20210526 Trade Review GBPNZD

26 May 20210526 Trade Review GBPNZD

Play: 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.

Mar­ket Narrative

There was an ini­tial mean rever­sion in a H4 pull­back after a quite con­fi­dent close down on H4 in pre­mar­ket. With D1 nar­ra­tive of a poten­tial con­tin­u­a­tion to orig­i­nat­ing lev­el after hit­ting the D1 Demand Base Lev­el there was a prob­a­bil­i­ty for a short oppor­tu­ni­ty. Price extend­ed above IB then trad­ed about 805% of ASR before clos­ing as an Inside Bar with long sell­ing wick in E leav­ing behind a long sell­ing tail (M15 Bear Engulf on the hour). 

How was the Entry?

Entry was good. F TPO start­ed tak­ing out Sin­gle Prints in D but reversed a bit so I wait­ed a lit­tle longer for a 2nd TPO to get tak­en out before I entered. 

F closed as a Base fur­ther sug­gest­ing a con­tin­u­a­tion down. G then took it almost all the way to IB edge high. 

TAGS: D1 Demand Base, Return to Base, Trend is UP, Devel­op­ing H4 Base, Huge Imbal­ance, Below Val­ue, Out­side Range, ADR got exhaust­ed, momen­tum trade, Sin­gle Print Fade, 

How was the SL place­ment and sizing?

Even though it was cut­ting through the wick SL place­ment was okay due to expect­ing a some­what quick move down to IB edge. 

How was the prof­it target?

Buffer trade of only 0.6R at IB edge

How was the Exit?

Not great as price has just start­ed tak­ing out more sin­gle prints dur­ing G TPO and I took the trade off. Rea­sons for it being I felt quite uneasy about being in the trade due to the momen­tum first part of the ses­sion and not hav­ing a TPO struc­ture before going against the move. I did well to take it though and at least banks a lit­tle for the buffer bank. 

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

0.6R at IB high

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

0.6R at IB high

What did I do well?

I did well to take the treat. 

What could I have done better?

I could have let the pro­file eat up sin­gle prints at least a bit more till IB edge. Doesn’t have to reach entire­ly as it missed it by 1 TPO hence don’t be a dick for a tick. 

Obser­va­tions

H4 devel­op­ing Base in a D1 Bear­ish narrative

Pre­mar­ket prep on the day

Pre­mar­ket Prep GBPNZD 20210526

Dai­ly Report Card on the day

How did I trade today? 20210526

• Twit­ter
• Insta­gram