29 Jun 20210628 Trade Review DAX
Play: Reversal at Value Edge (fail)
#fintwit #orderflow #daytrading #tradingreview #priceaction #chartreview #GBPNZD
There was an open 0.05xASR above value, within range. Moderate Imbalance with close proximity to value edge. FF traded lower, after which IB made a big swing up and down and accepted value in C. I did not see this as I had changed my TPO sizing. I thought price was consolidating at value edge and with the open sentiment being above I expected a move higher. Had I seen the acceptance of value I would not have taken this trade.
How was the Entry?
Along the lines of my thinking without knowing the acceptance of value I thought the entry was good. It was based off a M15 Bull Engulf at value edge with nearby demand. Also, I waited for 2 hours in line with the FF move to potentially get in on the reversal.
How was the SL placement and sizing?
SL placement was a standard size and well below the formation.
How was the profit target?
How was the Exit?
M15 failed to close higher and even though it was a weak bear engulf it coincided with M5 failing to break above M5 VWAP in DT. Scratched the trade for ‑0.2R.
What would a price action-based exit have done for the trade?
I took a PA-bsed exit at ‑0.2R
What would a time-based exit have done for the trade?
-1R stop being hit as quickly after price moved down rotating through value.
What did I do well?
I did well to take the trade. If there was no earlier acceptance this would have been a perfectly fine trading idea.
What could I have done better?
I could have paid more attention to the TPO sizing. I now have a rule to base my analysis on scale 1 of TPO sizing for both DAX as well as Gold as these tend to make huge profiles.
Dax seems to like accepting value then failing the auction and move higher.
TAGS: Above Value, Within Range, Moderate Imbalance, Extended Frankie Fakeout,
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