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
- Identified Liquidity and Trend: You correctly identified the draw on liquidity and the bearish trend shift on the 2-hour timeframe.
- Entry Execution: Entered the trade without emotional involvement once you got the H2 low break confirmation.
- Risk Management: Set a stop loss at the 2-hour bar high, allowing for some drawdown without getting stopped out prematurely.
- Trade Patience: Let the trade play out even during drawdown, which is a significant aspect of disciplined trading.
- Position Sizing: Used the correct position size to manage risk effectively.
- Market Preparation: Woke up early to get a solid read on the market, showing dedication to your premarket routine.
Areas for Improvement
- Risk/Reward Optimization: Consider tighter R/R by taking H1 candle low breaks instead of H2. This could provide higher rewards with manageable risk.
- Trade Management: You could have managed the trade longer using a 2-minute chart/trail stop, potentially increasing your profit.
- Platform Synchronization: Address the lag between TOS and Tradovate to ensure better trade management.
Key Takeaways
- Adaptation: While you made a conservative choice to lock in early profit, reviewing this decision helps refine your strategy for future trades.
- Continuous Improvement: Your self-reflection and journaling demonstrate a commitment to continuous improvement, which is crucial for long-term success.
- Strategy Refinement: Considering the use of default timeframes only for trading executions can streamline your approach and provide more consistent results.
Action Plan
- 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.
- 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.
- Platform Synchronization: Investigate the lag issue between TOS and Tradovate. Ensure both platforms are synchronized to avoid premature exits or missed opportunities.
- 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)
