17 Jun Daily Report Card 06172020
My weekly goal
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: Return to Value
- London opened below value just above H4-C‑D 1.94239 (and D1-C‑D 1.94402) and what could be considered the bottom of the range. I am looking for a M15 reversal confirmation to perhaps go in long with an early entry
- The other side of the trade would be to go short but because of the large underlying demand this is a more tricky trade and will need a stronger confirmation
- Fairly short buying tail during B
- Price being at the bottom of the daily range I am more inclined to be bullish. However, price would need a big confirmation to go in long because of the overhead supply zones. It would mean a slow trade (if any). An early entry could give 2R TP (return to value) but again… those supply zones are in the way. The same on the short side with demand underneath. For now, I will just be observing TPOs and price action development.
- Possible M30 consolidation going on
- I had put in a buy stop order at 1.94535 which was the retracement of the strong M15 finisher after the M15 consolidation and got hit
- Entry 1.94535 SL 1.94174 TP 1.95257 (above H4-C‑S 1.94940 but will keep an eye on the trade)
- Reasons for taking the trade: Bottom off daily range at D1-C‑D 1.94402 and H4-C‑D 1.94239 coupled with M20 consolidation and M15 bull engulf followed by another consolidation and strong finisher.
- M30 Strong finisher from consolidation
- M30 consolidation at VWAP & H4 QLo, in the 3rd bar right now coinciding with time-based stop so will let it do its thing. EVen though F made a HH and G closed within IB I stayed with the trade because of the M30 consolidation.
- Closed off time-based at 1.94672 for 0.34R (if I had positioned correctly that would have been slightly better. However, because I had initially a wider stop and when I put the stop tighter I had to size up to reflect 1% risk) I stayed with the trade even after we made a HH during F and G opened within IB, I noticed the M30 consolidation and gave my time-based stop to do its thing.
How accurate was my assessment of market context?
- I did well here. I was a little hesitant due to the supply and demand ZOI in the way of a clean trade but took a trade anyway and to get a slightly better entry I used a buy stop order placed slightly above M15 conterminous after a break from consolidation. Being clear-headed to put that on even during the somewhat wild price action I thought was pretty good of me.
How did I feel before, during, and after the trade?
- Did well before the trade even though I was getting a little anxious to put on a trade I stayed focused on price action development and used OODA to switch between timeframes to give myself the room to breathe and reassess. If the position had moved away from me I would have let it and not taken the trade.
- During the trade I felt I did well to monitor TPO as well as M30 and M15 consolidations for a better understanding of price development.
- Feel good that I had the patience to sit through a trade even when it was messy as today.
How well did I follow my process?
- Did well here
How well did I manage my physical, emotional and cognitive states?
- Did well here
What did I learn today?
- Due to market balancing on the daily there can be a lot of supply ZOI on lower timeframes. Even not optimal they can be traded based off a medium timeframe with price action confirmation.
- When there is a consolidation going on, mid-candle can seem ’very much against’ you but it doesn’t mean anything since it hasn’t closed yet.
What’s one thing I need to do more often?
- Stay patient and focus on price development through OODA
What’s one thing I need to do less often?
- Doubt myself. Again… this will come with more experience.
For my trade plan(s) on this particular day, go here: