07 Oct Daily Report Card 10072020
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Summary: Bart Simpson
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
Bad Trade sizing or SL placement
Bad Trade Execution & Mgmt.
Good Risk Adjusted Returns
Yes Daily review
Muppet meter (1 being best — 5 being worst): 5
- IB traded up, still within range, H1 RBR knocking at H1 supply
- C: Closed as an M30 inside bar, no IB extension (yet), M15 consolidation
- D: Closed as M30 Three Inside Down, no IB extension yet
- E: Short 1.95512 SL 1.95869 TP 1.94784
- Closed as inside bar, not the strongest M15 three sinde up (against my position) letting M30 guide me which for now is just an inside bar
- F: M5 Bear Engulf formed at VWAP, followed by a bull engulf taking out previous LTF supply so cut the trade at ‑0.6R loss.
- Closed as a consolidation and H1 doji. No real clarity on direction here.
- G: Made LLs and closed within value
- H: Value acceptance short 1.95232 SL 1.95537 TP 1.94637
- Will monitor for a sustained auction a contingency could be a close in H around these levels and I taking out single prints which could mean I close off this trade and go long for a single print fade.
- H retraced back to VAH and IB edge and took out my stop for ‑1R loss
- I: Consolidation
- 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 – Reversal (short)
- H4 c‑sup, ADR 0.5, H4 QHi
- Preferred: PA reversal within IB, otherwise an extension up followed by reversal and failed auction, value acceptance
- M30 Three Inside down and I entered on an IB extension down for extra confirmation since I was thinking to wait on a value acceptance first.
- Hypo 1 – Reversal (short)
How accurate was my assessment of market context? Was I aligned with market context?
- Initially good as my hypo 1 played out perfectly. I got confused later on when price acted jumpy and because I didn’t wait for a value acceptance even though I was thinking of it. Then when Dee mentioned the same I looked down to LTF price action for a possible exit. When I saw M5 bull Engulf and consequent taking out of supply I got out thinking I can always get back in later. At this time M30 only showed an inside bar and thus still could have gone either way. I grasshoppered.
- Lo and behold if I had stuck with the trade I would have been in 1+R profit at the time of this writing and not down ‑1.6R.
- The 2nd trade I did not account for the spread on top of my SL. Another big minus.
How did I feel before, during, and after the trade?
- I initially felt okay. Then noticed small mistakes and got a little jumpy but still tried to follow my exit rules but forgot to base them on the M30.
How well did I follow my process?
- I messed up today
- Doing the Bart Simpson exercise: “I will not use weak patterns on low timeframes for trading decisions” — write out 50 times before bed
How well did I manage my physical, emotional and cognitive states?
- I did fairly well here actually considering
What did I learn today?
- I learned that when I have a trading idea and act on it I have to let the trade play out based on hard exit rules. Entries M30/M15 based. Exits M30, profile or time-based.
- I can let go of making mistakes. Everyone makes mistakes and I don’t have to be an expert on everything right away. As long as I learn from my mistakes. Progress, not perfection.
- It’s just the first trade of the month for me and it is the end of the month that matters.
What’s one thing I need to do more often?
- Stay committed to a trade regardless if I think it might be wrong. Use exit rules to cut a trade. They are there for a reason.
What’s one thing I need to do less often?
Under the circumstances, did I perform at my best?
- As outlined above I could have done much better
For my trade plan(s) on this particular day, go here: