Daily Report Card 11112020

11 Nov Daily Report Card 11112020

#dai­lyre­port­card #day­trad­ing #trad­inglifestyle #day­trader­life #grasshop­per­sanony­mous #trad­ing­forex #trad­ing­com­modi­ties #NEXT

Sum­ma­ry: No good SL? No good trade!

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.

Good Pre-mar­ket routines

Fair 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): 2

Sum­ma­ry

• GBPNZD
  • B closed as inside bar marubozu
  • C: closed extend­ing down from IB
  • D: 
    • News event
      • BOE’s Ten­rey­ro: Europe reflects pos­i­tive evi­dence of neg­a­tive rates pol­i­cy, it has worked fair­ly well there
      • Price start­ed jumping
    • Closed down after test­ing W1-C‑D 1.92065 (M30 VWAP in DT with B Inside (marubozu) bar and C extend­ing down. 
    • Closed as H1 Evening star with longer buy­ing wick return­ing to H4 QLo
  • E: E closed down leav­ing a few TPOs of sin­gle prints D behind and a long buy­ing tail. SPF not much of a prof­it tar­get plus E clos­ing down and M15 bear engulf not promis­ing for a good reversal. 
  • F: Pos­si­ble start of a con­sol­i­da­tion. Closed as consolidation.
  • G: Seems mar­ket is sleep­ing. Start­ed fin­ish­ing up my DRC

Hypos

• 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?
• GBPNZD  
  • Hypo 2 – Return to Val­ue (Short)
    • Pre­ferred: PA con­fir­ma­tion around VAL (H4 C‑Sup near­by, H4 VWAP), failed auc­tion perhaps
    • Con: It would have crossed up over M30 VWAP and for price to then cross back down rel­a­tive­ly soon it might be less oppor­tune… Might just watch paint dry for the remain­der of the ses­sion until the lat­er hours. If it holds below M30 VWAP we could see a bet­ter opportunity.
    • 90%
      • M30 Inside Bar Marubozu at M30 VWAP with C extend­ing IB down before news hit ear­ly in D as a con­tin­u­a­tion to the move. Opp: did not meet R/R guidelines

How accu­rate was my assess­ment of mar­ket con­text? Was I aligned with mar­ket context?

• I did okay but I feel I was stuck to my bias a lit­tle and did not tru­ly appre­ci­ate the price action that was form­ing. I did gath­er that any posi­tion short would have had less than great SL place­ment. Then when price start­ed jit­ter­ing I could have quick­ly react­ed and gone short but hes­i­tat­ed. Good thing… In Hind­sight it wouldn’t have giv­en me 2R even and would have prob­a­bly stopped me out. It was good to sit through anoth­er jumpy news event dri­ven move though. I encoun­tered this a few times and I feel I am learn­ing from them. Gain­ing experience. 

How did I feel before, dur­ing, and after the trade?

• No trades taken

How well did I fol­low my process?

• I did well here

How well did I man­age my phys­i­cal, emo­tion­al and cog­ni­tive states?

• I start­ed feel­ing a bit tired prob­a­bly because I ate ear­ly. As of tomor­row going back to eat­ing lat­er in the ses­sion (even lat­er since in Asia we don’t do Day­light sav­ing time) but will have a light snack before the session. 

What did I learn today?

• I recon­firmed that when SL place­ment is sub­par the oppor­tu­ni­ty is most like­ly sub­par as well

What’s one thing I need to do more often?

• Stay cool. Stay patient. Keep stalk­ing. My job is not to trade every day. My job is to take good, clean setups with a high­er prob­a­bilis­tic outcome. 

What’s one thing I need to do less often?

• Wor­ry about get­ting trades in. ‘The mar­ket giveth’ when­ev­er it’s good and ready 🙂

Under the cir­cum­stances, did I per­form at my best?

• I did fair­ly well here

For my trade plan(s) on this par­tic­u­lar day, go here:

Pre­mar­ket Prep GBPNZD 11112020

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