Daily Report Card 11242020 - Bear Market Trader
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Daily Report Card 11242020

Daily Report Card 11242020

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

Sum­ma­ry: Dig­ging myself out of a weak position

P&L: 0.5R

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: 

  • Don’t take trades where SL place­ment is sub­op­ti­mal. Instead, reassess for a bet­ter entry if possible. 

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): 4


    • C: Closed trad­ing low­er but still with­in IB. Expect­ing the trade to take out my SL. M15 formed a Bear Engulf after the Three Inside Up.
      • Long 1.91147, SL 1.90829, TP 1.91782
      • SL slight­ly too wide after notic­ing it was placed near a round number
      • Cut half position
    • D: Price trad­ed slight­ly low­er extend­ing IB with 4 TPOs. M5 is show­ing some slow­ing down but no rever­sal pat­tern yet. Hes­i­tat­ing to get back in with anoth­er half. If trade gets tak­en out I will regroup and prob­a­bly go do what I was think­ing to do: take the day off and go to the gym early. 
      • M5 con­sol­i­da­tion at M5 QLo with strong fin­ish­er (on the hour), clos­ing as M15 slight Bull Engulf, M30 doji with slight­ly longer buy­ing wick with­in IB after extend­ing down. 
        • Long 1.91063 SL 1.90831 TP 1.91620
    • E: Closed as 2nd doji also clos­ing with­in IB. Mon­i­tor­ing for a poten­tial Netur­al Day. Made a slight LL.
    • F: Trad­ed high­er into IB. Price fal­ter­ing at LTF sup­ply M5 show­ing signs of a rever­sal through Inside bar and pos­si­ble DBD.
      • Took trade off for 0.5R at1.91244
    • G: Closed as big Inside Bar
    • H:Traded low­er but did not make a LL.


  • 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 – Swing Reversal
    • Pre­ferred: Bull­ish PA and IB exten­sion up, sus­tained auc­tion. Per­haps a val­ue acceptance. 
      • 50%
        • Did not hap­pen. Instead there was a whole bunch of noth­ing going on with a small attempt to trade higher. 

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

  • I did okay here. I feel I was placed in the right direc­tion but the mar­ket decid­ed to not do much. If I had wait­ed a bit longer with my trade I would have had a bet­ter R mul­ti­ple. Instead I decid­ed to trade with an ear­ly dur­ing C (which is usu­al­ly not a good entry TPO for me). Based on a M15 Three Inside Up (now in hind­sight some­what weak) com­bi­na­tion with near­by D1 C‑dem, being at the bot­tom of the range, slight­ly large imbal­ance, I went in. Plus I felt I had a lit­tle (very lit­tle) buffer to go on so I thought I could risk it. Might not have been the smartest move this late in the month. 
  • After plac­ing the trade I wasn’t hap­py with the SL place­ment being near a round num­ber and pre­ferred it to be moved below a few pips. So took half of my posi­tion and wait­ed for a reen­try lat­er. This has proven to be the right call since my ini­tial SL got tak­en out almost on the money.
    • When M15 pat­tern didn’t hold into M30 I didn’t want to just cut the trade but want­ed to just com­mit to the trade. 
  • Wait­ed for a M5 con­sol­i­da­tion with strong fin­ish­er before enter­ing again.
  • When price fal­tered at LTF sup­ply and M30 VWAP I took the trade off. 

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

  • I did well here

How well did I fol­low my process?

  • I messed up on first entry. Then cut my risk down and re-entered using a bet­ter SL place­ment. Instead of cut­ting the trade off by half I should have cut less but I am not going to dwell on that. At the moment that was the eas­i­est to me and that’s what I did. 

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

  • I did well here 

What did I learn today?

  • I reaf­firmed that I should be more patient. I do pret­ty well with this but it’s just that I don’t seem to have that many oppor­tu­ni­ties dur­ing the LN ses­sion these last cou­ple of weeks. But this is part of being a trad­er. Can’t just take trades for the sake of tak­ing trades. Only good oppor­tu­ni­ties war­rant trades. Period. 
  • There is a lot I did wrong today but then I did man­age to stick with the trade and ride it out using some­what okay trade man­age­ment. If I had just placed my SL low­er I would have end­ed up risk­ing more than 1R. 

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

  • Work on being mind­ful of SL place­ment. This will con­tin­ue to be my focus-point until it becomes sec­ond-nature to me. No wor­ries. Mas­ter­ing takes time and I have already come this far. This piece of the puz­zle won’t be an issue either. 

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

  • Stick to what you are more com­fort­able with and take notes on every­thing else. Once it becomes a repeat­able process, start incor­po­rat­ing it into my arsenal. 

Under the cir­cum­stances, did I per­form at my best?

  • I did well here

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


Day trader. Tech geek. Sim Racing Enthusiast.

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