20210616 Trade Review DAX

17 Jun 20210616 Trade Review DAX

Play: Failed Auc­tion anf Extend­ed Frankie Fakeout

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

Mar­ket Narrative

Price opened slight­ly below VAL then tra­versed down 0.66xASR low­er. Extend­ed in C with­in LTF, H4 demand, before form­ing a flim­sy M15 Bull Engulf with­in IB.

How was the Entry?

I took an edu­cat­ed guess based on the wide IBR and upward bias for equi­ties that the M15 Bull Engulf could tran­si­tion into a M30 Bull Engulf fail­ing Auction.

How was the SL place­ment and sizing?

I scaled the SL to match the entry just below the body of the M15 formation. 

How was the prof­it target?

Due to pos­si­ble respon­sive activ­i­ty I had the prof­it tar­get tapered but 1.5R should have been okay. 

How was the Exit?

My indi­ca­tor wasn’t set right mak­ing me think price had opened with­in val­ue which in fact it had not. This made me lose con­fi­dence and I took off the trade at 0.5R. Luck­i­ly as price went against the trade soon after even though M30 closed as a Bull Engulf with­in IB. 

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

-1R

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

N.A.

What did I do well?

I did well to try and take an ear­ly entry.

What could I have done better?

Well, I didn’t know my indi­ca­tor was set wrong but that is tak­en care of now. 

Obser­va­tions

Price extend­ed slight­ly fur­ther below but then reversed for an extend­ed Franky Fakeout. 

Missed Oppor­tu­ni­ty

TAGS: Extend­ed Frankie Fake­out, Trend is UP 3/3, Below Val­ue, With­in Range, Wide IBR, 

Pre­mar­ket prep on the day

Pre­mar­ket Prep DAX 20210616

Dai­ly Report Card on the day

How did I trade today? 20210616

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