04 Jun Daily Report Card 06042020
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): 2
Summary: Mean Reversion
- London open below valueM30 Bear Engulf during IB, move away from H4 new supply, IB extension down taking out M30 Demand
- Entry short 1.94984 SL 1.95244 TP 1.94463
- Return to newly formed H1 c supply 1.95202 and M5 Evening star formed (2nd chance entry) but still trading within IB
- M30 DBD and TPO printing LLs and E opening in lower extension
- Stopped out at 1.95289
- 2nd attempt short. Entry 1.95251 SL 1.95627 (above M30 supply) TP 1.94712
- Reasons for taking the trade. 1 hour past with not taking price higher. M5 consolidation and bear engulf just above H1 conterminous supply
- Scratched trade at 1.95269
How accurate was my assessment of market context?
- Did fairly well here but had to be pointed out to the validity of the M5 consolidation being a valid entry point. I assumed since it had crossed over H1 c supply I couldn’t act on it. But this combined with price not having moved in an hour I could go short. Which I did.
How did I feel before, during, and after the trade?
- I felt good before the trade going in with clear understanding of the setup
- During the trade I felt that more momentum on the trade would have been great and since there was a lack of I started to think it would go against me. When VWAP was crossed I ‘knew’ it was going to against me but I stayed with the trade following TPO structure as trade management
- I feel good in having followed the rules
How well did I follow my process?
- I did good here but was late to recognize the newly formed H1 C line and had to be pointed out to that. I will make it part of my process to use OODA for going through several timeframes and reassess my stance on my position.
How well did I manage my physical, emotional and cognitive states?
- Did well here
What did I learn today?
- The need to use OODA for scanning through timeframes. I added this to my process plan and will start tomorrow with implementing it.
What’s one thing I need to do more often?
- Be patient in a trade to not grasshopper around
What’s one thing I need to do less often?
- Only focus on lower timeframes + H4. Consider H1 as well.
For my trade plan(s) on this particular day, go here: