Trade Review GBPNZD 20210319

27 Mar Trade Review GBPNZD 20210319

#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 mod­er­ate to large imbal­ance at the open but then price moved high­er and met mean rever­sion cri­te­ria. Con­se­quent­ly extend­ed above IB 1 TPO before clos­ing as Bear Engulf in C TPO (although not clos­ing beneath M30 QHi) fail­ing auc­tion. H4 DBD at H4 sup­ply I decid­ed for it to war­rant a short. 

SL place­ment was good as it was above the for­ma­tion. Siz­ing was good too. 

Odds enhancer: M30 VWAP flat after an uptrend

How was the prof­it target?

2.5R to val­ue edge. With no H4 demand in the way although lots of LTF demand although due to no H4 demand we could have been look­ing at a low/medium ini­tia­tive activ­i­ty day.

How was the Exit?

I decid­ed to not give into my inner grasshop­per even though a M15 Bull Engulf was formed (on the hour). Then dur­ing E price moved high­er and took out my SL for ‑1R loss. Good thing I stayed with the trade still as I was try­ing to bat­tle my inner-grasshopper. 

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

SL was hit. 

What could I have done better?

I could have the­o­rized that the exten­sion above IB indi­cat­ed for more upside and should have wait­ed for more con­flu­ence in terms of a sell­ing tail on the pro­file. Although with the infor­ma­tion pre­sent­ed I was think­ing it wasn’t the worst of oppor­tu­ni­ties. Cer­tain­ly not the best either. 

With the ini­tial exten­sion above IB, and no sell­ing tail, I could have wait­ed for more upside before war­rant­i­ng a short at the next DTTZ.

Obser­va­tions

The IB range exten­sion indi­cates that there are buy­ers present and thus we need more con­flu­ence before tak­ing the oth­er side. This can come through a poten­tial TPO struc­ture cre­at­ed or a sell­ing tail. 

Pre­mar­ket prep on the day

Dai­ly Report Card on the day