We’re going to have a timer go off at five minutes past the top of the hour (such as 9:05, and five minutes past the bottom of the hour (such as 9:35). Have this go happen every 30 minutes for the entire session. When the timer goes off, I want you to observe and write.
During your review, you look back at the chart and let out an all too familiar mumble, “Oh you are so stupid, why did you not buy there! It was perfect!” This usually is followed by some general rationalization, and more griping, and promises to do better tomorrow. However… if you had done an 05/35 exercise during this day, you would have an objective account of what you were capable of at the hard right edge of the chart. This is massive. You would now, at a bare minimum, be able to see if 1) you were indeed aware of that missed opportunity in real-time, or 2) you were actually clueless - maybe even looking for trades in the opposite direction of this ‘perfect missed opportunity’ in hindsight. Again, this is massively helpful information for developing as a trader. We know now where to even begin the complex process of making meaningful adjustments to our trading.
Your entries should consist of the following: What you can see developing in the market relative to your prep/hypos - how the narrative is unfolding thus far. What you can see with lower timeframe ‘here and now’ tools such as order flow. What is it telling us here and now? Are you keenly stalking any upcoming trade opportunities? Are you decidedly sitting on your hands in ‘no real opportunity here’ mode? How is your psychology and/or emotion? Could be a n/a if all is well. Could be something noteworthy. Be an objective observer of this, not a Spanish Inquisition panel.
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