Trade Review Gold 20210302

20 Mar Trade Review Gold 20210302

#fin­twit #order­flow #day­trad­ing #trad­in­gre­view #GOLD

Exit

How was the Entry, SL place­ment and sizing?

There was a large imbal­ance at the open with near­by H4 C‑dem, while trad­ing with­in D1/W1 demand. Pre­mar­ket H4 had print­ed an Inside Bar with longer sell­ing wick although that same wick had retraced to a pre­vi­ous base lev­el enhanc­ing a fur­ther bull­ish sen­ti­ment. IB trad­ed as a Three Out­side Up with near imme­di­ate exten­sion in C. I wait­ed for a 3 TPO exten­sion before going long but due to the push at the moment got filled a bit high. Due to the momen­tum nature of the trade entry can be some­what for­giv­en and so can SL place­ment as this was cut­ting through the for­ma­tion. Siz­ing was good. 

Odds enhancer: Price had bro­ken up from M30 VWAP in Down­Trend and Con­firmed As Support

How was the Exit?

Not the best. C took out LTF sup­ply and pro­ceed­ed to close with­in IB as an invert­ed ham­mer. Ham­mers being ham­mers I decid­ed to wait longer for more direc­tion­al con­fir­ma­tion. When price extend­ed in GBPNZD (as I was in a trade short there) and Gold returned to break-even I decid­ed to take both off at the same time. This was my first time hav­ing two trades open at the same time so I give myself some slack here. Price con­tin­ued higher.

Price would have hit 2R dur­ing G. This would have been my take prof­it any­way but LTF showed fal­ter­ing as well. 

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

Time-based the trade would have net­ted 0.7R. 

What could I have done better?

I could have let the trade on also due to the invert­ed cor­re­la­tion with GBPNZD (which doesn’t always work — 72%) and C clos­ing neu­tral and ham­mers being prone to see a con­tin­u­a­tion instead of a reversal. 

Obser­va­tions

Notic­ing more and more invert­ed cor­re­la­tion between GBPNZD and Gold.

Pre­mar­ket prep on the day

Dai­ly Report Card on the day