14 May Daily Report Card 05142020
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
Good Trade Execution & Mgmt.
Good Risk Adjusted Returns
Yes Daily review
Muppet meter (1 being best — 5 being worst): 1
- London open above PVAH + range
- If Return to VA play: IB range low to PVAH about 40 pips, IB range
- If IB range extension to the topside there is a potential of 48 pips to reach H4 Supply ZOI with H4 upper KC in the way, also a H1 Supply ZOI at 1.41523 cutting into my x2 profit target
- M5 flat and showing widening KC indicating a possible non-trend day, however price tried breaking KC a few times indicating increasing volatility
- Sell stop at 1.40865
- Order triggered: 1.40865 SL 1.41066 TP 1.40466
- Reasons for trade:
- H4 QHi rejection on M30 in line with prev day high
- M30 DBD at Daily Conterminous Supply 1.40962
- MP spending time in lower half IB
- M5 widening KC where price trades mostly in lower half with failure to extend over VWAP (sloping down)
- IB extension down
- TPO F opening in sell tail, possible retest of TPO structure above before continuing down unless we take out 1.40958 then we might see a reversal and I get stopped out
- H1 is testing and has crossed VWAP though but no close yet
- H1 closed well below VWAP, G opened in selling tail, no congestion in the way to PVAH / H4 conterminous Demand 1.40528
- Big push pullback to IB range low and H1 VWAP and we created a new ledge at DPOC 1.40912 so if that gets taken out buyers win and I get stopped out, otherwise we’ll see a continuation down
- M30 close at 50% of previous candle and H opened in selling tail
- WE ended up taking out the ledge and thus a consequent move up. Luckily I manually took myself out at a time-based stop and lost ‑6.4 pips after being up 18.9 pips
- Price traded higher to M5 upper KC / prev day high extending into newly formed H4 Supply ZOI before reversing to M5/M30 VWAP (TPO J still above previous ledge where now another Ledge has formed with I)
- I will review the close into NY further
How accurate was my assessment of market context?
- Did well here. I combined my own approach as a ‘backup’ narrative to reading market profile and I think I did well here.
- Although I did miss the M30 DBD and the potential H4 phase 1 or 3 going on
- For future reference I could have had a better entry based on the ‘2nd chance entry’ rule which then would have resulted in a scratch or even less loss. But since I am following rules to grow confident in IB extension plays I waited for that with a sell stop.
How did I feel before, during, and after the trade?
- Before the trade I was thinking about if we saw an extension to the upside, being conflicted again to take a long position when my prep indicated a more bearish sentiment. However, as was indicated to me when we open above value I should be slightly bullish. Made a note of this and will take this into consideration in my next prep. Otherwise I felt like I did well feeling-wise. I was clear and put a sell stop order below IB range to initiate a return to VA setup.
- During the trade I was monitoring TPO structure and did well here. Didn’t feel anxious at all and kept focussing on my set SL either target or time-based both of which is good. Growing confidence in the approach and letting numbers do their thing. We had another ledge formed today and unlucky for me it got taken out after I was up 18.9 pips. I like this way of MP reading especially with this ledge (which is an anomaly).
- After the trade I felt good. No sense of negative feeling, quite the opposite actually. I feel good for having followed instructions and combining my own approach with the new material. Also having gained experience in how different factors line up.
How well did I follow my process?
- I did great here.
How well did I manage my physical, emotional and cognitive states?
- Again, great.
What did I learn today?
- It’s getting more and more clear on how to use market profile as a gauge to monitor orderflow. ANd just because there is no congestion on the way to your target it doesn’t mean it can’t up and reverse. A confirmation of this can be seen on the market profile as indicated earlier.
What’s one thing I need to do more often?
- Follow the process.
What’s one thing I need to do less often?
- I think I did great today even with a small loss. Can’t think of anything right now.
For my trade plan(s) on this particular day, go here: