12 Nov Daily Report Card 11122020
#dailyreportcard #daytrading #tradinglifestyle #daytraderlife #grasshoppersanonymous #tradingforex #tradingcommodities #NEXT
Summary: Writing a book 🙂
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
Good Session PECS
Bad Trade selection
Good Trade sizing or SL placement
Fair Trade Execution & Mgmt.
Good Risk Adjusted Returns
Yes Daily review
Muppet meter (1 being best — 5 being worst): 3
- M30 VWAP in DT CAS forming Morning Star and B closed as Inside Bar
- C: C closed as Evening star extending down from IB
- D: D extended down 1 TPO further and I went short as per hypo 2 even though I didn’t like my SL placement and profit target. With it being a momentum trade I thought I could overlook that.
- Short 1.91818, SL 1.92118, TP 1.91218
- Stopped out ‑1R. Should have listened to my gut but I think I was also ‘itching’ to take a trade. I have noticed I usually have some losses before I start ‘getting into the groove’ and pick up the slack 🙂
- Closed making LLs
- E: 2nd Attempt short
- IB extension down, H1 DBD (H1 VWAP in DT), pullback to IB edge
- Short 1.91883, SL 1.92208, TP 1.91235
- Closed making LLs leaving a selling wick behind and closing near its low. Trade at 0.8R, looking at a low/medium initiative day letting the trade run for a bit as we are potentially forming a H4 Evening Star. Want to see what it does with a time-based stop.
- F: if F closes like this we could have a ledge at 1.91720. Sadly no ledge as we traded slightly higher
- Closed as a weak failed auction at IB edge leaving a buying tail behind. H1 Inside Bar (with slightly longer buying wick) and both M30 and H1 are below VWAP. Possibility for another DBD
- G: Closed as Inside Bar retracing more than 50% of F. Giving it some longer.
- H: Made LLs taking out M15 demand but there was another M15 demand right below so took my profits after being so long in the trade plus trading window closing.
- I thought I took it at 1R but effectively that translated into 0.85R
- Down 0.15R for the day.
- If I had let the trade on it would have hit 1.5R
- I: Would have hit 2R
- 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 2 – Return to value (short)
- Preferred: Pop round number below VAL with PA reversal confirmation. IB extension down
- There was no pop of a round number. Instead C formed an Evening Star after extending down with D taking it further down.
- Hypo 2 – Return to value (short)
How accurate was my assessment of market context? Was I aligned with market context?
- I did well here. Even though I fucked up on the first trade. 1 good thing: I waited for D to get involved (I statistically do worse in C) for extra confirmation. 2 bad things.
- SL was slightly too tight
- I got taken out exactly on the pip. I was more concerned with a momentum trade then getting the SL right. As a consequence I got stopped out for a full ‑1R loss
- SL was cutting through wicks of M30 formation
- This should have been my cue to not take the trade. One could argue that a momentum trade could warrant some leniency but this has not been my experience. So I will make it my rule to not cut through formations.
- SL was slightly too tight
- 2nd trade I did well. Even though I didn’t wait for 2 TPOs to pass. I stayed cool. Reassessed the narrative hadn’t changed. Stalked a better entry using the H1 DBD as my guide. And got back in.
- At the time of this writing the trade would have reached 1.5R time-based closing well within underlying demand indicating a possible continuation in overlap noise time (which I will monitor the aftermath of) closing as H4 Evening Star (which is what I was assessing that we could be in the process of forming.
- When F created a counter move off of LTF demand I fell back on my experience that a bar like this is ‘weird’. I have seen this before and focused on monitoring M15 and H1 for further clues and assessed it was possible for another H1 DBD if we stayed within bounds (VWAP and candle range)
- When I closed the trade I did so less out of rational thought and more out of capital preservation mindset. Which is not good since I saw signs of a continuation of the move ie. profile LLs, LTF PA printing bearish…
How did I feel before, during, and after the trade?
- I felt good throughout the 1st trade (didn’t last that long haha). Wasn’t bothered by the stop getting hit either.
- The 2nd trade… being in the trade for so long and after that counter move in F I got a bit jumpy. Went for a short walk. Combed my beard. Lifted some weights. And monitored (M5/M15) G closing retracing most of the move to keep me in the trade. The rest you know.
How well did I follow my process?
- I messed up on the first trade as noted above. Took my notes. Built experience. Reaffirmed I can be a dumbass sometimes 🙂 Then let it go.
- The rest I did well I believe. Monitoring through OODA loops for strong signs FOR or AGAINST my trade.
How well did I manage my physical, emotional and cognitive states?
- I did well here apart from getting a little jumpy towards the end there. Although managed to stay composed.
What did I learn today?
- I learned that even though I still make mistakes, they are not rookie rookie mistakes. They are mistakes I need some fine-tuning on. Furthermore, I learned that I can manage to dig myself out of a hole if the market provides me with such opportunity.
- It feels so good to be in the thick of things again! After leaving the mentoring group at the end of last month I was sooo ready to get started ‘on my own’. Then the whole US elections happened and I had to sit on my hands the entire time prolonging the time for me to prove to myself that I can do this. I was going a bit crazy to find something to fill the gap to be honest. Good thing I already am crazy. Better than being normal: can I get a hallelujah!! 🙂 We all have these voices in our heads doubting and sometimes creating havoc but knowing that you know what to do when the time calls for it is golden my friend… Gold. That only comes with experience. Never doubt yourself and your abilities even when others do. They don’t know what you know. They can’t. They don’t give a fuck. They don’t have to. Just you give a fuck. Now go on and give more fucks about yourself! 😛
What’s one thing I need to do more often?
- Use OODA loops to assess and reassess if need be to stay in tune with the market narrative and act.
- I’m sorry I write long sentences. Kinda 🙂 It always makes me think of the great philosophical books (like Baruch de Spinoza’s) where one sentence can take up half a page. I truly believe it is the general public’s ineptitude to digest multi-faceted pieces of information within one narrative. Kinda like how trading is 😉
What’s one thing I need to do less often?
- Take trades when SL is not right. This will be my next weekly goal/challenge since I am doing well on my current one. Over and over I prove to myself that these trades don’t work out. Reassess for a better entry and if there is none then you fucking don’t take a trade. Lots of fucks in this DRC 🙂 I feel I was also kinda eager to get trading again…. I need my hit! Give me my drug! Sorry… mentioned I am crazy?! 🙂
Under the circumstances, did I perform at my best?
- I did well here
For my trade plan(s) on this particular day, go here: