Daily Report Card 05132020

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

Okay Trade Exe­cu­tion & Mgmt.

Good Risk Adjust­ed Returns

Yes Dai­ly review

Mup­pet meter (1 being best — 5 being worst): 2

Sum­ma­ry

• EZ Indus­tri­al Pro­duc­tion comes out at 9am (mar­ket mov­ing accord­ing to econoday?)
• Maybe chance of a failed auc­tion when we break out from IB range into D1 QHi and still being with­in H4 Sup­ply ZOI
• If price extends above IB range, tech­ni­cal­ly, I have to take the trade how­ev­er my prep shows me that there is too much poten­tial for down­side so kin­da feel con­fused. If it does go over I will not take a trade and instead ask for what I should have done. 
• Short entry 1.40464, SL 1.40722 (25 pips), TP 1.39964 (50 pips)
  • Rea­sons for entry:
  • D1 Sup­ply ZOI and D1 QHi overhead
  • New­ly formed H4 Con­ter­mi­nous sup­ply 1.40596 being reject­ed with M30 Bear­ish engulf­ing, still wait­ed for IB range extension.
  • TPO was show­ing dou­ble prints before extension
• Reached dis­tri­b­u­tion curve PVAH and run­ning into some buy­ers. TPO still show­ing sin­gle print D.
• H1 Bear­ish engulf­ing in line with move down
• Dou­ble prints with E even though in bot­tom half of pro­file but with M30 sup­ply ZOI there it could reverse back up here
• MP print­ing 3 TPO on the sell­ing tail in line with a pos­si­ble rever­sal. Although F is now try­ing to push low­er pos­si­bly break­ing M30 ZOI
• G opened at sell­ing tail and M30 demand ZOI is tak­en out but cur­rent­ly formed a nor­mal day where we extend­ed 1x IB range and we are near­ing PVAH
• M5 con­sol­i­da­tion with slight bear­ish engulf but no break from range yet
• X1 prof­it is at PVAH I believe that nor­mal­ly this could be a good loca­tion to take prof­it. Which I won’t do because I am work­ing on being com­mit­ted to my trades to bat­tle impulsiveness
• H opened in sell­ing tail
• Still only 3 TPO struc­ture above PVAH but haven’t reached it yet 11minutes left to time-based stop
• Time-based stop at x1 prof­it at 1.40217

How accu­rate was my assess­ment of mar­ket context?

• Did well here. Timed entry right. Did well on fol­low­ing TPO structure.

How did I feel before, dur­ing, and after the trade?

• I felt good before the trade. I was tak­ing notes of how I would enter the mar­ket from with­in the IB range because I saw rever­sal price action devel­op­ing on the low­er time frames. How­ev­er because my entry rules clear­ly stat­ed to wait for an IB exten­sion I wait­ed for that. 
• Dur­ing the trade I felt good because of tak­ing notes on how MP was devel­op­ing and trust­ing in the process regard­less if it would have gone against me. 
• After the trade I am feel­ing a bit too hap­py I think but going to let myself feel hap­py for fol­low­ing instruc­tions and stay­ing com­mit­ted to the trade. Now it’s back to busi­ness and do my review. 

How well did I fol­low my process?

• I did real­ly well here. Even though I man­aged to fum­ble my ini­tial sell stop. After get­ting hit I want­ed to put in my SL and TP but clicked the wrong but­ton and closed off the posi­tion. Imme­di­ate­ly re-entered with mar­ket order and prop­er SL and TP.

How well did I man­age my phys­i­cal, emo­tion­al and cog­ni­tive states?

• Did well here. Stuck to tak­ing notes on TPO and price action and not wor­ry too much about outcome. 

What did I learn today?

• Process is king. Let the mar­ket devel­op and play the ‘sta­tis­ti­cal game’.

What’s one thing I need to do more often?

• Fol­low my process.

What’s one thing I need to do less often?

• Keep look­ing for points where it might go against me. Trust the process.

For my trade plan(s) on this par­tic­u­lar day, go here: