14 Oct Daily Report Card 10142020
#dailyreportcard #daytrading #tradinglifestyle #daytraderlife #grasshoppersanonymous #tradingforex #tradingcommodities #NEXT
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:
- Only trade off M30/M15 for entries. M30, time-based, or look for exits after 2 hours (4 TPOs). Unless the entry is really late.
- SL placement. Add spread for shorts, subtract for longs
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
- Traded down below H4-C‑D 1.93720
- C: No IB extension yet. M15 weak morning star. M30 closed as inside bar. Did a paper trade off the M15 Morning star since it closed on the hour although weak timing seems right. 1.93604 SL 1.93395 TP 1.94023
- D: M30 Three Inside Up. Although not the strongest. Looking for a pullback to c‑line to catch a better entry if possible.
- E: Was waiting for a slightly better entry and almost hit buy and price jumped hard and almost hit 5R. All in a matter of 1–2 seconds. Looked like a stop hunt perhaps. Waiting for the TPO close to reassess. Paper trade hit 2R easy as it went to near 5R.
- TPO closed above IB with for now a huge selling wick/tail but would need F to close to confirm.
- F: An entry long now would cut through the M30 formation and with the crazy momentum burst in E I find it somewhat suspect for more momentum to come in.
- Closed as an inside bar above IB.
- G: G started taking out some of the selling wick in E but didn’t take them all out. Did form a M30 RBR
- H: Took out more of the selling wick in a sustained auction
- I: Made HHs
- 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 – Mean Reversion (long)
- Preferred: price action reversal on M30, IB extension up (preferably momentum), sustained auction. No supplies on H4, although some LTF supplies in the way might see a slowdown.
- What happened was a 2 second burst during E that took it to 5R and we then kept a sustained auction and traded higher. DUring I we even made a HH.
- Hypo 1 – Mean Reversion (long)
How accurate was my assessment of market context? Was I aligned with market context?
- I did well here. I gathered that the M15 morning star (closing on the hour) had more validity but due to M30 closing as an inside bar and me not having consciously competent taking a trade off M15 like this. I decided to wait for a M30 Three Inside Up for my entry. I gathered with overhead LTF supply and VWAP we could see a pullback so was eyeing LTF for a better entry and found one. When I wanted to get in I saw price seemingly erratically jump around and within 2 seconds had burst into near 5R.
How did I feel before, during, and after the trade?
- I felt good
How well did I follow my process?
- I did well here. Even after we didn’t close back into IB as I hypothesized, I did not go with the move due to finding the circumstanced a bit suspect as well as a SL would have been cutting through the M30 formation so deemed it a bad opportunity. The M15 Bear Engulf also indicated a further move back into IB. But that got taken out with a bull engulf straight after.
How well did I manage my physical, emotional and cognitive states?
- I did well here. Took the paper trade but failed to get in when I hypothesized and didn’t feel bad about it. I know that what I am doing and how I am progressing I am doing things right. In the end it is always best to listen to your own voice and have a plan then stick to it.
What did I learn today?
- That even after a burst of momentum during E we can see a continuation.
What’s one thing I need to do more often?
- Keep tracking my observations and learning and affirming my beliefs or otherwise learn to alter them.
What’s one thing I need to do less often?
- Worry about any one trade. There will be thousands if not millions more in my future 🙂
Under the circumstances, did I perform at my best?
- I did well here
For my trade plan(s) on this particular day, go here: