20210610 Trade Review GOLD

12 Jun 20210610 Trade Review GOLD

Play: Respon­sive Activity

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

Mar­ket Narrative

There was a Pos­si­ble D1 Phase 3. Then ECB news came out and IB cre­at­ed a huge range 1.94xASR and closed with­in val­ue then quick­ly rotat­ed through. After rota­tion it mean­dered near IB high build­ing struc­ture. When E TPO closed as a con­sol­i­da­tion (which I mis­took for a bear engulf) and M15 Three Inside Down I tried a short.

How was the Entry?

Not the best due to M30 clos­ing as a con­sol­i­da­tion and trad­ing from with­in IBR. But expect­ing a PNYC Reversal

How was the SL place­ment and sizing?

SL place­ment was slight­ly too tight due to cut­ting through form­ing and with a short I had to include the spread so when I tried to adjust it I acci­den­tal­ly closed off the trade. This was yet anoth­er mis­take that actu­al­ly helped me pre­serve cap­i­tal as price extend­ed high­er and would have tak­en out my SL. ‑0.6R

How was the prof­it target?

Respon­sive activ­i­ty so expec­ta­tions were lim­it­ed I was try­ing a 1–1.5R.

How was the Exit?

I acci­den­tal­ly took the trade off for ‑0.6R.

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

-1R

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

-1R

What did I do well?

I did well to take the trade as this is my main goal for the month. I believe I am get­ting over my Scoo­by Doo tendency. 

What could I have done better?

I could have wait­ed for a bet­ter for­ma­tion on M30.

Obser­va­tions

ECB report came out and made price shoot up

Missed Oppor­tu­ni­ty

N.A.

TAGS: Pos­si­ble D1 Phase 3, News Report, Below Val­ue, Out­side Range, Large Imbal­ance, Sell Lim­it Order, Lim­it Order, Huge IBR,

Pre­mar­ket prep on the day

NY Pre­mar­ket Prep Gold 20210610

Dai­ly Report Card on the day

How did I trade today? 20210610

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