2 Day Anchored VWAP Short, 5 Day High to 5 Day Low GAP Liquidity Sweep, Daily Bearish OrderBlock Short, Daily Bearish Structure, Daily Bearish Trend, H1 TrailStop, H2 TrailStop, M5 Bullish to Bearish Variation, Playbook , PML Target, Prior Day High Break & Reversal, Trade Of The Day , Week Range, Wk Bullish Structure, Wk Bullish Trend,

Trade Details: July 15, 2024

• Status: No Trade Day (Execution Issues)
• Broker: Tradovate
• Asset: Future
• Future Date: July 15, 2024
• Future Name: /MNQN24
• Symbol: /MNQ
• Type: Short
• Patterns:
  • 2 Day Anchored VWAP Short
  • 5 Day High to 5 Day Low GAP Liquidity Sweep
  • Daily Bearish OrderBlock Short
  • Daily Bearish Structure
  • Daily Bearish Trend
  • H1 TrailStop
  • H2 TrailStop
  • M5 Bullish to Bearish Variation
  • Playbook
  • PML Target
  • Prior Day High Break & Reversal
  • Trade Of The Day
  • Week Range
  • Wk Bullish Structure
  • Wk Bullish Trend

Notes:

No Trade Day: Executional issues with APEX prevented trade execution. Encountered 'trading temporarily halted' error.

Trade of the Day Setup:

Observations:

• Anchored VWAP Analysis:

  • Analyzed the 2 Day Anchored VWAP during the premarket session.
  • Identified that the prior day high and low were distant.
  • Noted the 2 Day Anchored VWAP provided a short signal at the top of the band.

• Daily Chart Analysis:

  • Suggested a draw on liquidity to the prior day low due to the daily candle downtrend.
  • Weekly chart indicated a draw on liquidity to the prior week high because of the weekly uptrend.

Trade Setup:

• Entry:

  • Best timeframe for execution: M5 chart following the break of the prior day high for a reversal.
  • Used the 2 Day Anchored VWAP Upperband for a short on the correct side of the V (or ^).
  • Executed with a sell stop order.
  • Stop loss: Set at the high of the day (HOD).

• Orderblock Rejections:

  • Observed 2 consecutive Daily Bearish Orderblock rejections.
  • Execution could have been on the 5D 5 Minute timeframe (M5).

Future Strategy Adjustments:

• Execution Timeframe:

  • When encountering a new weekly range, refer back to this setup.
  • Adjust from the M1 timeframe to a higher execution timeframe such as M5 or M15.

• Execution Data:

  • More data should suggest the best possible approach.
  • Refer to M5 executions for daily levels, prior day high, weekly range Anchored VWAP bands, or a Daily Orderblock, unless proven otherwise.

Mental Trade:

• Mental Long Entry:

  • Mentally executed a long entry off the initial move up from market open.
  • The trade wound up failing.
  • It was beneficial not to trade today, as it likely prevented a loss.

• Setup Classifications:

  • A Side Setup: Initial move.
  • B Setup: Break and retest with high probability at orderblocks with unfilled orders.
  • C Setup: To be defined in the future.

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Action Points:

1. Higher Timeframe Confirmation:

   • Utilize higher timeframes like the H12 to confirm trends before changing bias.

2. Execution Timeframe:

   • Default to higher timeframes (M5, M15) for execution around daily levels, prior day highs, weekly Anchored VWAP bands, and Daily Orderblocks.

3. Avoid Trading on Execution Issues:

   • If trading is halted, use the time to observe and mentally execute trades to refine strategy without risking capital.

4. Follow Setup Classifications:

   • Focus on A side setups (initial moves) and avoid B setups (break and retest) unless at high-probability orderblocks.

 

 

 

 

 

 

 

 

 

No Trade Day for me. Currently having executional problems with APEX. They are not allowing my to execute any trades, and im getting a 'trading temporarily halted' 

But here is the trade of the day setup.

For some reason, I was referring yesterday, to the anchored VWAP when analyzing the next potential range setup. I noticed in the premarket session, that the prior day high and the prior day low, were quite far away, and that the 2 Day Anchored VWAP provided todays short signal at the top of the band. 

On todays opening, the Daily chart was suggesting a draw on liquidity to the prior day low, because of the daily candle downtrend. And also, suggesting a weekly draw on liquidity to the prior week high, because of the weekly uptrend.

So this is an interesting setup that occured today, and im seeing some correlation with higher timeframe setups, and incorporating a VWAP to a wider range based on that. I just havent yet figured out how to correlate it, or how to find it again in the future. I was kind of just going off of gut instinct yesterday on my sunday analysis when I figured that the 2 Day Anchored VWAP would provide an accurate signal for todays trading session that I missed. 

Also, the best timeframe to execute this setup was on the M5 chart following the break of the prior day high for a reversal, and the 2 Day Anchored VWAP Upperband for a short on the correct side of the V, or in this case ^, with a sell stop order. With stops at HOD. 

There has also been 2 consecutive Daily Bearish Orderblock rejections, with this day included, and the trade could have been executed on the 5D 5 Minute timeframe (M5)

So in the future, when we see a new weekly range created. We will refer back to this, and adjust from the M1 timeframe, likely to a higher execution timeframe such as the M5 or M15 chart. More data should suggest the best possible approach, but as of today, the next time we reach a daily level, prior day high, weekly range Anchored VWAP bands, or a Daily Orderblock, we will refer to M5 executions, unless proven otherwise.

Another thing, we took a mental trade today, since we were unable to execute, and it was a mental long entry off of the first initial move up from market open. And it wound up failing. So overall, I guess it was a good thing that we couldnt trade today, because I would have likely taken that loss. So in the future, we will only intend to play the A side of each setup, which is the initial move. B setups will be classified as break and retests, with the highest probability retests being at orderblocks where there are unfilled orders. And we will define C setups in the future.

9:30 DATA, Bearish Premarket, Bullish Trend Shift, Data Release, H1 Bearish Structure, H1 Bearish Trend, H1 Candle High Break, H12 Bearish Structure, H12 Bearish Trend, H2 Bearish Structure, H2 Bearish Trend, H2 prior bar low trailstop, H4 Bearish Structure, H4 Bearish Trend, H4 Candle High Break, H6 Bearish Structure, H6 Bearish Trend, Inflation Data, M15 Bearish To Bullish Variation, Mo Bullish Structure, Mo Bullish Trend, Playbook , Prior Day Long Level, Trade Of The Day , Wk Bearish Trend, Wk Bullish Structure,

What You Did Well

1. Self-Discipline: Opting not to trade after waking up late shows strong self-discipline. Recognizing when you're not in the best state to trade can prevent unnecessary losses.
2. Reflection: You took the time to analyze the missed opportunity and drew valuable insights from it.
3. Strategy Insight: Identified that default timeframes provided a better R/R trading opportunity compared to custom timeframes.

Areas for Improvement

1. Morning Routine: Waking up on time is crucial, especially on days with significant data releases. Ensure your alarm setup is reliable and consider setting multiple alarms if necessary.

Key Takeaways

1. Adaptability: Understanding that default timeframes may offer better R/R opportunities is valuable. Adjusting your strategy to capitalize on these insights will enhance your trading performance.
2. Trend Confirmation: Recognizing the importance of H4 timeframe in play while also understanding the role of H6 and H12 for overall market context shows your growing analytical skills.

Action Plan

1. Alarm and Wake-Up Strategy:

   • Set multiple alarms and place your alarm device at a distance to ensure you wake up on time.
   • Consider going to bed earlier on trading days with important data releases.

2. Default Timeframe Focus:

   • Shift your focus to executing trades on default timeframes for better R/R.
   • Use H6 and H12 timeframes for overall market context and direction but prioritize H1 and H4 for entry points.

3. Consistent Review:

   • Continue to review and analyze missed opportunities. This helps you stay prepared for future similar scenarios.
   • Keep refining your strategy based on these insights.

Example Day Plan

1. Morning Routine:

   • Wake up at least 1 hour before any data release (preferably 2 hours before market open).
   • Perform your premarket analysis, focusing on default timeframes.

2. Market Analysis:

   • Identify the prevailing trend using H6 and H12 for market context.
   • Look for high R/R opportunities using H1 and H4 for precise entries.

3. Trading Session:

   • Execute trades based on your refined strategy, prioritizing default timeframes.
   • Avoid trading if you miss your morning routine to maintain discipline.

By incorporating these insights and adjustments, you can enhance your trading performance and stay disciplined in your approach. Keep up the good work with your journaling and continuous improvement.

 

 

 

 

 

 

 

 

 

NO TRADE DAY for me.

I woke up at 10:45, slept past my alarm, and I dont think Im going to take any trades on the day, because I missed the best opportunity.

Instead, I will post a picture of the long opportunity presented OTD, that happened just prior to the 9:30 data release on inflation

This trade was basically immediately ITM and experienced almost no drawdown upon entry. 

 

THINGS DONE WRONG

- Woke up late (Should be up at least 1 hour in the future prior to data releases)

THINGS DONE CORRECT

- Deciding not to take any trades on the day after waking up late

 

One thing that I noticed on this trade is that the default timeframes provided a higher R/R trading opportunity compared to my custom timeframes in terms on trend.

The H4 timeframe was the timeframe in play, and had I waited for H6 and H12 confirmation, I would have got a significantly lower R/R for the trade.

With that being said, I think that H6 & H12 can be used in specific scenarios for overall market context and direction, but I am starting to think that once I have reference from the H6 & H12 charts, to look for the lowest timeframe entries for the draw on liquidity.

I am really enjoying this candle high/candle low & trend trading strategy, its very simple, and seems to be performing well conceptually.

 

STRATEGY TWEEKS 

* ENTRIES WILL ONLY BE PERFORMED ON DEFAULT TIMEFRAMES TO CAPTURE BIGGER R/R TRADES.

 

 

2 Hour Bar Low Break, 5D Low to 5D High 78.6% Fibonacci, 9 AM Price Action Freeze, Bearish Premarket, D Bearish Structure, D Bearish Trend, H1 Bearish Structure, H1 Bullish Trailstop, H1 Bullish Trend, H1 TrailStop, H12 Bearish Structure, H12 Bearish Trend, H2 Bearish Structure, H2 Bullish Trend, H4 Bearish Structure, H4 Bearish Trend, H6 Bearish Structure, H6 Bearish Trend, LOD Stoploss, M15 Bearish To Bullish Variation, Mo Bullish Structure, Mo Bullish Trend, Wk Bearish Trend, Wk Bullish Structure,

What You Did Well

1. Identified Liquidity and Trend: You correctly identified the draw on liquidity and the bearish trend shift on the 2-hour timeframe.
2. Entry Execution: Entered the trade without emotional involvement once you got the H2 low break confirmation.
3. Risk Management: Set a stop loss at the 2-hour bar high, allowing for some drawdown without getting stopped out prematurely.
4. Trade Patience: Let the trade play out even during drawdown, which is a significant aspect of disciplined trading.
5. Position Sizing: Used the correct position size to manage risk effectively.
6. Market Preparation: Woke up early to get a solid read on the market, showing dedication to your premarket routine.

Areas for Improvement

1. Risk/Reward Optimization: Consider tighter R/R by taking H1 candle low breaks instead of H2. This could provide higher rewards with manageable risk.
2. Trade Management: You could have managed the trade longer using a 2-minute chart/trail stop, potentially increasing your profit.
3. Platform Synchronization: Address the lag between TOS and Tradovate to ensure better trade management.

Key Takeaways

1. Adaptation: While you made a conservative choice to lock in early profit, reviewing this decision helps refine your strategy for future trades.
2. Continuous Improvement: Your self-reflection and journaling demonstrate a commitment to continuous improvement, which is crucial for long-term success.
3. Strategy Refinement: Considering the use of default timeframes only for trading executions can streamline your approach and provide more consistent results.

Action Plan

1. Fine-Tune Entry Strategy: Experiment with H1 candle low breaks for a tighter risk/reward profile. Track and compare results with H2 breaks to determine which works better for your strategy.
2. Improve Trade Management: Implement a trailing stop strategy on the M2 chart for managing trades. Practice this approach in a simulated environment to build confidence.
3. Platform Synchronization: Investigate the lag issue between TOS and Tradovate. Ensure both platforms are synchronized to avoid premature exits or missed opportunities.
4. Review and Reflect: Continue your daily journaling and review sessions. Focus on both successful trades and areas for improvement to refine your strategy continuously.

By implementing these steps, you can enhance your trading strategy, manage risk more effectively, and potentially achieve better results. Keep up the disciplined approach and continuous learning.

 

 

 

I have a photo of the actual trade that I took, but the tags were based on the 'Trade Of The Day' Long Setup

Refer back to this in the future.

 

 

 

 

 

I took this trade at 9:15 in the premarket when I seen the shift in trend on a multi timeframe perspective/with a bearish trend shift on the 2 hour. I figured the draw on liquidity would most likely aim for the daily low(PML) that was created for the 9:30 session. I set my stoploss at the 2 hour bar high to give myself some wiggle room, which turned out to be a good option, because the trade did put me in some drawtime from the time of entry, and had I made my stoploss any tighter, I most likely would have been stopped out. The trade netted me around a 1.3R, which was fine for me, as it was my first trade on this evaluation, and I just wanted to lock in a winning trade nice and early, break the ice for this account, and start the evaluation off on a good note. My plan is to stay consistent with daily journaling and fine tuning the strategy. Being the best trader I can be is about the work done after hours, not during trading session which is only used to execute. As im journaling this trade, I am noticing that there was definitely a strong signal that I couldve held the trade longer, as its continuing to flush lower, but I didnt want to deal with any green to red trades, and I also only had 1 contract. Had I gone in with 2, I likely would still be in the trade as its still continuing to drop.

I could have got better R/R had I taken the candle low break of the H1 candle instead of the H2, but I guess it was just slightly higher confirmation. Although, maybe in the future we will implement default timeframes only for trading executions. Maybe with a bit more data we will make the adjustment, for now, we will stick to all timeframes including custom.

Also, there was a slight lag between by TOS and Tradovate accounts, which also caused me to have to cover the trade earlier than I wanted. Had it been perfectly synched, I likely would have caught a way bigger move by managing the trail stop on the 2 minute chart.

 

 

(THINGS WE COULD HAVE DONE BETTER)

I could have got tighter risk/reward with an H1 bar low break rather than an H2 break. 

I could have stayed in the trade a bit longer by managing the trade on the M2 chart/trailstop

 

(THINGS I DID WELL)

Locating the correct draw on liquidity (Daily PML, 1D and 2D Low, Bearish Trend Shift)

Executing the trade once I got H2 low break confirmation without emotion involved ( I felt a bit hesitant )

Waking up early to get a solid read on the market (7:30 AM)

Letting the trade play out (Not cutting trade early) while in drawdown

Correct sizing (Allowed me to stay in trade & weather the drawdown)