08 May Daily Report Card 05082020
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
Bad Trade selection
Bad Trade Execution & Mgmt.
Bad Risk Adjusted Returns
Yes Daily review
Muppet meter (1 being best — 5 being worst): 5
How accurate was my assessment of market context?
- London opened below PVAL+range, below Prev. Day Low
- MP IB extension but returned DVAH
- Short position 1.39473, SL 1.39725, TP 1.38969
- M30 Inside bar at Prev. Day Low and M30 lower KC
- No H4 Demand ZOI below
- Target lower H4 KC (x2 R/R)
- Took the trade off with 2 consecutive M5 bullish engulfings and because of the newly formed H4 conterminous demand line. M30 doji close at VWAP.
- Not happy with this trade. Reasons: 1) being this close to a D1/H4 QLo I feel I should have been more careful going short even though higher time frames still look bearish.
- Broke my exit rules: either take the trade off manually or let it hit my stop. This is my main focus for next week.
How well did I follow my process?
- I did not do well because I broke my exit rules. Furthermore the trade I got into was more based on my own approach than it was combined using the MS approach and thus would have been less valid. I will focus on letting MS approach guide first and my own approach be complementary to it.
How well did I manage my physical, emotional and cognitive states?
- I did well here for the most part until I started hesitating on whether or not to take the trade off. This hesitation tells me I was doing something wrong. I now know that it was because of breaking my exit rule.
What’s one thing you learned today?
- In order to stop being so impulsive I have to let the trade play out. Be it SL or taking the trade off at noon. This in combination with not looking at the M5 chart after taking a trade. Focus on the M30 instead.
What’s one thing I need to do more often?
Follow the guidelines given by the mentors.
What’s one thing I need to do less often?
Micromanaging trades after I take them. Let the M30 guide me and whatever happens, the only exit is per option 1: hit my target (SL or TP) or option 2: time-based.
For my trade plan(s) on this particular day, go here: