07 May Daily Report Card 05072020
My weekly goal
Only take trades when there are at least 4 confluences. Trade location. Market Profile. Price action confirmation. Min x2 R/R (max 20–30 pip SL).
Yes Pre-market routines
Good Session PECS
Good Trade selection
Good Trade Execution & Mgmt.
Good Risk Adjusted Returns
Yes Daily review
Muppet meter (1 being best — 5 being worst): 4
How accurate was my assessment of market context?
- London opened above PVAH + range. Took out M30 Demand ZOI and tested PVAH during IB around D‑C-D 1.40845.
- TPO C closed at the edge of PVAH with D‑C-D 1.40845, no convincing close within so no short here.
- Possible rejection of this level. Can’t go long since it’s against my weekly trading plan bias. M30 Bullish Engulfing at PVAH / D‑C-D 1.40845.
- M30 Close within PVA (80% rule), R/R below x2 so no trade
- TPO H testing PVA / D‑C-S 1.40845 from within with ‘messy’ bullish engulfing. Would not have hit x1 R/R if I had taken the 80% rule trade and closed off at noon.
Overall, I think I did well however I made one big mistake. I failed to take note of the opposing D1 Conterminous Demand line 1.40845 in my premarket prep. Muppet… Solution: I added an extra step in my process plan to tackle this next time.
How well did I follow my process?
I did well here. There was no trade for me within my trading parameters based on IB extension into bias of weekly trading plan and price confirmation that would give me x2 R/R. Hence no trades today.
How well did I manage my physical, emotional and cognitive states?
I did okay here. Especially, after having been pointed to the fact that the 80% rule trade would have had suboptimal R/R. I switched to being the ‘scientist’ taking notes as opposed to being the ‘trader’ that always has to take a trade. That doesn’t negate the fact that I was stalking to take that trade thinking it would have had x2 R/R.
What’s one thing you learned today?
Don’t try and rush through the material. Let the mentors guide me through my path and show evidence of progress before continuing to the next ‘level’.
What’s one thing I need to do more often?
Be patient to gain experience by understanding the MS approach dynamics within my own past observations.
What’s one thing I need to do less often?
Already addressed in the thing I need to do more often. Absorb the material first.
For my trade plan(s) on this particular day with comments below, go here: