20210615 Trade Review DAX

16 Jun 20210615 Trade Review DAX

Play: Sus­tained Auction

#fin­twit #order­flow #day­trad­ing #trad­in­gre­view #price­ac­tion #chartre­view #DAX #DE30Cash

Mar­ket Narrative

Price opened 0.05xASR Above Val­ue, With­in Range on mod­er­ate imbal­ance. Price trad­ed high­er dur­ing IB and pulled back in C to VAH and M30 VWAP in UT and closed as a M30 Bull­ish Inside Bar / M15 THree Inside Up. Equi­ties being equi­ties the bias is long.

How was the Entry?

Since this is my first time in a long time trad­ing DAX I did not pay atten­tion to this oppor­tu­ni­ty. Dee had point­ed it out to me and I went in on a pull­back to the move get­ting about the same entry if I had tak­en the M15 Inside Up. Price had pushed out­side of IB dur­ing E and my entry was dur­ing F TPO. Not hav­ing expe­ri­ence with the asset I went in. 

How was the SL place­ment and sizing?

At first it was not great. It was too wide. I was fum­bling with FX syn­er­gy as well as I could not get the con­tract siz­ing right. When I man­aged that I had put in a stan­dard size SL. This was point­ed out to me that it was too wide. In a sus­tained auc­tion play a SL below the body of the for­ma­tion is good enough as we are expect­ing a push behind the move. Same as with a Failed Auc­tion it is okay to cut through the wicks as we again are expect­ing a push behind the move. 

I adjust­ed the SL but did not adjust my siz­ing as I had already no con­fi­dence in the move. This was due to an exten­sion up dur­ing F. In FX this is usu­al­ly a bad sign and we can expect a rever­sal. This, being equi­ties I thought I’d give it a try. 

How was the prof­it target?

In a sus­tained auc­tion play we expect the price to go high­er above IB in this case it would have giv­en a good 2R.

How was the Exit?

My stop got hit quite quick­ly with a good push down in F clos­ing as a Bear Engulf. I noticed there was a dif­fer­ence in orders get­ting closed between the two bro­kers I use which nor­mal­ly doesn’t hap­pen as much. Must’ve been a spread-relat­ed issue. DUe to me fum­bling with the SL place­ment ear­li­er this one net­ted a ‑0.62R loss.

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

SL got hit

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

SL got hit

What did I do well?

I did well to take a chance and get a trade in on DAX. 

What could I have done better?

I could have had bet­ter SL place­ment from the start.

Obser­va­tions

DAX likes Frankie Fake­outs. And if the move was sig­nif­i­cant it can have M15/M30 rever­sals for a momen­tum push and can be trad­ed from with­in IBR. Not dur­ing IB. 

Missed Oppor­tu­ni­ty

N.A.

TAGS: Above Val­ue, With­in Range, Mod­er­ate Imbal­ance, Val­ue Edge Rever­sal, VAH Reversal, 

Pre­mar­ket prep on the day

Pre­mar­ket Prep DAX 20210615

Dai­ly Report Card on the day

How did I trade today? 20210615

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