22 Jul 20210721 Trade Review DAX
Play: Sustained Auction, Value Edge Reversal
#fintwit #orderflow #daytrading #tradingreview #priceaction #chartreview #DAX #DE30 #DE30Cash
Market Narrative
D1 Inside Bar at D1 demand within W1 demand, possibility for a D1 Three Inside Up. Especially considering the upward bias of equities. H4 QLo was rejected and the trend is up 2/3. Open sentiment above value favoring more upside as well. Probe of value with a rejection of value through a bull engulf during IB.
How was the Entry?
C TPO extending IB. Entry off break of IB. Although I waited for the little supply to get taken out first making a HH over Asia’s session. Which was not necessary as Asia is out of RTH and not as important for the EU session.
How was the SL placement and sizing?
Standard SL placement was okay. Expecting a sustained momentum move the placement wasn’t as important.
How was the profit target?
2R at ADR exhaustion. With how DAX moves this was not implausible.
How was the Exit?
Exit was off the close of C TPO as ASR was almost exhausted. Which didn’t matter as there was still room to move to ADR exhaustion. With M15 supply right above I thought to take my little profit of 0.7R and call it a day. I could have waited for price action reacting off the M15 supply overhead before taking off the trade.
What would a price action-based exit have done for the trade?
I would have taken 1–1.5. A M5 PA exit would have been 1.2R
What would a time-based exit have done for the trade?
1.3
What did I do well?
I did well to take the trade.
What could I have done better?
I could have waited for price action to react off the supply or ASR level before deciding to take the trade off. There was no price action exit rule.
Observations
N.A.
Missed Opportunity
N.A.
TAGS: Above Value, Outside Range, moderate Imbalance, Trend is UP 2/3,
Premarket prep on the day
Daily Report Card on the day
