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,
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