arrived at a H4 QHi I am hesitant to go long here).
- E: Started taking out buying tail in C leaving 1 TPO behind. E closed making LLs and M30 DBD to VAH but no VA (yet)
- F: Closed making LLs
- G: Closed as inside bar with longer selling wick at VAH no VA (yet)
- 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
- Hypo 1 – Reversal (short)
- ADR 0.5, LTF supply, QHi and H4-C-S‑1.96171 with price action confirming a reversal
- Preferred: strong Bearish Candle leaving enough R/R,
- Cons: H4 closing higher into overhead supply indicating a possible momentum on the bullish side. M30 VWAP again in the way. Early entry might have been best.
- The newly developed H4 c‑dem should have been given less weight and hence the play from QHi should have taken precedence. Due to the lack of real demands on H4 I could have surmised LTF congestion getten taken out and could have monitored for a sustained action in this direction through OODA.
- Hypo 1
How accurate was my assessment of market context? Was I aligned with market context?
- I failed to consider the newly developed H4 c‑dem placement within the distribution curve as well as giving more weight to a reversal at QHi.
How did I feel before, during, and after the trade?
- No trades taken although I did start to slightly be annoyed that I didn’t consider the implications of the newly developed H4 c‑dem. This would have changed my outlook. All in all not going to dwell on it because I did follow my main rule of not trading when lacking clarity.
How well did I follow my process?
- I thought I did well but missed the lack of demands on the H4 and could have surmised that we could see a low/medium initiative activity due to LTF congestion. Live and learn.
How well did I manage my physical, emotional and cognitive states?
- I did well here
What did I learn today?
- D1 conditions take less precedence over H4 since the time frame portrays a longer time frame than relevant for intraday opportunities unless a D1 C‑Line is encountered.
- Keep in mind the placement of c‑lines within the distribution curve
What’s one thing I need to do more often?
- I lacked clarity and decided not to trade but instead observe
What’s one thing I need to do less often?
- Forget that H4 timeframe guides my decisions in terms of intraday trading in the absence of higher time frame c‑lines.
Under the circumstances, did I perform at my best?
- I did okay
For my trade plan(s) on this particular day, go here: