17 Jun 20210615 Missed Trade Gold NY
Play: Auction Fade, 3‑I setup
#fintwit #orderflow #daytrading #tradingreview #priceaction #chartreview #Gold #XAUUSD #missedtrade
These are trades I could have taken but for some reason I did not. This could be due to me not paying attention or simply not feeling like trading. This is usually the case when I am not in the right state of mind due to lack of sleep, personal issues, etc.
Reason for missing the trade (explain the narrative)
I wanted to take it easy and quit early due to an early morning appointment the next day.
There was an open inside value and a quick probe above IB during C that then failed auction. The expectancy was for a possible 3‑I setup if price extended to the opposite side and formed a Neutral Day. Which it did. Price then started consolidating on M5 and then started it’s incline to IB edge.
What would have been the Entry?
Entry Method: Manual. M15 Morning Star, or for an even better entry the M5 consolidation without even waiting for a strong finisher. Having a Neutral Day there is less likelihood for a momentum burst in the direction.
How was the SL placement and sizing?
SL and sizing could have been scaled due to the nature of the setup.
How was the profit target?
0.8R at IB low, although it could have easily been 1R if with a M5 entry.
What would a price action-based exit have done for the trade?
What would a time-based exit have done for the trade?
TAGS: Open Within Value, 3‑I day, Neutral Day
Premarket prep on the day
Daily Report Card on the day