20220302 Trade Review Gold

Play: Late-Sus­tained Auction

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

• Result
  • 1.2R
• Open Sen­ti­ment
  • 1.09xASR Above Val­ue, Out­side Range
  • Large Imbal­ance
  • Asia extend­ed low­er but then con­se­quent­ly trad­ed high­er, pos­si­ble Frankie Fakeout
• IBR
  • 0.56xASR
• Trend
  • Trend is UP 2/3
  • H4: Down
  • D1: Up
  • W1: Up
• Hypo
  • 1
  • Short
  • 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
  • 0h52m
• Long/Short
  • Short
• Lead­ing Narrative
  • Prev. Day Exceed­ed ADR by 1.37
  • Open sen­ti­ment: 1.09xASR Above Val­ue, Out­side Range
  • Open at H4 Sup­ply, H4 QHi

Actu­al Development

• D TPO closed below IB and then low liq­uid­i­ty dur­ing E TPO smashed tar­get and even­tu­al­ly accept­ed val­ue and rotat­ed through

Good points

• 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. 

Bad Points

• 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?
  • 1.1R
• Over­lap Noise?
  • 2.1R
• End of Day?
  • 1.9R
• High­est R multiple?
  • 4.1R

TAGS: Prev. Day Exceed­ed ADR, Trend is UP 2/3, Above Val­ue, Out­side Range, Large Imbalance, 

Pre­mar­ket prep on the day: ‌

20220302 Pre­mar­ket Prep Gold

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