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20210609 Trade Review GBPNZD

20210609 Trade Review GBPNZD

Play: Mean Rever­sion Failed Auction

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

Mar­ket Narrative

D1 Bull Engulf formed pre­vi­ous day trad­ing right into D1 Sup­ply. In pre­mar­ket price trad­ed high­er towards W1 C‑sup leav­ing behind a buy­ing wick. Lon­don opened 0.9xASR Above Val­ue, Out­side Range indi­cat­ing a large imbal­ance. Price extend­ed up dur­ing C but failed to close above IB and Asia high. Price then pro­ceed­ed to trade high­er in D clos­ing slight­ly above IB but still not above Asia high. With the round num­ber of 1.97000 right above, com­bined with W1 C‑sup, there could be a pop for the round num­ber before fail­ing auction. 

E then had a lit­tle pop and closed as a Bear­ish Inside Bar, M15 Bear Engulf. H1 hav­ing a weak RBR clos­ing below H4 QHi. 

Click to Enlarge

How was the Entry?

Entry was good off the M30 Bear­ish Inside Bar and retest of M15 Bear Engulf C‑sup. 

How was the SL place­ment and sizing?

Due to the small prof­it tar­get because of the tighter IBR a small­er SL was used of 15 pips. With IBR being 19 pips I could have had a tighter stop but I will try and tight­en this up for next time. SL was above for­ma­tion which was good. 

How was the prof­it target?

Prof­it tar­get at IB low was 1.2R but if I had scaled my SL bet­ter this could have been clos­er to 2R. Will work on this skill going forward.

Click to Enlarge

How was the Exit?

The exit was good. Didn’t wan­na be a dick for tick and with LTF demand right at IB low I choose to cut it 2 pips above for 1R.

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

I took a PA-based exit. 1R.

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

N.A.

What did I do well?

I did well to under­stand the nar­ra­tive and stick with the trade. 

What could I have done better?

I could have decid­ed ful­ly on my own to get into the trade based on the Bear­ish Inside Bar. But as I was visu­al­iz­ing a M30 Bear Engulf I hes­i­tat­ed to get into the trade. Then with a nudge from Dee I still went in.

Obser­va­tions

Large imbal­ance to failed auc­tion = H4 devel­op­ing base. 

Missed Oppor­tu­ni­ty

N.A.

TAGS: Devel­op­ing H4 Base, Trend is UP 3/3, Above Val­ue, Out­side Range, Large Imbal­ance, Round num­ber popped, 2nd Chance Entry, M15 2nd Chance Entry,

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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