03 Jun Daily Report Card 06032020
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: Mean Reversion
- London open below value, M15 bull engulf, IB extension up on high momentum, AS exhausted, ADR 87%, H4 inside bar in demand
- Long entry 1.96692 SL 1.96452 TP 1.97098
- Took profits 1.1R at 1.96910
How accurate was my assessment of market context?
- Did well here
How did I feel before, during, and after the trade?
- I felt good before the trade already stalking my potential trade and then acting on it
- The trade didn’t last that long and I took 1.1R even though it would have hit 2R. Decided to take the win for my DD
- Afterwards, I assessed if I had a better entry opportunity but I was pointed out that on momentum we can’t be too picky
How well did I follow my process?
- Did a great job today
How well did I manage my physical, emotional and cognitive states?
What did I learn today?
- I learned that it is more probable for a reversal to mean with AS being exhausted and ADR already at 87%. This combined with a bull engulf and high momentum extending over IB. Mean reversion setups usually initiate on higher momentum. And it is okay to not have the ‘best’ entry (even though my entry was pretty spot on) in these situations.
What’s one thing I need to do more often?
- Trade what is in front of me
What’s one thing I need to do less often?
- I did well today. No critique.
For my trade plan(s) on this particular day, go here: