14 Apr 20220413 Trade Review Gold
Play: Late-Sustained Auction (Averaged into Position)
#fintwit #orderflow #daytrading #tradingreview #priceaction #chartreview #Gold #XAUUSD
Cut position in half and re-entered for better average entry long
- Open Sentiment
- 0.72xASR Above Value, Outside Range
- Moderate to Large Imbalance
- Asia formed a Neutral Day but predominantly traded higher
- 0.44xASR IBR
- Strong UT
- H4: Up
- D1: Up
- W1: Up
- Late-Sustained Auction, preferably hold above Asia
- Attempted Setup
- Late-Sustained Auction
- Entry Technique
- C TPO hold above IB and Asia as well as close within supply
- Waited for a pullback to IB high, got put off by a potential M5 reversal, but considered the possibility for a low initiative activity sustained auction as D TPO had made a HH and went long anyway
- When price eventually did pull back I cut my position in half and added another half closer to IB High
- SL placement
- Standard SL (400)
- TPO period for Entry
- D TPO
- Trade Duration
- Leading Narrative
- Strong UT
- Possible D1 Phase 2
- Possible Developing H4 RBR
- C TPO closing above IB and Asia as well as closing within old H4 supply
- Hypo 1 at 1st DTTZ
- D TPO closed as an Inside Bar above IB sustaining the auction
- Expectation is for a continuation which came in E closing higher although not confidently F took price higher hitting target
- Great that I traded even though not being the sharpest I could still focus on the narrative unfolding through reading of price action and profile. Although did struggle.
- Great that I went long anyway even though price close further away from IB, price could have seen a faster continuation and I would’ve missed the trade completely
- Then great that I averaged in by cutting position in half and then re-entering at a better price when price pulled back.
- Trade went to 1.7R
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 UP 3/3, Averaged into Position, Hypo 1 at 1st DTTZ,
Premarket prep on the day:
Daily Report Card: