24 May Missed Trade GBPNZD 20210524
Play: Balancing Market
#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)
Even though I was stalking the trade I hesitated taking the opportunity. This was due to me thinking the M5 reversal pattern not being very confident as well as the opposite swing not providing much of a profit target. I was wrong.
TAGS: MN Supply, W1 Supply, Trend is UP, Possible H4 Phase 3, Open Within Value, 2 TPO Pullback, Neutral Day, H4 Demand Popped, M15 Consolidation,
What would have been the Entry?
Entry Method: M5 Three Outside Down transitioning into a M15 Bear Engulf finisher of consolidation
How was the SL placement and sizing?
SL placement: Standard size SL would have been good with positioning above formation as well as M30 Supply
How was the profit target?
Profit target: Profit target to IB low would have been 0.7R but anticipating a Neutral Day and monitoring for a sustained move this could have 1.5R
What would a price action-based exit have done for the trade?
What would a time-based exit have done for the trade?
Exit: 1.5R, Overlap noise 1.4R
H4 Phase 3 with an open within value shorts are favored
Premarket prep on the day
Daily Report Card on the day