27 Mar Trade Review GBPNZD 20210310
#fintwit #orderflow #daytrading #tradingreview #GBPNZD
I have already reviewed these trades but I like to go back and review them again. Hence this new format I am introducing into my process.
How was the Entry, SL placement and sizing?
All kinds of things are wrong with this trade. To start off with it was initiated off a M5 entry. Sure it was near a H4 demand plus the assumption value had been rejected where in fact it had not as there was no IB extension in the direction of the supposed rejection.
SL placement wasn’t good either as it was tighter than the standard. This early in the session I should have used a standard SL size and switched back to M30.
Odds enhancer: M5 QLo, H4 demand, VAH
How was the profit target?
Profit target was not good as there was a H4 supply in the way. Don’t know what I was thinking here. I guess I was initially thinking value had been rejected and thus was stuck in a long bias.
How was the Exit?
Due to D TPO extending IB range down a few prints I looked for an exit as there was more confirmation the market is intended in the opposite direction. Furthermore price traded to H4 supply (coinciding with M5 VWAP CAR) and I decided to take the trade off.
What would a time-based exit have done for the trade?
It would have stopped me out.
What could I have done better?
Not take this trade even though I netted minor profits. Even though there was a close well outside of value there was no IB extension to confirm the rejection. Thus a balancing market / value rejection failure was the more probable play. A play off the M30 Inside bar coupled with LTF price action would have been the best entry.
Value rejections need close to coincide with IB extension.
Premarket prep on the day
Daily Report Card on the day