27 Mar Trade Review GBPNZD 20210326
#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 and IB traded higher and extended in C then slightly further in D. Although no good selling tail D (although price had traversed higher fulfilling mean reversion criteria) closed as a bear Engulf and I entered on a Sell Limit order on a pullback to newly formed conterminous line. SL placement was good as it was above the price formation.
Odds enhancer: M30 VWAP in UT CAR
How was the profit target?
No H4 demand in the way and enough left in the session range to hit a 2R. Although lots of LTF demand in the way.
How was the Exit?
Not great as there was no real price action exit rule present. On 2nd retest of IB low I was on alert and waited for supply to get taken out. When price started popping slightly higher after reaching LTF demand low I gathered the M15 consolidation might hold for another period and pocketed some profits 0.4R. A real price action based rule would have netted me ‑0.3R.
What would a time-based exit have done for the trade?
Time-based the trade would have scratched for 0R.
What could I have done better?
I want to say that I did well to pocket the 0.4R when I did. However this was not rule-based. This was me observing a failure to break LTF demand and price taking a long time before actually doing so. Thus on the next retest of LTF demand I waited and when price started ‘popping’ a few pips above I decided it was enough and cut the trade.
Observations
When the open has a moderate to large imbalance we can wait for mean reversion criteria to be fulfilled and if price action confirms we can act on it.
Premarket prep on the day
Daily Report Card on the day
