02 Jul 20210701 Trade Review DAX
Play: Failed Auction
#fintwit #orderflow #daytrading #tradingreview #priceaction #chartreview #GBPNZD
Possible D1 Phase 1 / 3. D1 consolidation. Price trading at the top of the range near W1 Supply. C TPO extended above and D closed as a Bear Engulf within IB failing the auction.
How was the Entry?
Entry was off the M30 Bear Engulf as I was still dealing with the Gold trade. Which was fine.
How was the SL placement and sizing?
Fine as well. It was above the formation slightly cutting through wick.
How was the profit target?
1.5R at IB low. If I had a better entry off the M15 Bearish Inside Bar it would’ve been even better.
How was the Exit?
I overreacted as the price seemed to have halted at M30 VWAP in UT so took the trade off at 0.3R. I should have known that DAX likes to go slow when going short on a Failed Auction. I’ve been using an FX simulator to trade DAX with great success, I might add. Forgot about this slowness of price when going short. When going long DAX likes to fly.
What would a price action-based exit have done for the trade?
What would a time-based exit have done for the trade?
1.5 overruled by PA
What did I do well?
I did well to take the trade. Especially after coming off the trade in Gold. Right away after I got into DAX without much hesitation.
What could I have done better?
I could have let the trade go on longer. The Failed Auction was on so at least a move to IB low was more probable.
Dax possibly likes to go slower on selling moves.
TAGS: Above Value, Within Range, Trend is UP 2/3, Possible D1 Phase 1 / 3,
Premarket prep on the day