Trade Details: July 16, 2024

• Status: Closed
• Broker: Tradovate
• Asset: Future
• Future Date: July 16, 2024
• Future Name: /MNQN24
• Symbol: /MNQ
• Type: Short
• Patterns:
  • M1 Bullish to Bearish Variation
  • VWAP Upperband Short
  • VWAP Upperband to Lowerband

Notes:

Today's Trade Setup and Observations:

• No Trade Day:

  • Slept in late due to lack of response from APEX regarding trading issues.
  • Missed trading opportunities as a result.

• Trade of the Day Setup:

  • VWAP Analysis:
    • Today's setup was a straightforward VWAP Upperband to Lowerband short on the M1 timeframe.
    • The 2 Day Anchored VWAP did not present any extremes for a short entry.
  • Insights:
    • Plan to start tracking the Anchored VWAP on specific multi-day timelines for identifying high probability trade entries.
    • Recognized the importance of being prepared and at the computer early, especially before significant data drops.

Refined Trading Rules (Including New Insights):

1. Multi-Timeframe Analysis:

   • Perform multi-timeframe analysis (Weekly, Daily, H12) to establish the overall trend before each trading session.

2. Entry Criteria:

   • Confirm entries on default timeframes (M1, M5, H1) only after trend confirmation on higher timeframes.
   • Use patterns like Bullish to Bearish variations and VWAP bands for precise entry points.

3. Stop Loss and Targets:

   • Set stop losses at logical levels (e.g., High of Day for shorts, Low of Day for longs).
   • Define targets clearly based on VWAP bands or prior significant levels (Daily Open, Previous High/Low).

4. Execution Strategy:

   • Prefer buy/sell stop orders over limit orders to ensure entry in the desired direction.
   • Only take high probability trades that align with the superior trend and predefined patterns.

5. Data Collection and Analysis:

   • Continuously collect and analyze data on trades taken and missed opportunities.
   • Adjust strategy based on observed patterns and market behavior.

6. Avoid Overtrading:

   • If the first trade is stopped out, reverse the directional thesis for the second trade.
   • Focus on A side setups (initial moves) and avoid lower probability B setups (break and retest) unless at high-probability orderblocks.

7. Premarket Routine:

   • Wake up at least 1 hour before any data drop and 2 hours before market open.
   • Perform thorough analysis and mark key levels on the chart.
   • Define the 'line in the sand' for the trading session and the A+ setup.

8. Mental Preparedness:

   • If technical issues prevent trading, use the time to mentally execute trades and refine strategies.
   • Maintain discipline and avoid taking trades without clear confirmation.

9. VWAP Tracking:

   • Start tracking the Anchored VWAP on specific multi-day timelines to identify high probability trade entries.

Another no trade day, I slept in late because I never got an early response from APEX on the inability to trade. And although its likely made me miss alot of opportunity this week, I will be at the computer early tomorrow before data.

With that being said, todays trade of the day was a simple VWAP Upperband to Lowerband short off of the 1 Day M1 timeframe. The 2 Day Anchored VWAP didnt provide any extremitiy to either of the bands to short. 

But, this week has provided some insight, that it will likely be smart to start tracking the Anchored VWAP on specific multi-day timelines in the future for high probability trade entries.