12 Jan 20220111 Trade Review Gold
#fintwit #orderflow #daytrading #tradingreview #priceaction #chartreview #Gold #XAUUSD
- Open Sentiment
- 0.64xASR Above Value, Outside Range, Moderate to Large Imbalance
- Very tight IBR
- Hypo 1
- Mean Reversion, sustained auction
- If IBR can traverse higher into D1 supply and fulfil criteria before reversing that would be preferred
- Price needs to extend within the first 2 hours
- Attempted Setup
- Entry Technique
- Re-test of newly formed M30 Bear Engulf (during B TPO) and extension in C TPO
- SL placement
- Average SL 25 pips
- TPO period for Entry
- C TPO
- Trade Duration
- Leading Narrative
- Price consolidating on M30 at D1 Supply with a 0.64xASR moderate to large imbalance open sentiment
- H1 showing slowdown
- Trend is down 2/3
- C TPO closed within IBR, after dipping above forming a Neutral day, as a consolidation
- D closed as a bear engulf below IBR breaking down from consolidation
- E closed lower then pulled back to IB low before continuing down during NY open
- Taking the trade even though very tight IBR and even though having a slightly tighter SL still clearing much above IBR due to waiting for a better entry within IBR after C TPO had extended
- Trade would’ve hit 2R
- Due to the tight IBR it was more likely for price to retrace first (as I have observed this before, also M5 was showing signs of a possible test of supply before continuing) So could’ve had a slightly better entry at a re-test of M5/M15 supply but this is nitpicking
- Did not take the Auction Fade Long due to being engaged otherwise
Next Day Analysis
- Target hit?
- Yes, 1.2R
- Time-based Exit?
- Overlap Noise?
- End of Day?
- Highest R multiple?
TAGS: Above Value, Outside Range, Moderate to Large Imbalance, Trend is DOWN 2/3, Tight IB, Neutral Day,
Premarket prep on the day: