20210617 Trade Review GOLD NY

Play: Mean Rever­sion Sus­tained Auction

#fin­twit #order­flow #day­trad­ing #trad­in­gre­view #price­ac­tion #chartre­view #GOLD #XAUUSD

Mar­ket Narrative

Huge imbal­ance at the open 3.84xASR below val­ue, out­side range trad­ing at D1/W1 demand lev­els. D1/H4 Phase 4. 

How was the Entry?

First off, the play was not a good one as it was tak­en before PNYC and of PA cre­at­ed out­side of RTH. I put in a Buy Stop Order 3 pips above IB high and it go trig­gered soon after. My think­ing was a Bull­ish Inside Bar in A, a pos­si­ble base with longer buy­ing wick in B, then C extend­ing above in a pos­si­ble RBR move. This did not hap­pen. Price extend­ed to 0.8R before revers­ing tak­ing out my SL

How was the SL place­ment and sizing?

I thought SL place­ment was good as it was below the for­ma­tion in an antic­i­pat­ed sus­tained auc­tion move. 

How was the prof­it target?

M30 VWAP would have been a good 3.5R target.

How was the Exit?

Got stopped out with C clos­ing with­in fail­ing auc­tion. ‑1R

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?

I did well to try a trade. Learned to not use PA out­side of RTH and pre-PNYC.

What could I have done better?

I could have wait­ed and assessed PA bet­ter. Ah well, les­son learned.

Obser­va­tions

Failed Auc­tion still occurred at a huge imbal­ance open sentiment

Missed Oppor­tu­ni­ty

Pos­si­bly the failed auc­tion but I was con­fused on the nar­ra­tive and not con­sid­er­ing a failed auc­tion as an option. 

TAGS: D1 Phase 4, H4 Phase 4, Huge Imbal­ance, Below Val­ue, Out­side Range, Bad Trad­ing Idea,

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