22 Jun 20210618 Trade Review DAX
Play: Failed Auction
#fintwit #orderflow #daytrading #tradingreview #priceaction #chartreview #GBPNZD
0.06xASR Above Value, Within Range, Moderate Imbalance. Price accepted and rotated through value hitting LTF demand. Extended in C then closed within IB during D and E.
How was the Entry?
In hindsight not the best. I went off a M5 Bull Engulf, M15 RBR nearing 2nd DTTZ for a failed auction play. In hindsight the failed auction should have already happened at this point and thus was questionable to say the least.
How was the SL placement and sizing?
Good scaled based on M15 formation
How was the profit target?
Would have been good due to Wide IB range 2+R
How was the Exit?
Got stopped out for ‑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. I haven’t really tried trading DAX as much so I am giving it another go.
What could I have done better?
I could have better noticed that the failed auction was actually not working out and not go long. With DAX being Equities, and 2nd DTTZ, I kinda thought there could be a move back up.
Failed Auctions need to happen quickly by the end of the next TPO.
TAGS: Above Value, Within Range, Trend is UP 3/3, Moderate Imbalance,
Premarket prep on the day
Daily Report Card on the day