20 Aug 20210819 Trade Review DAX
Play: Auction Fade
#fintwit #orderflow #daytrading #tradingreview #priceaction #chartreview #DAX #DE30 #DE30Cash
Price had sustained auction as per Hypo 1 then come 2nd DTTZ there was a reversal indicating a potential Auction Fade.
Price had opened 1.25xASR Below Value, Outside Range, Large Imbalance, so a mean reversion would be favored. As well as upwards bias in Equities.
What hypo was it?
Mean Reversion, Auction Fade Long, variation to Hypo 1,
How was the Entry?
Entry was off the M15 Three Outside Up. Then I waited to see what M5 was doing and it started consolidating. The expectancy was if there was no break lower from LTF supply that there would be a continuation to the M15 formation as it is more a momentum formation ie a pullback to newly formed demand would be an exit signal.
I then monitored for a Single Print Fade of C TPO to confirm the direction.
How was the SL placement and sizing?
Using the M5 consolidation I was able to use a standard sizing. The market conditions did not allow for a tighter SL placement. This was the best I could do.
How was the profit target?
1.5R at IB low
How was the Exit?
WHen price came close to IB low I took 1R. There were 2 single prints left to IB low. Although I used altered TPO sizing so this could have gone a bit longer actually as was shown alter on. Price actually hit the low taking 1.5R.
What would a price action-based exit have done for the trade?
What would a time-based exit have done for the trade?
1.5R due to price action overruling this one otherwise a stop out at ‑1R
What did I do well?
I did well to understand the narrative and take the setup. It is a bit tricky to get in on a M5 consolidation at a supply level.
What could I have done better?
I could have waited for IB low to actually get hit before taking profits.
TAGS: Below Value, Outside Range, Large Imbalance, Trend is UP 2/3,
Premarket prep on the day
Daily Report Card on the day