13 May Daily Report Card 05132020
My weekly goal
Only take trades when there are at least 4 confluences. Trade location. Market Profile. Price action confirmation. Follow hard entry and exit rules.
Good Pre-market routines
Good Session PECS
Good Trade selection
Okay Trade Execution & Mgmt.
Good Risk Adjusted Returns
Yes Daily review
Muppet meter (1 being best — 5 being worst): 2
- EZ Industrial Production comes out at 9am (market moving according to econoday?)
- Maybe chance of a failed auction when we break out from IB range into D1 QHi and still being within H4 Supply ZOI
- If price extends above IB range, technically, I have to take the trade however my prep shows me that there is too much potential for downside so kinda feel confused. If it does go over I will not take a trade and instead ask for what I should have done.
- Short entry 1.40464, SL 1.40722 (25 pips), TP 1.39964 (50 pips)
- Reasons for entry:
- D1 Supply ZOI and D1 QHi overhead
- Newly formed H4 Conterminous supply 1.40596 being rejected with M30 Bearish engulfing, still waited for IB range extension.
- TPO was showing double prints before extension
- Reached distribution curve PVAH and running into some buyers. TPO still showing single print D.
- H1 Bearish engulfing in line with move down
- Double prints with E even though in bottom half of profile but with M30 supply ZOI there it could reverse back up here
- MP printing 3 TPO on the selling tail in line with a possible reversal. Although F is now trying to push lower possibly breaking M30 ZOI
- G opened at selling tail and M30 demand ZOI is taken out but currently formed a normal day where we extended 1x IB range and we are nearing PVAH
- M5 consolidation with slight bearish engulf but no break from range yet
- X1 profit is at PVAH I believe that normally this could be a good location to take profit. Which I won’t do because I am working on being committed to my trades to battle impulsiveness
- H opened in selling tail
- Still only 3 TPO structure above PVAH but haven’t reached it yet 11minutes left to time-based stop
- Time-based stop at x1 profit at 1.40217
How accurate was my assessment of market context?
- Did well here. Timed entry right. Did well on following TPO structure.
How did I feel before, during, and after the trade?
- I felt good before the trade. I was taking notes of how I would enter the market from within the IB range because I saw reversal price action developing on the lower time frames. However because my entry rules clearly stated to wait for an IB extension I waited for that.
- During the trade I felt good because of taking notes on how MP was developing and trusting in the process regardless if it would have gone against me.
- After the trade I am feeling a bit too happy I think but going to let myself feel happy for following instructions and staying committed to the trade. Now it’s back to business and do my review.
How well did I follow my process?
- I did really well here. Even though I managed to fumble my initial sell stop. After getting hit I wanted to put in my SL and TP but clicked the wrong button and closed off the position. Immediately re-entered with market order and proper SL and TP.
How well did I manage my physical, emotional and cognitive states?
- Did well here. Stuck to taking notes on TPO and price action and not worry too much about outcome.
What did I learn today?
- Process is king. Let the market develop and play the ‘statistical game’.
What’s one thing I need to do more often?
- Follow my process.
What’s one thing I need to do less often?
- Keep looking for points where it might go against me. Trust the process.
For my trade plan(s) on this particular day, go here: