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20210805 Trade Review DAX - Bear Market Trader
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20210805 Trade Review DAX

20210805 Trade Review DAX

Play: Sus­tained Auc­tion (Bad Trad­ing Idea)

#fin­twit #order­flow #day­trad­ing #trad­in­gre­view #price­ac­tion #chartre­view #DAX #DE30 #DE30Cash

Mar­ket Narrative

There was a D1 Three Out­side Up the day before which had poten­tial for a con­tin­u­a­tion on this day. Espe­cial­ly con­sid­er­ing the upward bias in equi­ties. Although the pre­ced­ing day had exceed ADR slight­ly. There was an open inside val­ue which is nev­er good for a momen­tum trade. Although due to the D1 Three Out­side Up I went for it. 

Click to Enlarge

How was the Entry?

Entry was off a Buy Stop Order that got trig­gered upon break of IB. I had ini­tial­ly put it slight­ly high­er but then low­ered it. All good though because the trade idea was bad regardless. 

How was the SL place­ment and sizing?

Stan­dard size. 

How was the prof­it target?

1.8R at the next sig­nif­i­cant supply.

Click to Enlarge

How was the Exit?

I saw M15 fal­ter­ing already but I thought per­haps it would be a low ini­tia­tive activ­i­ty day. This was one of those moments I should have lis­tened to myself. I want­ed a clear cut PA exit sig­nal though since I’ve been known to grasshop­per out of low ini­tia­tive activ­i­ty days where there is a slow sus­tained auction. 

I closed it off the close of E TPO clos­ing as a Bear Engulf for ‑0.7R.

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

-0.7R

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

-1R

What did I do well?

Well, it was a bad trad­ing idea. I guess it was good I tried the trade to solid­i­fy my knowl­edge of not tak­ing momen­tum trades on open inside days.

What could I have done better?

I could have put the like­li­hood of a sus­tained auc­tion as a low­er prob­a­bil­i­ty hypo. Then wait­ed for a sus­tained move first and joined the auc­tion through a late-sus­tained auc­tion entry. 

Obser­va­tions

Momen­tum trades on Open Inside Days are very suspect. 

Missed Oppor­tu­ni­ty

N.A. 

TAGS: Open With­in Val­ue, Trend is UP 3/3,

Pre­mar­ket prep on the day

Dai­ly Report Card on the day

T3chAddict
t3chaddict@bearmarkettrader.com

Day trader. Tech geek. Sim racer/Pilot.

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