Play: Failed Auction
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Market Narrative
Possible D1 Phase 4. H4 Phase 4, formed a BUll Engulf at H4 200MA without continuation higher. Instead a consolidation in line with possible D1 Bearish narrative. Also price coming from W1/D1 QHi rejection.
How was the Entry?
Entry was good off the C TPO closing as a Bear Engulf within IB failing auction.
How was the SL placement and sizing?
Standard size SL. I could have scaled slightly better expecting a push behind the failed auction move. This would have resulted in a better R multiple.
How was the profit target?
1.2R at IB low. Again, this could have been slightly better if I had scaled my SL and sizing a bit better.
How was the Exit?
Exit was okay. Although I could have waited for a full move through IB to IB low but due to LTF demand at IB low I decided to take the trade off at 1R. Price proceeded to test IB low.
What would a price action-based exit have done for the trade?
1.2R at IB low
What would a time-based exit have done for the trade?
N.A.
What did I do well?
I did well to understand the narrative and take the trade.
What could I have done better?
If nitpicking I could have let the trade go on slightly longer but due to LTF demand and being ina DD I think I did well to take profits.
Observations
Failed auction from within value
Missed Opportunity
N.A.
TAGS: Possible D1 Phase 4, H4 Phase 4, Open Within Value,
Premarket prep on the day
Daily Report Card on the day