Trade Review Gold 20210319

27 Mar Trade Review Gold 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?

The open was with­in bal­ance then pro­ceed­ed to con­sol­i­date and tried reject­ing val­ue but there was no IB exten­sion. There was a near­by M30 QHi and ADR 0.5 high that could have been the first oppor­tu­ni­ty for a val­ue rejec­tion fail­ure / bal­anc­ing mar­ket play. I had placed a sell lim­it order which didn’t get trig­gered as price moved away. Could have gone in on the close. 

Lat­er on at the next DTTZ there was a M5 rever­sal that tran­si­tioned into a M15 ham­mer. Although a weak pat­tern I went long. SL place­ment was cor­rect as it was deter­mined on the stan­dard SL distance. 

Price then closed as a M15 Bull Engulf but then pro­ceed­ed to take out LTF demand at which point I got out at a ‑0.5R loss.

Odds enhancer: poten­tial buy­ing tail in the making

How was the prof­it target?

Prof­it tar­get was okay. There were no sup­plies to 2R although it would mean the auc­tion to fail and retrace all the way back to IB high.

How was the Exit?

 Based of time of day and LTF entry I decid­ed what I did not want to see and if I did I would act. Which I did. After see­ing a M15 bull engulf I did not want to see the demand get tak­en out. I believe I did well. 

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

Time-based this trade would have net­ted a ‑0.2R loss. Over­lap noise close a mere 0.3R profit. 

What could I have done better?

I believe it was pre­ma­ture to have tak­en this trade. I should have wait­ed for a stronger buy sig­nal before enter­ing. In hind­sight this strong buy sig­nal did not real­ly come to be hon­est. Although a con­sol­i­da­tion on M15 at H4 demand with the right time of day could have war­rant­ed an entry. This time the move hap­pened out­side of my trad­ing win­dow but it was good to have observed. 

Obser­va­tions

Con­sol­i­da­tions at a good trad­ing loca­tion at the right time of day can war­rant an entry based on that premise. There is no need to wait for a good price action close in the trad­ing direction. 

Pre­mar­ket prep on the day

Dai­ly Report Card on the day