22 May Daily Report Card 05222020
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
- During IB we formed a long upper wicked doji but continued higher. D1 C supply 1.40666 is nearby. Waiting to see what the market does around there.
- Day range at 94 pips where ADR is 97 so decided to go short after a M15 consolidation
- Entry short: 1.40290, SL 1.40440, TP 1.39991
- Reasons for taking trade:
- ADR 97 pips, Current session range till now 94 pips, within 90% of the ADR range. At W1 QHi.
- During the trade we saw a M30 DBD forming further increasing bias into a short move. When my time-based stop was about to hit I saw that even though price had re-entered IB it was still below the newly formed conterminous from DBD I decided to take it off and get the 1R. Overlap noise can be jumpy in either direction so didn’t want to risk it. Took the trade off at 1.40143, 14.7 pip profit.
- AFTERMATH (post trading window, after noon)
- It would have hit my 2R target only just and then reversed back up. Still no break from M30 demand ZOI below W1 QHi
How accurate was my assessment of market context?
- I did well here.
How did I feel before, during, and after the trade?
- Great before the trade
- During the trade I was OK. Observing price action and TPOs forming.
- AFter the trade I felt I made the right decision based on the information that was at hand.
How well did I follow my process?
- I did good here
How well did I manage my physical, emotional and cognitive states?
What did I learn today?
- Extend time-based hard exit rule by another 30 minutes due to market behavior in recent times (for USDCAD)
- I learned that when Asia makes a big move eating up most of ADR I can use the exhaustion during London (together with a higher time frame confluence) for a potential trade. In this case a mean reversion trade. The exhaustion doesn’t have to be on point. Around 90% is okay. There was a lower time frame consolidation with a bear engulf in the mean reversion direction at a W1 QHi.
What’s one thing I need to do more often?
- Be patient. Take it all in step by step to make it my own.
What’s one thing I need to do less often?
- Go too fast. In line with being patient.
For my trade plan(s) on this particular day, go here: