06 May Daily Report Card 05062020
My weekly goal
Only take trades when there are at least 3 confluences. Trade location. Market Profile. Price action confirmation.
Yes Pre-market routines
Good Session PECS
Yes Daily review
Good Trade selection
Bad Trade Execution & Mgmt.
Good Risk Adjusted Returns
How accurate was my assessment of market context?
I thought I did well but I was pointed out that the data that I was seeing is perhaps the wrong data. Still in the process of figuring this out. Based on what I was seeing, I can say the following:
Market opened below PVAL and formed a M30 bullish engulfing at H4 conterminous demand line 1.40358. I missed this because I had failed to mark this H4 conterminous demand level in my premarket prep. Big fail. This went on to enter PVA and hit target of PVAH. Since by then we were in the second half of the session, I was looking for a confluence to go short. This confluence came by price hitting PVAH and H4 VWAP within H4 Supply ZOI. M5 gave me a nice entry, but I hesitated a bit on taking the trade and thus had a suboptimal entry. Another fail was to base my SL on the M5 candle whereas I should have gone back to the M30 chart for further monitoring. These two reasons were why I only had a 7 pip stop and got taken out by 2 pips before the market went in my favor. R/R based on my thinking at the moment was x3 (with the power of hindsight of course) I was going for x2 R/R. However if I had used proper SL based on M30 20 pips, my R/R would have been (again, hindsight is 20/20) only x1 and I would have had to close the position time-based at noon.
If I didn’t have the ‘wrong’ data, my approach trading today would have been completely wrong. Still working on this.
How well did I follow my process?
I failed in my premarket prep to identify the H4 level even though it was against my weekly trading plan bias. When I found out I hesitated and lost the trade. In my opinion I did well looking for the reversal in the latter part of the session but I was pointed out that trading off the PVAH is statistically (only 12%) a bit idea. Reasons for me doing this was because of the confluence based on my own experience using VWAP.
To improve on this, I will figure out the MP indicator situation and adjust where needed. Furthermore, I will learn more about MP and how to use it, as the MS approach should supersede my own because I am here to get taught by professionals. I am making my way through the courses but trying not to skip ahead. I will discuss more on this with the mentors.
I will focus more on trade locations in line with my weekly trading plan
How well did I manage my physical, emotional and cognitive states?
I did well here.
What’s one thing you learned today?
MS approach supersedes my own. I am here to learn how to trade professionally and that is what I will do.
What’s one thing I need to do more often?
Take notes of comments and write out my own process plan to minimize future errors.
What’s one thing I need to do less often?
Go against the weekly trading plan bias.
For my trade plan(s) on this particular day with comments below, go here: