20210521 Trade Review GBPNZD

Play: Trend Con­tin­u­a­tion (fail)

#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?

I put a Buy Stop Order above IB high about 4 pips high­er so that it wouldn’t get trig­gered right after extend­ing. When I had put the trade on I was doubt­ing the move heav­i­ly and sec­ond-guess­ing if I am just putting this trade on to take a trade as I have been push­ing myself to take more trades. I was con­sid­er­ing to take the trade off before it got trig­gered with IB only extend­ing 1 TPO. I com­mit­ted to the trade and decid­ed to wait and see. D closed above IB in what looked like a poten­tial move to take price high­er. I decid­ed to stick with the trade for one more TPO and got tak­en out. 

Two things very wrong about this trade: Price was trad­ing at MN sup­ply and there was a large imbal­ance at the open. My think­ing at the time was that D1 Sup­ply got tak­en out pre­mar­ket com­ing off a D1 RBR there could be some con­tin­u­a­tion high­er test­ing the next D1 Sup­ply. This nev­er came. 

TAGS: Buy Stop Order, Above Val­ue, Out­side Range, Large Imbal­ance, D1 Sup­ply Popped, Stop Hunting, 

How was the SL place­ment and sizing?

Expect­ing a momen­tum trade so SL place­ment was good.

How was the prof­it target?

Enough space to next medi­um time frame supply

How was the Exit?

My SL got hit due to being in the wrong trade. The trade I should have been in was the Mean Rever­sion play as per Hypo 2. 

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

N.A.

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

N.A.

What did I do well?

Did well to take the trade even though it was a hor­ri­ble hor­ri­ble trade…. And I com­mit­ted to the trade adher­ing to my exit rules. 

What could I have done better?

I could have lis­tened to my gut and not put on this trade and jumped in on the actu­al; play for the day which was a Mean Rever­sion trade. When I got stopped out I could have reversed the trade but I hes­i­tat­ed due to form­ing a Neu­tral Day. I kind of expect­ed the trade not to move so far as it did. I was wrong. 

Obser­va­tions

At a larg­er time­frame SD zone with a large imbal­ance at the open there can be a slight fake out before reversing. 

Also, price can ‘pop’ and take out orders just above IB: pos­si­ble Stop Hunting

Missed Oppor­tu­ni­ty

Mean Rever­sion play. The actu­al play of the day. 

Pre­mar­ket prep on the day

Pre­mar­ket Prep GBPNZD 20210521

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Dai­ly Report Card on the day

How did I trade today? 20210521

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