20210701 Trade Review DAX

Play: Failed Auction

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

Mar­ket Narrative

Pos­si­ble D1 Phase 1 / 3. D1 con­sol­i­da­tion. Price trad­ing at the top of the range near W1 Sup­ply. C TPO extend­ed above and D closed as a Bear Engulf with­in IB fail­ing the auction.

How was the Entry?

Entry was off the M30 Bear Engulf as I was still deal­ing with the Gold trade. Which was fine. 

How was the SL place­ment and sizing?

Fine as well. It was above the for­ma­tion slight­ly cut­ting through wick.

How was the prof­it target?

1.5R at IB low. If I had a bet­ter entry off the M15 Bear­ish Inside Bar it would’ve been even better.

How was the Exit?

I over­re­act­ed as the price seemed to have halt­ed at M30 VWAP in UT so took the trade off at 0.3R. I should have known that DAX likes to go slow when going short on a Failed Auc­tion. I’ve been using an FX sim­u­la­tor to trade DAX with great suc­cess, I might add. For­got about this slow­ness of price when going short. When going long DAX likes to fly. 

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

1.5R

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

1.5 over­ruled by PA

What did I do well?

I did well to take the trade. Espe­cial­ly after com­ing off the trade in Gold. Right away after I got into DAX with­out much hesitation. 

What could I have done better?

I could have let the trade go on longer. The Failed Auc­tion was on so at least a move to IB low was more probable. 

Obser­va­tions

Dax pos­si­bly likes to go slow­er on sell­ing moves. 

Missed Oppor­tu­ni­ty

N.A.

TAGS: Above Val­ue, With­in Range, Trend is UP 2/3, Pos­si­ble D1 Phase 1 / 3, 

Pre­mar­ket prep on the day

20210701 Pre­mar­ket Prep DAX

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