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20210504 Trade Review GBPNZD

20210504 Trade Review GBPNZD

Play: Trend Continuation

#fin­twit #order­flow #day­trad­ing #trad­in­gre­view #price­ac­tion #chartre­view #GBPNZD

I have already reviewed these trades but I like to go back and review them again. Hence this new for­mat I am intro­duc­ing into my process.

Click to Enlarge

How was the Entry?

There was a D1 RBR tak­ing out D1 Sup­ply. H4 had made 3 can­dle clos­es high­er pre­mar­ket mov­ing high­er from H4 demand. Price opened 0.3xASR above val­ue out­side range indi­cat­ing a mod­er­ate imbal­ance. IB trad­ed high­er from VAH (tak­ing out H4 sup­ply dur­ing IB) and extend­ed above IB in C TPO. IBR was about 0.5xASR fur­ther­more indi­cat­ing strength behind the move. Anoth­er indi­ca­tor for a poten­tial con­tin­ued move high­er was the near­by ADR exhaus­tion a few pips above IBR. 

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My entry was off IB exten­sion high­er although my Buy Stop Order got trig­gered before there was an actu­al exten­sion. This was weird as I had placed the order a few pips above IB high. 

Odds enhancer: D1 RBR, D1 Sup­ply popped, above val­ue, out­side range, mod­er­ate imbal­ance, IB exten­sion up entry, IB exten­sion up, momen­tum trade, 0.5xASR IBR, ADR exhaus­tion, Buy Stop Order, sus­tained auc­tion, high ini­tia­tive activity, 

How was the SL place­ment and sizing?

SL place­ment was good due to the momen­tum nature of the trade it can be for­giv­en that SL was placed through the formation. 

How was the prof­it target?

There was a H4/D1 sup­ply over­head that only gave a 1R tar­get. Although due to the momen­tum nature and pre­vi­ous­ly tak­ing out of H4/D1 sup­ply cou­pled with ADR exhaus­tion near­by I could have expect­ed the trade to go high­er. Which it even­tu­al­ly did and took out H4 sup­ply and con­tin­ued higher. 

Click to Enlarge

How was the Exit?

Exit was not good as there was no exit sig­nal. Price was obvi­ous­ly show­ing a sus­tained auc­tion high­er. ADR got exhaust­ed. There was a mis­take I over­looked in pre­mar­ket prep. The H4 sup­ply I had indi­cat­ed was actu­al­ly a D1 Sup­ply and thus I thought there could be a big­ger reac­tion revers­ing the trade. 

What would a price action-based exit have done for the trade?

2R would have hit and G TPO would have hit 3R.

What would a time-based exit have done for the trade?

1.5R

What could I have done better?

I could have not grasshop­pered out of the trade. To bat­tle this I have decid­ed to put myself on the Bart Simp­son exer­cise writ­ing 50 sen­tences for the next 7 days. The sen­tence is: I will trust my trad­ing skills and take my exits accordingly.

Obser­va­tions

A 0.5xASR wide IBR in the direc­tion indi­cat­ed strength. This cou­pled with a mod­er­ate imbal­ance at the open and near­by ADR exhaus­tion that in case of a momen­tum move high­er it would get exhaust­ed indi­cat­ing a fur­ther move in that direction. 

Missed Oppor­tu­ni­ty

N.A.

Pre­mar­ket prep on the day

Dai­ly Report Card on the day

T3chAddict
t3chaddict@bearmarkettrader.com

Day trader. Tech geek. Sim racer/Pilot.

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