05 May 20220504 Trade Review Gold
Mistakes. Find them all!
#fintwit #orderflow #daytrading #tradingreview #priceaction #chartreview #Gold #XAUUSD
- Open Sentiment
- 0.31xASR Above Value, Outside Range
- Moderate to Large Imbalance
- Asia extended and traded lower
- 0.31xASR Tight IBR
- Trend is Down 2/3
- H4: Down
- D1: Down
- W1: Up
- Late-Sustained Auction
- Attempted Setup
- Late-Sustained Auction
- Entry Technique
- M5 VWAP in UT TC
- SL placement
- Tight SL (300)
- TPO period for Entry
- D TPO
- Trade Duration
- Leading Narrative
- D1 Inside Bar within D1 demand
- H4 supply created Low in Distr. Curve being tested
- D closed lower within IB, E took out my SL
- F traded higher before reversing again
- Taking my stop
- Sat here observing without much emotion
- Directionally right on the day, just lousy execution and not waiting for the setup to present itself
- Price had not closed above IB as per Hypo 2 — Late-Sustained Auction
- M30 Bear Engulf even though weak it failed the auction
- M15 Consolidation and break down still in the way for any long thesis
- No good profit target with more congestion in the way
- SL tighter than ASR Short which is not the worst as it was based on M5 entry but if it was slightly wider I could’ve scratched the trade
- Weak M5 price pattern for entry
- I was feeling tired or as I like to call it “wearing horse blinders”. I have been sleeping well but still felt off. I then realized it was a withdrawal from the sleeping medication I was taking and quit cold turkey. The nootropics stack has been working so well that I did not have the need to take them and I just abruptly stopped taking them. Because of this I will take the rest of the week off and reevaluate Monday.
- Could I have prevented this? Yeah, I should’ve been more cognizant of the fact that I was coming off of the meds. In hindsight I feel the same way when I did the Keto diet very wrongly as well as quit smoking at the same time. Luckily we have good risk management rules in place: If I have 3–4 trades hitting full stop it is a big red flag. Something is up. I usually have good trades so whenever this happens I need to reevalute. Is there something wrong with me or has the market regime changed and do I need to reassess my approach to the markets? Lesson learned.
Next Day Analysis
- Target hit?
- Yes, ‑1R
- 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,
Premarket prep on the day: