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Missed Trade GBPNZD 20210526

Missed Trade GBPNZD 20210526

Play: Mean Reversion

#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.

Click to Enlarge

Rea­son for miss­ing the trade (explain the narrative)

Due to the huge imbal­ance and ADR get­ting exhaust­ed dur­ing Asia I expect­ed strength behind the move. A con­tin­u­a­tion to the H4 phase 4 with ‘D1 back to orig­i­nat­ing lev­el’ nar­ra­tive. Instead there was a bit of a mean rever­sion. I hes­i­tat­ed going in on an IB break to the upside due to this. Then visu­al­ized if there is a sus­tained auc­tion I could get in per­haps on a pull­back to IB edge for a late-sus­tained auc­tion entry. This did not come. 

(EDIT) Notes:

  • Review­ing this the next day. H4 had dropped to H4 200MA (price usu­al­ly pulls back and rarely crash­ing right through) so a pull­back could be expected. 
  • Plus H4 PA down did­n’t have much of a pull­back yet. With arrival at H4 QLo there is a high­er prob­a­bil­i­ty of price slow­ing down, pos­si­bly form­ing a Base / Inside Bar. 

TAGS: D1 Demand Base, Return to Base, Trend is UP, Devel­op­ing H4 Base, Huge Imbal­ance, Below Val­ue, Out­side Range, ADR got exhaust­ed, momen­tum trade, Sin­gle Print Fade, 

What would have been the Entry?

Trade 1

DTTZ: 1st

Entry Method: IB extension

How was the SL place­ment and sizing?

Trade 1

SL place­ment: stan­dard size SL place­ment would have been good. In the screen­shot I used a lit­tle too wide SL place­ment this should have been 25 instead of 30 pips. 

Click to Enlarge

How was the prof­it target?

Trade 1

Prof­it tar­get: 2R was reached off extension

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

Trade 1

Exit: 2R was reached before a PA exit rule

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

Trade 1

Exit: 2R was reached before a time-based exit rule applied

Extra Obser­va­tions

Devel­op­ing H4 Base through a mean rever­sion to Sin­gle Print Fade

Pre­mar­ket prep on the day

Dai­ly Report Card on the day

T3chAddict
t3chaddict@bearmarkettrader.com

Day trader. Tech geek. Sim racer/Pilot.

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