04 May 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.
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.
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.
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?
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.
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.
Premarket prep on the day
Daily Report Card on the day