27 Mar Trade Review GBPNZD 20210317
#fintwit #orderflow #daytrading #tradingreview #GBPNZD #GOLD
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?
There was a large imbalance at the open with price trading within M30/H4 QHi. C TPO closed as a Bear Engulf and I went in short. SL placement was goo as it was above the formation as well as slightly above swing high.
Odds enhancer: large imbalance, clean arrival H4 QHi
How was the profit target?
No H4 demand in the way for a good 2R profit target although Lots of LTF demands on the way to value edge. Still considered good.
How was the Exit?
Here is where I messed up. During D TPO I saw a flimsy M15 Bull Engulf close and I grasshoppered out of the trade for a ‑0.2R loss.
A price action-based exit would have been during G and would have only netted 0.5R.
What would a time-based exit have done for the trade?
Would have scratched or like 0.1R
What could I have done better?
I could have not grasshoppered out of the trade and stuck with it. If the trade was worth taking it was worth following my exit rules.
During G TPO there was another reversal play to the previous DTTZ which could have netted another 1.5R.
Observations
DTTZ are there for a reason and I am getting better at understanding how they work. First step to ultimately take advantage of them.
Medium timeframe bullishness pushed price higher at the next DTTZ.
Premarket prep on the day
Daily Report Card on the day
