23 Sep Trading Day Summary 20210923
Summary: Growing more confident trade by trade
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A small summary of how I did during the session. Things I did well. Things I need to keep working on. Trade Reviews are part of my post-mortem.
My weekly goals:
- Trading rules
- Use SL scaling in case the profit target for the setup doesn’t provide 2R for example for FA or VAA setups
- No early exits, either hit SL or 2R target
Good Pre-market routines
Good Session PECS
Good Trade selection
Good Trade sizing or SL placement
Good Trade Execution & Mgmt.
Good Risk Adjusted Returns
Yes Clarity — in tune with price
Muppet Meter (1 being best — 5 being worst): 1
- C extended and closed above IB taking out LTF supply in a potential sustained auction move. A test of IB high might be a good entry for a sustained move. However, VAL doesn’t provide with 2R target.
- When using ASR calculated off trading window I could get in a 20 pip stop and choose to do a 25 pip paper trade long. Decided for a paper trade as this is my first time using such scaling and the long trade is against sentiment as well as trend.
- D tested IB high and closed higher as a possible base. E formed a RBR reaching VAL and 2R target.
- IB traded higher so did C but no extension of IB (yet)
- E extended and closed above IB. No reaction from D1 supply (yet)
- Finally the failed auction is on but I can’t find an entry with good profit target so letting this one go.
Summary of the Trading Day
- 2R (paper Trade)
- Open Sentiment
- 0.56xASR Below Value, Outside Range
- Moderate to Large Imbalance
- Sustained Auction Up, (very risky) late-sustained auction entry preferred
- Attempted Setup
- Sustained Auction
- Entry Technique
- Re-test of IB high through Buy Limit order but a Break of IB would have been good as well due to expected momentum in C breaking higher after B had formed a Bull Engulf
- TPO period for Entry
- D TPO
- Trade Duration
- 35 minutes
- Trade Comments
- Price opened trading at H4 demand after a H4 QLO rejection. IB retraced to H4 Base supply level indicating a possible continuation higher. 0.56xASR Below Value, Outside Range with moderate to large imbalance it could go either way. Although B TPO formed a Bull Engulf and price extended on momentum in C TPO.
- Used tighter scaling due to expecting a short term move by using AR accounting till noon instead of the entire session. This enabled to have a 2R target at VAL which is the most probable target
D TPO closed as a possible Base and E took it higher reaching VAL and 2R target.
- Good that I spotted the trade
- Good that I used the new scaling technique
- I could have placed a real trade
Next Day Analysis
- Target hit?
- Time-based Exit?
- Overlap Noise?
- End of Day?
- Highest R multiple?
For my trade plan(s) on this particular day, go here: