16 Jul 20210715 Missed Trade GBPNZD
Play: Failed Auction
#fintwit #orderflow #daytrading #tradingreview #priceaction #chartreview #GBPNZD #missedtrade
These are trades I could have taken but for some reason I did not. This could be due to me not paying attention or simply not feeling like trading. This is usually the case when I am not in the right state of mind due to lack of sleep, personal issues, etc.
Reason for missing the trade (explain the narrative)
Prev. Day Exceeded ADR x1.8, more likely to retrace in an elastic band way. Nearby W1/D1/H4 demand. Open within value probing below value. C extended down before closing within IB as an Inside Bar leaving a buying tail (although unconfirmed).
I was stalking this trade but I missed as I visualized a more bullish PA to enter in on. When it was an indecisive M30 Inside Bar I decided to let the trade go.
I could have had more conviction behind the move due to trading location and D1 narrative exceeding ADR the previous day.
What would have been the Entry?
Entry Method: Based off M30 Inside Bar, M5 price faltering and closing higher.
How was the SL placement and sizing?
SL placement: Standard SL sizing would have been well below the formation.
How was the profit target?
Profit target: About 1.9R at IB high
What would a price action-based exit have done for the trade?
I would have taken 1–1.5R as I am currently in DD.
What would a time-based exit have done for the trade?
TAGS: Prev. Day Exceeded ADR, open within value, Trend is UP 3/3,
When price exceeds ADR the next day price likes to retrace in an elastic band kind of way.
Premarket prep on the day
Daily Report Card on the day