29 Sep 20210928 Trade Review DAX
Play: Weakness From Within IBR
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- Open Sentiment
- Open 0.37xASR Below Value, Outside Range, Moderate to Large Imbalance,
- Weakness from Within IBR, variation to Hypo 1 or 2 in line with a possible continuation to H4 Bear Engulf
- Attempted Setup
- Weakness From Within IBR
- Entry Technique
- M15 Inside Bar at M30 consolidation high, M5 DBD at M5 VWAP in DT
- SL placement
- 30 pips. Slightly tighter than standard SL (35) but it was placed above the structure. This was good.
- TPO period for Entry
- E TPO
- Trade Duration
- 45 minutes
- Leading Narrative
- Asia closed down forming a H4 Bear Engulf after the previous day closed as a D1 Gravestone Doji. Possibility for a unidirectional day. IB opened moderate to large imbalance and traversed down taking out demand. Then C TPO extended and closed below IB exhausting ADR. Even with the wide IBR the best opportunity here is for a continuation with the move. Due to the wide IBR a sustained auction is not the best play. Thus weakness from within IBR can be an entry to go with the open sentiment. Trend was also Down 2/3.
M15 meandered a little bit but still closing down and forming a M30 Three Inside Down. Price slowed down at LTF demand (as well as W1 demand) before continuing and hitting my 2R target.
- That I spotted the narrative
- That I executed based on Price action weakness from within IBR along with the open sentiment.
- Due to the narrative and open sentiment I could have had Hypo 3 Weakness from within IBR as hypo 1 and Hypo 4 Sustained Auction Down as my hypo 2.
Next Day Analysis
- Target hit?
- Yes, 2R
- Time-based Exit?
- Overlap Noise?
- End of Day?
- Highest R multiple?
TAGS: Below Value, Outside Range, Moderate to Large Imbalance,
Premarket prep on the day: