11 Jan 20220110 Trade Review Gold
Play: Sustained Auction
#fintwit #orderflow #daytrading #tradingreview #priceaction #chartreview #Gold #XAUUSD
- Open Sentiment
- 0.04xASR Above Value,Within Range, Moderate Imbalance
- VAH Reversal Long, possible sustained auction long, possible Failed Auction Long
- Attempted Setup
- Sustained Auction
- Entry Technique
- Late-Sustained Auction entry: C TPO closing above value, D TPO pulling back and testing IB High for entry
- SL placement
- Average SL 25 pips
- TPO period for Entry
- C TPO
- Trade Duration
- Leading Narrative
- D1 Inside Bar with long buying wick reacting off D1 QLo,m possibility for a D1 Three Inside Up
- Possible H4 Phase 1, expectation is for transition to phase 2
- Open sentiment above value, within range, moderate imbalance
- C TPO extending above IB and closing above IB as well as the structure made during Asia and the previous day although not taking out yesterday’s high
- Not much of a selling tail on the profile and D TPO pulled back to IB high before continuing the sustained auction long
- D TPO closed as a M30 Bearish Inside Bar although not failing auction (possible reaction due to overhead supply)
- E TPO formed a RBR hitting 1.2R target
- G TPO hit 2R target
- Taking the trade
- Waiting for a confirmed sustained auction due to trading right into supply with price closing above previous structure
- Waiting for a pullback to IB high before entering
- It seems that 2R targets are still possible in current conditions even though it’s January. I might have to adjust my expectations in terms of profit target. I had already increased it from 1 to 1.2R. I’ll give this some more thought.
Next Day Analysis
- Target hit?
- Yes, 1.2R
- Time-based Exit?
- Overlap Noise?
- End of Day?
- Highest R multiple?
TAGS: Above Value, Within Range, Moderate Imbalance, Trend is DOWN 2/3,
Premarket prep on the day: