11 May Daily Report Card 05112020
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).
OK Pre-market routines
OK Session PECS
Bad Trade selection
Good 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?
- During the session
- H4 Morning star and newly formed H4 Demand ZOI c:
- Open outside of PVA + range
- Price reached PVAL / H4 C Supply 1.39378, M5 Bearish engulfing at D1/H4 QLo however looks like possible consolidation just above M5 upper KC, VWAP sloping but not trailing much
- Considered putting a sell order at 1.393 in case consolidation breaks to the down side but M5 price action still looking bullish for the time being
- IB extension to the upside into PVAL / H4 C Supply with what looks like a sustained move for now
- Clean arrival at H1 C Supply / PPOC, lower time frames still no signs of reversal
- Broke H4 Supply ZOI
- M15 Inside bar at PVAH from the inside though, low probability location, however session range 611 of 666, 2nd account
- Short 1.39575, SL 1.39826, TP 1.39073
- Reasons for entering:
- Session range 611 of 666 (2nd account shows 631 of 545 which is weird that it’s different), M15 inside bar above upper KC at PVAH, M30 Supply ZOI just above upper KC, TPOs already extended 1x IB range
- M15 showing consolidation where one of the candles is slightly higher than the first rejection candle indicating possible more upside and thus potentially getting stopped out
- Got stopped out at 1.39827
How well did I follow my process?
- I failed to capture H1 showing convincingly a break from QLo and MP extending IB range and the morning momentum
- I did not follow instructions to go with the IB extension with the entry rules given.
- I missed value being accepted since we opened outside value, accepted value with IB range break.
- I did well to not micromanage the trade after I put it on. Early on I ‘gathered’ the trade would go against me and I let it play out taking my stop.
- I felt a little rushed today not having put in the ‘normal’ amount of time into my premarket prep. Perhaps consider not trading for the day.
How well did I manage my physical, emotional and cognitive states?
- During the session I was OK.
What did I learn today?
- Keep monitoring multiple timeframes (not just M30 and H4) to get a better understanding of price development
- If IB range extension happens (after opening outside value) at the same time with value acceptance it is okay to take a trade and go with the extension.But this is more advanced. Focus on the basics first.
What’s one thing I need to do more often?
- Trust the process
- Letting exit rules play out helps me with being impulsive
- Taking entries based on IB extensions (in line with higher time frame) allows me for entries and building experience in getting used to using TPOs
What’s one thing I need to do less often?
- Care about being right. Care about following instructions instead.
For my trade plan(s) on this particular day, go here: