04 Aug 20210804 Trade Review GBPNZD
Play: Failed Auction (Bad Trading Idea)
#fintwit #orderflow #daytrading #tradingreview #priceaction #chartreview #GBPNZD
There was a H4 Phase 4 and price was trading at W1 demand. Trend is up 2/3. 2.03xASR Below Value, Outside Range. Huge imbalance. C TPO ducked below IB and then closed as a Bullish Inside Bar Failing the Auction.
How was the Entry?
With the M30 Bullish Inside Bar formed there was a pullback to newly developed M15 demand through M15 Three Outside Up. Entry was off the pullback.
How was the SL placement and sizing?
A little over normal standard size as I found the standard size a bit too tight. This was due to ASR being too tight (sub 80 pips).
How was the profit target?
Not great. 1R at IB high. Another reason why this trade was a bad idea. Preferably for a Failed Auction a 1.3+ would be best. Otherwise use scaling technique to better the R‑multiple.
How was the Exit?
When E TPO closed retracing D I took off the trade at Entry for break even ie. 0R after the trade went up to only 0.5R.
What would a price action-based exit have done for the trade?
What would a time-based exit have done for the trade?
What did I do well?
I did well to cut the trade when I did.
What could I have done better?
I could have not taken this trade due to the possible H4 DBD developing causing selling pressure as well as not having at least a M15 Bull Engulf failing the auction.
TAGS: Huge Imbalance, Trend is up 2/3, Below Value, Outside Range, H4 Phase 4,
Premarket prep on the day