27 May Daily Report Card 05272020
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
Bad Trade Execution & Mgmt.
Good Risk Adjusted Returns
Yes Daily review
Muppet meter (1 being best — 5 being worst): 2
Summary (include title of the day)
- London open below VA but no IB range extension yet
- I put a sell stop order below IB range at 1.37560 in case of a drop. 20+spread SL at 1.37780, TP 1.37160. Let’s wait for an extension of IB to validate a bearish thesis that includes 1) IB range extension down, 2) M30 Demand break, 3) take out of consolidation from previous bull engulfing on H4, 4) Larger timeframes analyses being bearish.
- Trade got executed at 1.37564 SDL 1.37790 TP 1.37170 (slightly adjusted up)
- E opened within IB and it is slow to print any extension TPOs. Structure being formed at bottom third of IB range but will have to reassess at the end of TPO. For now, things are still looking bearish.
- Stop loss got it
- Another entry short after that little shake out
- Entry 1.37564 SL 1.37790 TP 1.37170
- H4 Demand taken out and single print TPOs and strong initiative activity
- Single print not taken out and price trading in lower range of extension plus price action predominantly looking bearish. M30 consolidation after a weak inside bar, I decided to hold the trade into the noise overlap.
- Single print TPO got taken out and my stop was hit at 1.37744
How accurate was my assessment of market context?
- I did well to stick with the Market Profile initially but then failed to observe the 4 TPO structure being made without making any lower lows.
How did I feel before, during, and after the trade?
- I felt good before the trade observing the market and let the trade come to me
- Good during the trade
- Afterwards good as well
How well did I follow my process?
- I did well here
How well did I manage my physical, emotional and cognitive states?
What did I learn today?
- I learned that after a 4 TPO structure build-up and no lower lows it is not likely we can see a continuation
What’s one thing I need to do more often?
- Keep learning market profile
What’s one thing I need to do less often?
- Do too much too fast
For my trade plan(s) on this particular day, go here: