03 Mar 20220302 Trade Review Gold
Play: Late-Sustained Auction
#fintwit #orderflow #daytrading #tradingreview #priceaction #chartreview #Gold #XAUUSD
- Open Sentiment
- 1.09xASR Above Value, Outside Range
- Large Imbalance
- Asia extended lower but then consequently traded higher, possible Frankie Fakeout
- Trend is UP 2/3
- H4: Down
- D1: Up
- W1: Up
- Mean Reversion, Late-sustained auction due to M30 Bull Engulf in the way
- Attempted Setup
- Late-Sustained Auction
- Entry Technique
- D TPO extended below IB, M15 had formed a Bull Engulf but followed by a M15 Bearish Inside Bar and a possible M15 base. The consequent developing DBD extended IB. On a Pullback to IB I went short with a full position.
- When price dove deeper into IBR testing developing M15 RBR I decided to cut my position in half and re-enter with another position
- Sadly I entered with another full position so had to cut half of this one as well as to have 1R risk on the table.
- SL placement
- Standard SL (500)
- TPO period for Entry
- D TPO
- Trade Duration
- Leading Narrative
- Prev. Day Exceeded ADR by 1.37
- Open sentiment: 1.09xASR Above Value, Outside Range
- Open at H4 Supply, H4 QHi
- D TPO closed below IB and then low liquidity during E TPO smashed target and eventually accepted value and rotated through
- Taking the trade
- I was somewhat patient and focused on other things while the trade was developing
- Good that I realized I could get a better entry and cut off sizing to add more at a better price
- I believe due to the lack of liquidity my demo platform broker cut off the trade at a higher price (due to wider spread) originating in a lower profit. Luckily my real broker has a fixed spread and cut it off accordingly at the target.
- In my prep I wrote I would wait for a close below IB before getting involved so I jumped the gun on this one. I was tired yesterday and this must’ve affected my judgment
- I fumbled cutting my position in half and then adding for a better entry. I added another full position and had to cut that up in half again.
- Then when price moved in my direction I covered one half to cover the losses incurred with my fumbling. The other half hit the target and ended up lower than intended. Progress but far from perfect. I was tired and definitely not thinking my best. I will continue working on this.
Next Day Analysis
- Target hit?
- Yes, 1.2R
- Time-based Exit?
- Overlap Noise?
- End of Day?
- Highest R multiple?
TAGS: Prev. Day Exceeded ADR, Trend is UP 2/3, Above Value, Outside Range, Large Imbalance,
Premarket prep on the day: