05 Aug 20210804 Missed Trade DAX
Play: Failed Auction
#fintwit #orderflow #daytrading #tradingreview #priceaction #chartreview #DAX #DE30 #DE30Cash #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)
Price opened 0.2xASR Above Value, Outside Range on moderate to large imbalance. Asia broke higher from H4 consolidation and the previous day was a D1 Bullish Inside Bar at a previous D1 demand. IB traded higher. C extended below IB before retracing and closing as a Failed Auction.
I missed this opportunity because it was early in the session and I was still writing my premarket prep. I should have started with DAX instead of GBPNZD as this had a too tight range as it is. Lately, I’ve been having trouble getting to my desk in time for the open. I will try and figure out a way around this soon.
What would have been the Entry?
Entry Method: Entry would have been off the M15 Bullish Pinbar expecting a transition into M30 Bullish PA otherwise on the close of M30.
How was the SL placement and sizing?
Standard size SL would have been okay although slightly cutting through the wick. If entry was off the first M15 Pinbar this would not have been an issue.
How was the profit target?
1.3R at IB high was acceptable for a Failed Auction. This would have been slightly greater if entry was off the M15 Pinbar.
What would a price action-based exit have done for the trade?
What would a time-based exit have done for the trade?
What would Overlap Noise have done?
TAGS: moderate to large imbalance, above value, outside range,
Premarket prep on the day