20210503 Trade Review GBPNZD

03 May 20210503 Trade Review GBPNZD

Play: Return to Val­ue to Sin­gle Print Fade

#fin­twit #order­flow #day­trad­ing #trad­in­gre­view #price­ac­tion #chartre­view #GBPNZD

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?

There was an open above val­ue, out­side range. There was an ear­li­er IB exten­sion up in C TPO with D mak­ing HHs into H4 C‑sup after IBR had tra­versed about 0.5xASR indi­cat­ing pos­si­ble momen­tum. E formed a Poor High and F closed as a M30 Three Inside Down. There was a 4 TPO struc­ture buildup around the high of the dis­tri­b­u­tion curve. Then G start­ed tak­ing out Sin­gle Prints in C. At the first TPO I went in short. Entry was good. 

Odds enhancer: IB exten­sion up, above val­ue, out­side range, brack­et, bal­anc­ing mar­ket, trend is down, H4 sup­ply popped, M30 Three Inside Down, Poor High, Sin­gle Print Fade, Marubozu, momen­tum trade, H4 Bull­ish Inside Bar, H4 demand, Pos­si­ble D1 Phase 1, above D1/W1 QLo, TPO struc­ture, 0.5xASR IBR,

How was the SL place­ment and sizing?

SL place­ment was great. Due to the nature of the set­up entry and SL place­ment isn’t as impor­tant. Still the SL place­ment was above the PA formation. 

How was the prof­it target?

Prof­it tar­get at IB edge was only 0.8R although a high­er prob­a­bil­i­ty trade. 

How was the Exit?

Exit could have been bet­ter as I did not wait for a retrace­ment to IB edge high to cut the trade. I had placed my take prof­it at the edge but the Poor High and my expe­ri­ence it get­ting tak­en out quite often made me want to take the trade off when near­ing M15 VWAP in UT. 

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

It wasn’t so much a price-action for­ma­tion but rather a pop of IB edge that could have yield­ed 0.8R. A man­u­al cut off would have prob­a­bly yield­ed 0.6R.

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

N.A. due to the nature of the trade

What could I have done better?

I could have let the trade reach IB edge High before tak­ing the trade off. 

Obser­va­tions

Price ‘popped’ IB edge high to com­plete the Sin­gle Print Fade. 

Missed Oppor­tu­ni­ty

There was a Return to Val­ue play in C TPO that I could have tak­en on IB exten­sion up. This would have yield­ed near­ly 1.5R.

Pre­mar­ket prep on the day

Pre­mar­ket Prep GBPNZD 20210503

Dai­ly Report Card on the day

How did I trade today? 20210503

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