With regard to prep and analysis after the Friday, 3/27/15 session. I wanted to keep this handy in my journal so perhaps I'd use it as a guide for my viewing of what's transpired and how to rate importance to levels.
According to what Db just posted in The Foresight Thread, my DL isn't drawn correctly as I started it inside the range. It is modified on my computer screen, just not in the attached picture. I'm taking a page from @lajax and using his markers to visually express where I am planning to take trades and what price will do around those areas to cause me to enter. This week it's been suggested that I only trade from an identified level if price comes within two ticks of that level. I believe it's to help/train me in a few ways: 1) I have to be rather precise in determining my levels, 2) I have to be patient to wait until price gets there or beyond, and 3) I'll be practicing not doing anything even if price behaves as I'd expect near the level, but say 2 points away. Learning to NOT trade is a biggie right now.
So it's sort of early to be posting my results, but I took two trades (should have been 3) and I don't want to push my luck any further. I had identified 4367.50 as the overnight high. Price hit it, took a breather and then headed up. I decided to take a BO trade since the LOLR had been up for a while (4368.50). I changed my targets a little (5 point stop, 6 & 12 point targets with stop for 2nd contract moved to +5 ticks after the first target is hit). I'm using the trading mechanism through SC for a few reasons - one is to keep me accountable - to myself and when posting in my journal. I don't have anything to prove to anyone other than myself, but keeping me in check is a good idea for me right now. First trade = according to plan = check! My second trade is more in line with how I tend to work - the RET after the test from the BO. So I got in at 4370.00. This trade caused more heartburn as it tested the overnight high area for a little bit. I hung in there (and no, I don't need a medal or anything - it's just good for me to set a trade and let it work). Like the first trade, the first target hit and the 2nd hit the modified stop. Second trade = according to plan = check! The third trade is a CWS trade… I didn't take it even though it set up exactly like I'd have wanted it to - a LH at a predefined area. However, I let my head get in the way. I'd taken two trades and they'd worked (didn't want to give $ back) AND I had a bit of a long bias. I know, I know - two things I can't do when trading. However, I marked where I 'should' have entered. Granted, this trade would have given me quite a bit of heartburn for the first 5 or so minutes, but like the two trades I did take, it would have hit my first target. It did show me that my instincts are getting there, but instincts don't hit the buy/sell button. Third setup = didn't pull the trigger = NOT according to plan = demerits. Like Jsmacksem said: Certainly better than Friday, but I've got to prove it to myself that I can do this on a regular basis.
Kind of a mixed bag today for me. Took 3 trades - 2 went well and the first one hit my full stop so I started out down. First trade wasn't exactly the entry I should have taken. It was near a level I'd identified, but the PA was more of a BO than a retest of the level. I'm not as comfortable with BOs. Second trade was off a RET from a test back at 4354. First target was hit and then 2nd revised stop was hit. Price wasn't having much luck going beyond the 4364 level (overnight swing). Third trade was almost a repeat of the 2nd trade - RET after a test of 4354. Same results of trade two also - again with 4364 acting almost as ceiling. Obviously hindsight is fantastic and now seeing the almost parabolic move down to and through 4348, I was on the lookout for a REV, but I didn't take it. It sliced through the area so definitively that it 'felt' like traders were in a frenzy to push price lower. So I waited. And price kept making HHs and HLs - but then it was too late. I'm thinking @fortydraws will make mention of the PA at 0950/51/52 being a common NQ REV price pattern and that I should replay it 50x to be more aware the next time I see it. I will have to do just that.