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20210511 Trade Review GBPNZD

20210511 Trade Review GBPNZD

Play: Mean Reversion

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

Here I rewatch the screen record­ings of the trades I took to see if I could have done any­thing better. 

How was the Entry?

There was a large imbal­ance at the open which even extend­ed high­er above val­ue, out­side range before form­ing an Evening star and extend­ed below IB. Exten­sion of IB could have been my entry but I felt like I want­ed more con­flu­ence and a bet­ter price entry. 

I had ini­tial­ly put in a Sell Lim­it Order ⅓ of the range in C for a pos­si­ble pull­back but this nev­er came. 

Thus I visu­al­ized a poten­tial pop­ping of LTF and H4 demand and con­se­quent lit­tle bounce to IB edge low for a late-sus­tained auc­tion entry. I placed a Sell Lim­it Order at IB low and sure enough D closed as a Ham­mer (ter­ri­ble rever­sal pat­tern) and E hit my order ever slight­ly before con­tin­u­ing down.

Odds enhancer: large imbal­ance, above val­ue, out­side range, IB Exten­sion Down, H4 demand popped, Late-sus­tained auc­tion entry, Sell Lim­it Order, M30 Ham­mer, mean reversion, 

Entry — Click to Enlarge

How was the SL place­ment and sizing?

Due to hav­ing the same entry as a momen­tum trade I deem it to be good. Entry was at x.xx23 with SL at x.xx53. 

How was the prof­it target?

VAH would have been 2.5R and expect­ing H4 demand to get tak­en out there would be ample room for the trade to move. 

How was the Exit?

I’m fine with my exit. It was get­ting close to mak­ing a new low (as well as 1R tar­get) and I gath­ered that by doing so it would need to take out M15 Demand and thus there might be anoth­er short term bounce from there as there was low/medium ini­tia­tive in the intend­ed direc­tion (lat­er I find out there was no inten­tion in that direc­tion at all). I decid­ed almost to my tar­get was good enough and took prof­its. I did well here as I stuck with the trade longer and pock­et­ed more.

Exit — Click to Enlarge

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

0.6R through a M15 Bull­ish Inside Bar at 2nd DTTZ

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

0.6R

What did I do well?

I did well to stalk the oppor­tu­ni­ty. Visu­al­ize what I want­ed to see before tak­ing an entry. Let the mar­ket come and hit my Sell Lim­it Order based off a late-sus­tained auc­tion entry.

What could I have done better?

Took 0.8R prof­it. I think I did well today. Based on the mar­ket nar­ra­tive I visu­al­ized what I want­ed to see and I act­ed on it when it devel­oped. Then… I let the trade do its thing by mon­i­tor­ing the pro­file for LLs and a sus­tained auc­tion. Gath­er­ing it was going to be a low/medium ini­tia­tive activ­i­ty day due to under­ly­ing LTF demand and pop­ping of H4 demand, I stayed with the trade until it near­ly hit my 1R tar­get. Did well here although I do keep think­ing at the time I expect­ed the move to con­tin­ue. Ah well. Progress, not per­fec­tion. Did well and on to the next. 

Obser­va­tions

When H4 SD area gets popped, price often sees a LTF rever­sal that might shake you out of a per­fect­ly good trade. 

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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