18 Jun Daily Report Card 06182020
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: Value Rejection
- London opened within value, possible value rotation and IB extension down but underlying demand from M30 in the way although H4 looks clear. M15 DBD after rejecting H4-C‑S 1.94828 NEW
- Having opened inside value I am hesitant due to the potential of fake outs rejecting the value as well as H1 QLo. I will wait for a M30 close outside to confirm a possible short acknowledging that I will potentially miss the trade altogether due to suboptimal R/R.
- Because of the indecision in C TPO and having closed within IB again, combined with suboptimal R/R on the short side I am going to stay out of the market today and observe.
- Session close to exhausted indicating a possible reversal at M30 LKC. However based on rules I would need to wait for a TPO structure before going long at this level. We have the H4-C‑D 1.93970 NEW here and will wait for a price action confirmation to possibly go long.
- H4 demand taken out and we continued lower. 3 TPO structure and buying tail in F however no price action confirmation of a potential reversal
- Trading window closed and TPO making LLs and looking like there might be more downside
How accurate was my assessment of market context?
- I did well. Of course not being in today’s move is kind of upsetting but at the time I feel I made the right decision. At first I was thinking an IB extension would coincide with a value rejection but because we opened within value there is a higher possibility of a fake out. Today could have been interpreted as not a fake out due to the price action on M15. I recorded the trade into my playbook and uploaded it into EdgeWonk as a ‘missed trade’ for future reference.
How did I feel before, during, and after the trade?
- No trades taken 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?
- I learned that when the overall (larger time frame) market is balancing there are still enough opportunities intraday. Today we opened within value and consequently made LLs.
- I reviewed my analysis and if I had to go in I could have done so based on the M15 DBD with bear engulf finisher but coming from within value I hesitated on that as well and was looking for a solid close outside of value. Both the first bear engulf with 2nd chance entry as well as the consequent DBD would have been good as entries. Although hindsight is 20/20 as they say.
What’s one thing I need to do more often?
- Get comfortable being uncomfortable
What’s one thing I need to do less often?
- Not sure. If there is anything then it is to be less risk averse but in today’s context I feel I went with what I thought was solid reading of context. ALso, normally I am not risk-averse at all. More of a grasshopper 🙂 Live and learn.
For my trade plan(s) on this particular day, go here: