20210811 Trade Review DAX

12 Aug 20210811 Trade Review DAX

Play: Rever­sal / Weak­ness from with­in IBR

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

Mar­ket Narrative

There was some slow­down at D1 Sup­ply. Price trad­ing at the top of the over­all range. There was an open inside val­ue. IBR tra­versed 0.81xASR. Look­ing for weak­ness from with­in IBR on respon­sive days. 

How was the Entry?

Entry was okay. There was a M5 Three Inside Down that closed slight­ly below M5 VWAP. This was in line with the pre­vi­ous M5 Bear Engulf and I tried a short off a lit­tle pullback. 

How was the SL place­ment and sizing?

I placed a scaled down stop due to expect­ing a quick trade and try­ing to get the most out of it. SL was 2000 pips. This was okay as it was above the formation.

How was the prof­it target?

Reach­ing LTF QLo would have yield­ed 2+R but this was not the tar­get. Just a quick 1–1.5 would have been good on a respon­sive day.

How was the Exit?

When price failed to tran­si­tion into a M15 Bear­ish can­dle I cut the trade at breakeven. 

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

0R as this was how I cut the trade.

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

0–0.1R. In over­lap noise this would have been 0.7R.

What did I do well?

I did well to try and find a trade on a huge­ly respon­sive day. I did well to cut the trade even though my direc­tion was cor­rect the move came lat­er on in the session. 

What could I have done better?

I could have tried tak­ing anoth­er entry short off the M15 Bear Engulf that formed dur­ing H TPO. But because it was this late in the ses­sion I didn’t want to risk it. If I had still been in the trade I could have con­sid­ered going into the over­lap before cut­ting the trade. 

Obser­va­tions

On huge respon­sive days we can look for weak­ness from with­in IBR fol­low­ing swing extremes or LTF con­tin­u­a­tion patterns. 

Missed Oppor­tu­ni­ty

Addressed above. 

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

Pre­mar­ket prep on the day

20210811 Pre­mar­ket Prep DAX

Dai­ly Report Card on the day

How did I trade today? 20210811

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