20220503 Trade Review Gold

04 May 20220503 Trade Review Gold

Late-Sus­tained Auc­tion (Bad Trad­ing Idea)

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

• Result
  • -1R
• Open Sen­ti­ment
  • 0.84xASR Below Val­ue, Out­side Range
  • Asia formed a Neu­tral Day but pre­dom­i­nant­ly trad­ed down
  • LN wider than NY
• IBR
  • 0.37xASR Tight IBR
• Trend
  • Trend is Down 2/3
  • H4: Down
  • D1: Down
  • W1: Up
• Hypo
  • 2
  • Short
  • Late-Sus­tained Auction
• Attempt­ed Setup
  • Late-Sus­tained Auction
• Entry Tech­nique
  • D made a LL and I went in short at IB low
• SL place­ment
  • Aver­age SL (400)
• TPO peri­od for Entry
  • D TPO
• Trade Dura­tion
  • 0h32m
• Long/Short
  • Short
• Lead­ing Narrative
  • Asia formed a Neu­tral Day but pre­dom­i­nant­ly trad­ed down
  • D1 closed with­in D1 demand and made a LL after already pre­vi­ous day exceed­ing ADR by 1.64
  • Trend is Down 2/3
  • IB exten­sion down and D mak­ing LL

Actu­al Development

• D closed with­in IB as a Drag­on­fly Doji, E trad­ed deep­er with­in IB fail­ing the auc­tion and tak­ing out my SL

Good points

• Tak­ing my stop — I was think­ing to cut the trade and reverse to go long. But I need to be com­fort­able again to just take my stop as I want to walk away from trades and do oth­er things. So I did well on that part. 
• Not feel­ing both­ered by hav­ing made this mis­take. Learn and move on. 

Bad Points

• Screen­shot soft­ware froze up and took awhile to restart so I was late tak­ing a screen­shot but luck­i­ly man­aged before my SL got hit
• Large imbal­ance at the open
• Trad­ing right into D1 demand with­out hav­ing C or D clos­ing below IB for a Late-Sus­tained Auc­tion entry — jumped the gun on the trade
• H4 Sup­ply low in dis­tri­b­u­tion curve more like­ly to get tak­en out
• Did not write my DRC due to being busy with oth­er work

Next Day Analysis

• Tar­get hit?
  • Yes, ‑1R
• Time-based Exit?
  • -1R
• Over­lap Noise?
  • -1R
• End of Day?
  • -1R
• High­est R multiple?
  • 0.2R

TAGS: Below Val­ue, Out­side Range, Large Imbal­ance, Trend is Down 2/3, 

Pre­mar­ket prep on the day: ‌

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