15 May Missed Trade GBPNZD 20210510
Play: Return to Value
#fintwit #orderflow #daytrading #tradingreview #priceaction #chartreview #GBPNZD #missedtrade
These are trades I could have taken but for some reason I did not. This could be due to me not paying attention or simply not feeling like trading. This is usually the case when I am not in the right state of mind due to lack of sleep, personal issues, etc.
Reason for missing the trade (explain the narrative)
There was a D1 Morning Star preceding the day. H4 traded up in premarket closing above VWAP. Open was above value with on moderate imbalance. Instead of a momentum extension up price pulled back to VAH without extending IB to the downside. Then F closed as a Bull Engulf at M30 VWAP in UT, VAH and extended above IB during G.
I did not take the trade due to not feeling sharp. I did well to stay out. Also the play happened late in the session and for it to be hitting 2R I would have needed to go into overlap noise.
What would have been the Entry?
DTTZ: 2nd DTTZ
Entry Method: M30 Bull Engulf at VAH at close of F TPO
Odds enhancer: D1 Morning Star, Trend is Down, Above, Value, Outside Range, Moderate Imbalance, ADR exhaustion, nearby ADR exhaustion, 0.5xASR IBR, M30 Bull Engulf, 2nd DTTZ, M30 VWAP in UT,
How was the SL placement and sizing?
SL placement: SL would have been standard size and be at IB low which technically could have been even slightly lower below IB although not really needed as it was already below the formation.
How was the profit target?
Profit target: 1R at ADR exhaustion 2.3R at H4 supply
What would a price action-based exit have done for the trade?
Exit: as it was late in the session this could have been taken into the overlap noise. 0.7R.
What would a time-based exit have done for the trade?
Exit: It would have scratched.
Even in overlap noise price can continue the intended move.
Premarket prep on the day
Daily Report Card on the day