04 May Daily Report Card 05042020
My weekly goal
Only take trades when there are at least 3 confluences. Trade location. Market Profile. Price action confirmation.
Combined Score 75
Process Report Card (10 each)
10 Pre-market routines
10 Session PECS
0 Trading the process
10 Daily review
10 Progress toward Weekly goal
Performance Report Card (10 each)
10 Real-time analysis
10 Trade selection
05 Trade Execution & Mgmt.
0 Risk Adjusted Returns
- Swing Reversal H4 Supply ZOI
- Price action confirming on H4 rejecting H4 Supply ZOI
- Possible short entry around 1.417
- Targets 1.411, 1.406, 1.402, extended target 1.396
- M30 VWAP BD
- Price action + MP extending IB confirming a break below VWAP
- Possible short around 1.406
- Targets 1.402, 1.396
- Prev. Day High Reversal
- M30 Price action + MP extending IB confirming rejection
- Possible short around 1.409
- Targets 1.406, 1.402, 1.396
How accurate was my assessment of market context?
Hypo2 — 100% after Hypo1 playing out (70%) during AS
I executed the trade based on my hypo that was derived from my weekly trading plan.
How well did I follow my process?
Based on my own process I feel like I did well. However, I was pointed out by my mentor on a few things that I need to be working on if I want to achieve good results. Since my way of thinking has led me to fail consistently in trading and to seek out a mentor it is valid to say that her advice supersedes my own approach. Her feedback makes total sense and I will do my part to incorporate this into my trading. Points taken:
- If I have an entry based on extensive research I set a controlled risk on a trade I should either leave it to hit my targets (TP or SL) or to expire based on time-based SL.
- I have to focus on percentage consistency
- 1% risk per trade. 2 trades max per day (2% max loss)
- 7% weekly loss. If I have 7 losses in a row in a week, I will stop, revise and then come back the following week.
- Only take trades with a max. SL of 25 pips for USDCAD
- No going in after I have exited or taken a loss for at least 1 hour
Furthermore, research more about the Kelly criterion
How well did I manage my physical, emotional and cognitive states?
I did well here. Had a light meal.
What’s one thing you learned today?
I have to let trades develop based on HARD rules to let them work out their edge. When I take a trade properly, it means I have already done the research based on my parameters so I should let my plan trade out. Either hit target or take myself out based on time.
What’s one thing I need to do more often?
Take my target either time-based or SL/TP.
What’s one thing I need to do less often?
Be impulsive and micro-manage my position.
For my trade plan(s) on this particular day with comments below, go here: