20211019 Trade Review Gold

20 Oct 20211019 Trade Review Gold

Play: Rever­sal

#fin­twit #order­flow #day­trad­ing #trad­in­gre­view #price­ac­tion #chartre­view #Gold #XAUUSD 

• Result
  • 2R
• Prod­uct
  • Gold
• Open Sen­ti­ment
  • 0.92xASR Above Val­ue, Out­side Range, Large Imbalance
• IBR
  • 0.36xASR
• Hypo
  • 2
  • I named it Failed Auc­tion Short but I should have called it a Reversal
• Attempt­ed Setup
  • Rever­sal
• Entry Tech­nique
  • Weak M30 Bear Engulf, M15 con­sol­i­da­tion and break down
• SL place­ment
  • 30 pips. Tighter than stan­dard SL (38) as SL was placed well above IB.
• TPO peri­od for Entry
  • E TPO
• Trade Dura­tion
  • 1h51m
• Long/Short
  • Short
• Lead­ing Narrative
  • Large Imbal­ance at the open. Price trad­ing at H4 VWAP and UKC. Pos­si­ble H1 Evening Star formed above H1 UKC in DT. Larg­er time­frame bear­ish sentiment.

Actu­al Development

Price tran­si­tioned to H1 Evening Star and pro­ceed­ed to close low­er on LTF extend­ing to the oppo­site side form­ing a Neu­tral Day.

Good points

• Tak­ing the trade even though the­o­ret­i­cal­ly in my mind I missed the ‘best entry’.
• Wait­ing for slight­ly more con­fir­ma­tion after M15 DBD failed to close below the consolidation.

Bad Points

• Could’ve been more aggres­sive and tak­en the entry off the close of the M15 DBD. Bet­ter even a re-test of new­ly formed M15 sup­ply as a mean rever­sion in the ‘text­book’ sense was not in the card ie. not hap­pen­ing in the first two hours so this was a nor­mal rever­sal near ADR lev­el and a test of new­ly formed SD could’ve been in the cards. This didn’t mat­ter as I did not need to fit a 2R tar­get based on a Failed Auc­tion setup. 
• Let­ting the 1 TPO above IB exten­sion in one of the tog­gle set­tings con­fuse and let me hesitate. 
• Mis­take this trade for a Failed Auc­tion where­as this was a rever­sal and the FA (very weak by the way) was a con­firm­ing OODA-loop factor.
• Just noticed I took the trade off based on a tighter SL on my oth­er plat­form and in fact this was only 1.6R… muppet…I guess in this case it actu­al­ly helped…

Next Day Analysis

• Tar­get hit?
  • Yes, 2R
• Time-based Exit?
  • 0.7R
• Over­lap Noise?
  • 0.9R
• End of Day?
  • -1R
• High­est R multiple?
  • 1.7R

TAGS: Above Val­ue, Out­side Range, Large Imbal­ance, Mixed Trend,

Pre­mar­ket prep on the day: ‌

• Twit­ter
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