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20210701 Trade Review GOLD - Bear Market Trader
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20210701 Trade Review GOLD

20210701 Trade Review GOLD

Play: Sus­tained Auction

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

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Mar­ket Narrative

D1 Broke low­er from con­sol­i­da­tion and took out D1 demand before pulling back and test­ing D1 sup­ply. 1.07xASR Above Val­ue, Out­side Range, Large imbalance. 

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How was the Entry?

FF trad­ed slight­ly high­er. IB trad­ed down. C TPO closed down as well. Expect­ing an exten­sion to the down­side I went in short. This was good. Although going short right into a M30 Bull Engulf that was formed pre­mar­ket was not the best due to adding more time to the trade. 

How was the SL place­ment and sizing?

Stan­dard SL siz­ing with stop placed above the for­ma­tion. Was good. 

How was the prof­it target?

Val­ue Edge was way out of the way and would have been 4R+. LTF demand was a nice 2R. 

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How was the Exit?

Not the great­est. Although in my defence there was a M30 Demand formed through a Bull Engulf as well as M30 VWAP in UT. When M30 failed to close with­in M30 demand I decid­ed to take the trade off for 0.3R. 

I saw a M5 con­sol­i­da­tion on top of the M30 demand and decid­ed to take it off. 

I could have wait­ed for a break off con­sol­i­da­tion to then take it off. 

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

0.4R

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

-0.5R

What did I do well?

I did well to take the trade even though I don’t like tak­ing momen­tum trades on the day before Non-Farm Pay­rolls. Usu­al­ly there is a lack of push behind the move. 

What could I have done better?

I could have wait­ed for a break from M5 before tak­ing the trade off.

Obser­va­tions

Even though there was a large imbal­ance at the open there was no push towards val­ue edge what­so­ev­er. This is some­thing I will con­tin­ue to track as lack of momen­tum on the day before a non-farm payroll. 

Missed Oppor­tu­ni­ty

N.A.

TAGS: Above Val­ue, Out­side Range, Large Imbal­ance, Mixed Trend, 

Pre­mar­ket prep on the day

T3chAddict
t3chaddict@bearmarkettrader.com

Day trader. Tech geek. Sim racer/Pilot.

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