01 Jun Daily Report Card 06012020
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
BAD Session PECS
Okay Trade selection
Good Trade Execution & Mgmt.
Good Risk Adjusted Returns
Yes Daily review
Muppet meter (1 being best — 5 being worst): 2
Summary: Return to Value day
- London open below value
- H4 DBD potential, M5 showing bull engulf at IB range low
- Sell stop 1.36703 in case of a continuation down, because of open below value and H4 DBD potential
- Long entry 1.37149 SL 1.36927 TP 1.37550
- Reasons for taking the trade: : London open below Value, high momentum up after bull engulf M5 retracing all of IB, IB extension up
- A bit of a risky trade because of going against sentiment so will actively manage the trade by monitoring TPO close back into IB
- Price just reentered IB during D after forming a doji on M5 and M15 but no TPO close yet so no soft stop
- After a M15 consolidation and bear engulf I decided to take the trade off (-0.2R) and went short
- Short entry 1.37084 SL 1.37384 (above .35) TP 1.36738 (just within IB)
- Exhaustion of ADR, rejection of PVAL, M15 consolidation at his level with bear engulf finisher
- Price has traded against me and moved over M30 VWAP
- No HHs (only G went over a little creating a small selling tail) and TPO structure built above IB range
- Decided to extend by half an hour due to crude having made a move (and its correlation to USDCAD)
- Manually took the trade off time-based at ‑0.3R
How accurate was my assessment of market context?
How did I feel before, during, and after the trade?
- Before taking the trade I felt good
- During the trade after seeing lower time frame price action I started losing confidence in the trade but stayed with it because I wanted to have a valid stop based on trade management or a time-based stop
- Afterwards I feel good. I took a shot and it didn’t pan out and minimized my losses by actively managing my trades.
How well did I follow my process?
How well did I manage my physical, emotional and cognitive states?
- Wasn’t too energized today due to lack of sleep. I had taken a nap thinking it would help but I still felt ‘slower’ today. Early to bed tonight and back stronger tomorrow.
- Having said that I feel I did well following my process and trading rules
What did I learn today?
- I learned that going against intraday sentiment is risky especially when open is still relatively close to value. Even then, to go long, I would need value acceptance before entering to have a more probabilistic location and thus entry. Otherwise today the play to have aimed for was the return to value with rejection coinciding with session exhaustion backed with price action confirmation
- I’ve added relative location to value as part of my process plan
- I also learned that two nights of lack of sleep in a row has more impact than I can remedy with taking a nap in the afternoon.
What’s one thing I need to do more often?
- Follow my rules regardless of being in top shape or not. Calm seas don’t make good sailors. I feel I did well here.
What’s one thing I need to do less often?
- Sleep less than my minimum amount for two or more days in a row
For my trade plan(s) on this particular day, go here: