18 Jun 20210617 Trade Review GOLD NY
Play: Mean Reversion Sustained Auction
#fintwit #orderflow #daytrading #tradingreview #priceaction #chartreview #GOLD #XAUUSD
Huge imbalance at the open 3.84xASR below value, outside range trading at D1/W1 demand levels. D1/H4 Phase 4.
How was the Entry?
First off, the play was not a good one as it was taken before PNYC and of PA created outside of RTH. I put in a Buy Stop Order 3 pips above IB high and it go triggered soon after. My thinking was a Bullish Inside Bar in A, a possible base with longer buying wick in B, then C extending above in a possible RBR move. This did not happen. Price extended to 0.8R before reversing taking out my SL
How was the SL placement and sizing?
I thought SL placement was good as it was below the formation in an anticipated sustained auction move.
How was the profit target?
M30 VWAP would have been a good 3.5R target.
How was the Exit?
Got stopped out with C closing within failing auction. ‑1R
What would a price action-based exit have done for the trade?
What would a time-based exit have done for the trade?
What did I do well?
I did well to try a trade. Learned to not use PA outside of RTH and pre-PNYC.
What could I have done better?
I could have waited and assessed PA better. Ah well, lesson learned.
Failed Auction still occurred at a huge imbalance open sentiment
Possibly the failed auction but I was confused on the narrative and not considering a failed auction as an option.
TAGS: D1 Phase 4, H4 Phase 4, Huge Imbalance, Below Value, Outside Range, Bad Trading Idea,
Premarket prep on the day
Daily Report Card on the day