Missed Trade GBPNZD 20210524

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?

Trade 1

DTTZ: 1st

Entry Method: M5 Three Out­side Down tran­si­tion­ing into a M15 Bear Engulf fin­ish­er of consolidation 

How was the SL place­ment and sizing?

Trade 1

SL place­ment: Stan­dard size SL would have been good with posi­tion­ing above for­ma­tion as well as M30 Supply

How was the prof­it target?

Trade 1

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?

Trade 1

Exit: 1.5R

What would a time-based exit have done for the trade?

Trade 1

Exit: 1.5R, Over­lap noise 1.4R

Extra Obser­va­tions

H4 Phase 3 with an open with­in val­ue shorts are favored

Pre­mar­ket prep on the day

Pre­mar­ket Prep GBPNZD 20210524

Dai­ly Report Card on the day

Dai­ly Report Cards

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