05 May Daily Report Card 05052020
My weekly goal
Only take trades when there are at least 3 confluences. Trade location. Market Profile. Price action confirmation.
Combined Score 40
Process Report Card (10 each)
10 Pre-market routines
5 Session PECS
0 Trading the process
10 Daily review
0 Progress toward Weekly goal
Performance Report Card (10 each)
5 Real-time analysis
0 Trade selection
10 Trade Execution & Mgmt.
0 Risk Adjusted Returns
- BD Prev. Day Low / D1 Conterminous Line (short)
- London open below PVAL + Range, IB extension to downside (price action confirming) indicating continuation and BD H4/M30 Demand ZOI
- Targets 1.404, 1.4027
- Range bound 1.404–1.408
How accurate was my assessment of market context?
None of my hypos played out. Did poorly here. Also, going to switch over to a format that is non-conjecture.
How well did I follow my process?
I thought I was doing well to let market narrative guide me and since no setup aligned with it I decided to not trade today. I was pointed out by my mentor I failed on several critical points:
- Charting software H4 candle open not aligning with London open (the session that I trade)
- A 4‑hour candle that is comprised out of one half Asians session, less liquidity price action and the other half European session higher liquidity price action displays a skewed perspective of the market. Today, I didn’t see a H4 Supply ZOI, where if I had the right broker I would have.
- This then caused me to not take a trade out of lack of confidence (among other things) because there was no higher time frame Supply ZOI to help justify a potential swing reversal.
- Other factors were:
- Having had decided to let M30 guide my trades and stay away from M5 for lesser but more quality trades
- Having missed the best entry location to take the trade. But then when it tested the M5 conterminous line again I could have entered again but with my mind being on ‘nope, not taking this trade’ I decided to let it go
- Other factors were:
- Solution: open a live account with a London-based broker. Still researching LCG or JFD.
- Understanding that towards the second half of the session I can dig down to lower time frames for price confirmation at higher time frame trade locations to confirm an entry that is based on developing market narrative. The reason for this is that during the course of the session I am running out of time to wait for a M30 candle to ‘show me the way’. I need to be flat at noon London time.
- Because this is an uncertain environment I will focus on what is developing in front of me to keep things simple.
- Write a clear non-conjecture premarket plan and focus on non-conjecture development during the session.
- All that matters in an uncertain environment is: once my level is reached, what is happening NOW?
How well did I manage my physical, emotional and cognitive states?
I did well physically, but when I was met with comments on taking a trade late in the session, I felt I hesitated. Although my hesitation and consequent decision to not trade was valid with the information that I had before me, I was pointed to the points already addressed above.
What’s one thing you learned today?
It’s okay to make mistakes. As long as I learn from them and create a process to prevent them in the future. Or at least, lessen the probability of repeating the mistake. We’re human.
What’s one thing I need to do more often?
Be a sponge and soak up all the experience and create a process for a systematic approach to improve and make the experience my own.
What’s one thing I need to do less often?
Several things already outlined above but I’ll boil it down to one point: ‘Be a muppet’ 🙂 Getting there. Step by step.
For my trade plan(s) on this particular day, go here: