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:

Pre­mar­ket Prep USDCAD 05072020

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