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20210602 Trade Review GBPNZD

20210602 Trade Review GBPNZD

Play: Swing Reversal

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

Mar­ket Narrative

Price had opened slight­ly out­side of range, above val­ue at 0.4xASR, and had formed a Grave­stone Doji in pre­mar­ket at a D1 sup­ply. I used the influx at Lon­don open for a poten­tial push down going short dur­ing IB. 

How was the Entry?

Not the best as I hes­i­tat­ed slight­ly due to the ses­sion just hav­ing opened. I usu­al­ly don’t trade dur­ing IB. 

TAGS: Trend is up, Above Val­ue, Out­side Range, Mod­er­ate Imbal­ance, IB exten­sion down, Failed Auc­tion, Poor Low, Tight ASR, Speed­bump H1, 

How was the SL place­ment and sizing?

SL place­ment was okay at x.xx82

How was the prof­it target?

1R at val­ue edge

How was the Exit?

I had to cut off the trade for scratch (very minor prof­it) as I wouldn’t be able to mon­i­tor it. The AC repair guy showed up early. 

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

There was no PA exit rule but I would have tak­en 0.5R prof­it due to hav­ing tak­en the trade dur­ing IB and want­i­ng to take a buffer trade. 

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

-1R but would have nev­er let the trade go on that long. 

What did I do well?

I took the trade as part of my new goal to take more trades. 

What could I have done better?

I could have focused on the bet­ter oppor­tu­ni­ty that came next. The Return to Val­ue play. 

Obser­va­tions

Tight ASR makes for bet­ter direc­tion­al read­ing on H1. 

Missed Oppor­tu­ni­ty

Return to Val­ue play

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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