21 May Daily Report Card 05212020
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
- Today USDCAD opened within value and from what we can see it was good to have stayed out. So no trading on USDCAD
- My attention was diverted by mentor to GBPJDY so traded that today to build experience in reading intraday sentiment through market profile
- London had opened below value, and H4 showed a staircase down. When IB range closed off with a M30 bearish engulfing
- With London opening below value we can see a higher probability for a 2nd chance entry, which we had today. I missed the entry and took it at where you’d normally take an entry on a bear engulf.
- Entry short 131.349, SL 131.594, TP 130.950
- Price quickly reversed, probably due to PMI report coming out with better than expected numbers, and I got stopped out at 131.595
- Price then continued up and instead of fighting the profile we accepted value with a Marubozu candle (even though slightly inside value, because of the nature of this candle, more momentum up is expected) I shifted to being long biased
- Then with a M5 consolidation and redistribution in newly formed demand I went long (plus session range indicating a confluence with enough space left to exactly hit PVAH to complete the rotation)
- Entry long 131.780, SL 131.676, TP 131.995 (at PVAH for value rotation)
- Tight stop because of opportunistic nature of the trade
- Price was very slow and we formed another ledge and this got defended and price almost hit my TP target. With enough time in the session I let the trade develop but price reversed and I took my time-based stop at 131.742 for a ‑0.2 R loss
- AFTERMATH (post trading window, after noon)
- H1 formed a railway track reversal and price moved lower. It would have taken my stop very easily. Also due to the jumpy nature of overlap noise.
How accurate was my assessment of market context?
- Did great to jump into a currency pair I never traded before to distinguish an open below value with M30 2nd chance entry
How did I feel before, during, and after the trade?
- I felt good before the trade. A bit excited to have spotted a trade
- During I felt good observing profile and price action development
- Afterwards, all good! Sometimes you take a loss. That’s just how it is. It was an educated move that just happened to not work out. Just one out surely millions of more trades I’ll do.
How well did I follow my process?
- Did well here.
How well did I manage my physical, emotional and cognitive states?
What did I learn today?
- One loss means tighter rules on the next one. If we get a next one. If not, then it’s one on the chin and we wait for tomorrow.
- Can use S/D on lower timeframes if paired up with other technicals
- Variation on value acceptance
- Marubozu candle is a strong indicator for more potential in the same direction
- Entering from M5 using a M30 Marubozu value acceptance and going from the newly formed demand aka redistribution on M5
What’s one thing I need to do more often?
- Keep focusing on improving little by little
What’s one thing I need to do less often?
- Trying to go too fast. I need experience to form neural paths to achieve better and faster results.
For my trade plan(s) on this particular day, go here: