28 May Daily Report Card 05282020
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
Summary: Responsive Day Inside Day Fake Out
- London opened in value: With overall thesis being bearish and we are trading within value I decided to dismiss the move away during IB from H4 conterminous demand 1.37525. Another potential option could be break out from value and test PVAH + IB extension
- waiting for retest of H4 conterminous supply plus price action confirmation and failed auction to go short contingency being a break out from and possible pullback to PVAH
- Put in a buy stop just above C period (after it closed) to catch the momentum up in case of continuation to the move. Reasons for taking the long trade is initiative activity extending IB over value and H4 conterminous supply with a strong close. Got filled during D.
- Entry 1.37890 SL 1.37570 TP 1.38290
- Monitoring MP for a potential take out of single Cs and if so we also close within IB it would confirma failed auction and thus I will manually take off the trade. If we don’t close within IB it could mean a medium or even low activity day.
- Stopped out after what looks like a possible failed auction but need 2 more minutes to complete to confirm.
- Stopped out: 1.37570
How accurate was my assessment of market context?
- I took a shot on going long today even on a responsive day but momentum looked to be there. It reversed and before I could use my active management using TPOs I was taken out. I was learning to try and use that as an early manual stop.
How did I feel before, during, and after the trade?
- All good
How well did I follow my process?
- Did great here
How well did I manage my physical, emotional and cognitive states?
What did I learn today?
- Today’s lesson is that responsive inside value days have a lot of fakeouts
- We had an open inside value that then proceeded to break out from PVAH and over H4 conterminous supply on, what looked like, good momentum. We failed to sustain the move by keeping up with momentum and the single C prints were taken out and we ended up closing inside IB confirming the failed auction. However just before that I already got stopped out.
- I did well to place a buy stop just above C after it closed to catch a potential burst upwards on high momentum. D extended HH with 3 prints but failed to extend higher.
What’s one thing I need to do more often?
- Use market profile for intraday sentiment and relax in making decisions. This compared with set stops gives a relaxed framework and thus state of mind when being in a trade.
What’s one thing I need to do less often?
- I did everything well today even though I got stopped out. Trading is not about winning each and every trade. It’s about following your process.
For my trade plan(s) on this particular day, go here: