27 Mar Trade Review GBPNZD 20210323
#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 huge imbalance at the open and ADR got exhausted premarket during Asia plus W1 supply had been taken out. Trading at H4 supply. Price traded higher before closing as a bear engulf during at C TPO close. I went in short. I should not have been in this trade due to the aforementioned huge imbalance and ADR exhaustion.
SL placement reflected a momentum trade and thus was acceptable.
Odds enhancer: large distance to H4 VWAP and UKC in R
How was the profit target?
With no H4 demand in the way this was fine.
How was the Exit?
At the time I was eager to pocket some profits and thus closed this trade at 0.4R. Accompanying factors were price being very slow to move lower. In my experience this happens a bit faster.
What would a time-based exit have done for the trade?
During G my SL would have been hit at ‑1R loss.
What could I have done better?
I could have given more weight to the trend as H4 and D1 were up. W1 supply had been taken out, hitting MN boase level indicating more continuation, as well as ADR got exhausted premarket with a huge imbalance indicating a possible strength behind the move. Thus a play off M30 VWAP in UT leaving a buying tail in F could have been a better play.
Huge imbalance at the open can indicate a further move with the originating direction.
Premarket prep on the day
Daily Report Card on the day